Zanskar, a geothermal energy exploration and development firm, has raised $115 million in a Series C funding round. The proceeds will be used to enhance its AI-driven geothermal discovery platform and develop power plants identified through this technology.
Launched in 2021 by CEO Carl Hoiland and CTO Joel Edwards, the Salt Lake City-based company leverages artificial intelligence and data-driven technologies to accelerate geothermal energy development. Its mission is to make geothermal power the most cost-effective, readily deployable, 24/7, carbon-free energy source worldwide.
Zanskar employs a mix of technologies, including AI, modern drilling techniques, and computational geoscience, to discover new resources, mitigate risks of known resources, and reduce the likelihood of unsuccessful drilling. This approach aims to lower discovery costs, reduce exploration risks, and expand the size of geothermal fields.
Edwards emphasised the company’s commitment to identifying exceptional geothermal hotspots, stating, “The resources we need are out there, hidden within the Earth’s crust, and we’re working hard to find the most exceptional hotspots to build a new era of geothermal energy, starting in the United States.”
The new funding will facilitate Zanskar’s gigawatt-scale pipeline advancement through extensive exploration and development campaigns. It will also support the construction of several geothermal power plants across the Western U.S., expected to commence power delivery before 2030. Additionally, the company plans to expand its discovery platform, exploration drilling programs, and establish partnerships with strategic partners and customers.
Hoiland noted the transformative potential of AI in geothermal energy, stating, “We started Zanskar with the belief that AI would have as profound an impact on geothermal cost and scalability as modern drilling technologies have. It would do so by enabling us to find more hidden geothermal systems, and to produce more power from each of those systems, than legacy models assumed. The result is a terawatt-scale opportunity.”
The financing round was led by Spring Lane Capital, with participation from Obvious Ventures, Union Square Ventures, Lowercarbon Capital, and other energy and technology-focused investors.
Jason Scott, Partner and Entrepreneur in Residence at Spring Lane Capital, expressed enthusiasm for supporting Zanskar, noting, “We are eager to support Zanskar because we believe there is a near infinite demand for firm, clean power around the world right now and geothermal energy is one of the only immediate ways to serve this enormous market. Zanskar is unique in that they have identified more geothermal anomalies in North America than any other company in decades.”
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