Zanskar Geothermal & Minerals raises $30 million

Zanskar Geothermal & Minerals (Zanskar), a pioneer in geothermal exploration, has successfully secured $30 million in a funding round spearheaded by Obvious Ventures.

This financial infusion, featuring contributions from both longstanding backers like Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, and First Star Ventures, and new investor Clearvision Ventures, is set to catapult Zanskar’s AI-driven exploration technology to new heights, enabling the discovery and development of untapped geothermal resources.

With the increasing demand for energy due to the intensification of computing and the electrification of sectors such as transportation, geothermal energy emerges as a viable, eco-friendly alternative. This renewable source, derived from the Earth’s subterranean heat, promises to deliver constant energy supply, aiding in the stabilization of a carbon-neutral grid and offering cost-effective electricity solutions where current infrastructure falls short.

Carl Hoiland, CEO and Co-founder of Zanskar, expressed enthusiasm for the company’s trajectory, stating, “This fresh capital marks the beginning of an exhilarating growth phase. We’re thrilled to welcome Obvious Ventures to our team. Our ambition is to establish geothermal energy as the most affordable and extensively utilized stable renewable resource worldwide. Since our Series A, we’ve shattered industry records in discovery and have innovated new tools that are essential for the ongoing energy transition.”

Zanskar has distinguished itself as a frontrunner in geothermal discovery since its previous fundraising effort in 2022. Notable achievements include securing multiple contracts with the U.S. Department of Defense’s Defense Innovation Unit, furthering their mission towards energy resilience. Moreover, Zanskar’s field data collection initiative has amassed an unprecedented amount of early-stage data at a fraction of the cost, outpacing the combined efforts of industry and academia over the last decade. This data, coupled with rapid advancements in predictive modeling, has positioned Zanskar at the forefront of greenfield geothermal discoveries.

Andrew Beebe, Managing Director at Obvious Ventures, highlighted the urgency of the situation, “The projections for energy needs, particularly with the electrification of industries like transportation and data centers, have been grossly underestimated. Our quest for scalable, clean power solutions to mitigate the current energy crisis led us to Zanskar, whose groundbreaking technology is poised to prevent global energy gridlock. Zanskar’s AI platform has democratized geothermal discovery, making it more accessible and economical, and paving the way for the distribution of vast quantities of green energy.”

Joel Edwards, CTO and Co-founder of Zanskar, shared his passion for discovery, “The thrill of uncovering new geothermal resources is a constant source of excitement for our team. We’re overcoming obstacles that have traditionally hindered geothermal exploration and reducing associated risks. The progress we’ve made is astounding, and with this new funding, we’re equipped to introduce innovative tools to the geothermal sector.”

The newly acquired funds will be directed towards accelerating technological advancements and expanding Zanskar’s portfolio of greenfield power projects, fostering new partnerships.

As an AI-native geothermal developer, Zanskar leverages cutting-edge technology to enhance the discovery and development process of geothermal energy. Committed to the decarbonization of electricity generation, the company is actively expanding its discovery pipeline and scaling up geothermal power production. Zanskar is also on the lookout for talented individuals to fill several impactful roles within the organization.

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