Munich Re backs geothermal energy startup Zanskar
Geothermal exploration company Zanskar has raised $30 million in new funding led by Obvious Ventures. The round, which includes participation by previous investors such as Munich Re Ventures , Union Square Ventures, Lowercarbon Capital, Safar Partners, and First Star Ventures, as well as newcomer Clearvision Ventures, enables Zanskar to scale its AI-led exploration technology to develop new geothermal resources.
As demand rises with more intensive computing and electrification of industries such as transportation, geothermal is an alternate, sustainable energy source that stabilizes a carbon-free grid and provides affordable electricity when the US existing energy infrastructure can’t meet demand. Geothermal utilizes heat from under the ground to produce 24/7 renewable energy, which Zanskar can pinpoint to dramatically expand the supply of power projects.
“We are ready for this next phase of growth and are excited to bring Obvious onto the team. We want to make geothermal the cheapest and most widely deployed firm renewable on the planet. Since our Series A, we beat industry discovery records and developed new tools to unlock a deep pipeline of new geothermal resources needed in our energy transition.” – Carl Hoiland, Zanskar CEO and Co-founder.
“Energy requirement forecasts for the electrification of industries like transportation, oil, and big tech data centers massively underestimated how much power will be needed in the U.S. and around the world to meet growing demand. We’ve been scouring the planet for scalable clean power solutions to help address the current energy crisis and believe Zanskar has the disruptive technology needed to help the world avoid gridlock. With its AI-powered platform, Zanskar has made geothermal discovery more accessible and cost-effective, creating opportunities to find and distribute massive supplies of green energy now.” – Andrew Beebe, Managing Director at Obvious Ventures.
“I still get excited every time we make a new discovery; it never gets old. We have an incredible team who are running through all the barriers that prevent geothermal discovery and de-risking. I’m blown away by what the team has accomplished; at this pace, we’re set to do some incredible work with the new funding by bringing new tools to geothermal.” – Joel Edwards, Zanskar’s CTO and Co-founder.
Zanskar will deploy the funds to accelerate technology development and advance its portfolio of greenfield power projects to serve new partnerships.
