Zanskar Raises $30 Million to Accelerate Discovery of Geothermal Energy

Zanskar Geothermal & Minerals, a geothermal exploration company, announced the closing of $30M 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.
Zanskar Raises $30 Million to Accelerate Discovery of Geothermal Energy
Zanskar River Valley, India. Image credit: Sundeep Bhardwaj, CC BY 3.0, via Wikimedia

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," said Carl Hoiland, Zanskar CEO and Co-founder. 

Since its last fundraise in 2022, Zanskar has established itself as a leader in geothermal discovery. Public accomplishments include winning multiple contracts with the United States Department of Defense's Defense Innovation Unit to explore new geothermal resources and advance their mission of energy resilience. In addition, its field data collection program collects low-cost, early-stage field data every three months. This early-stage field data program, in addition to rapidly iterating model predictions, enabled Zanskar to make more greenfield geothermal discoveries than the industry made over the prior ten years combined.

"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," said Andrew Beebe, Managing Director at Obvious Ventures. "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."

Baterías con premio en la gran feria europea del almacenamiento de energía
El jurado de la feria ees (la gran feria europea de las baterías y los sistemas acumuladores de energía) ya ha seleccionado los productos y soluciones innovadoras que aspiran, como finalistas, al gran premio ees 2021. Independientemente de cuál o cuáles sean las candidaturas ganadoras, la sola inclusión en este exquisito grupo VIP constituye todo un éxito para las empresas. A continuación, los diez finalistas 2021 de los ees Award (ees es una de las cuatro ferias que integran el gran evento anual europeo del sector de la energía, The smarter E).