2022 in Review: What Happened in Geothermal Energy?

March 29, 2023

A Banner Year in Geothermal Development & Investment

2022 was quite the year for geothermal energy!

Across the globe, geothermal experienced huge strides in technical advancement and funding, as well as the announcement of some of the most ambitious projects ever undertaken. 

Additionally, the war in Ukraine highlighted many countries’ fragile dependency on Russian gas and drove the geothermal geothermaling discussion further than ever before, particularly in Germany.

The impact of these events was felt all over the world. And as the reliable baseload (always on!), 2022 saw geothermal energy assume its rightful place as the third leg in the wind-solar-geothermal renewable energy mix.

But where was geothermal energy actually produced in 2022? 

What Countries Produced the Most Geothermal Energy in 2022?

The data is in… and the United States leads the world in installed geothermal power capacity, with a total of 3,794 MW (this, by the way, accounts for just 0.4% of the country’s electricity generation). The U.S. is followed by Indonesia, with 2,356 MW, and the Philippines, with 1,935 MW. Other notable countries on the list include Turkey, with 1,682 MW, and New Zealand, with 1,037 MW.

Mexico also had a significant installed geothermal power capacity of 963 MW, while Kenya and Italy both had 944 MW. Iceland and Japan round out the top 10, with 754 MW and 621 MW, respectively.

This all supports the growing narrative of geothermal power as a reliable and sustainable source of energy, especially as increasing numbers of countries invest in the technology. The United States, in particular, has made significant strides in this area, cementing its position as a leader in geothermal power. As the world continues to shift towards clean and renewable energy sources, it will be interesting to see how these numbers evolve in 2023–and how other countries strive to catch up with the leaders.

2022 was also a phenomenal year for when it came to raising capital and geothermal investment.

What Happened in Geothermal Investing & Geothermal Venture Capital in 2022?

Just to name a few of the highlights…

  • Fervo Energy raised $138 million in new funding led by DCVC to build, own, and operate 24/7 carbon-free power plants
  • Quaise Energy, which is planning to unlock terawatt-scale geothermal, closed a $52 million Series A financing round led by Safar Partners and others.
  • Eavor, alongside Deep Energy Capital, will develop at least five projects requiring up to $1 billion.
  • And last but not least… we (Baseload Capital) raised $24 million from existing and new investors, which included Bill Gates’s Breakthrough Energy Ventures.

They are calling this the geothermal decade, and given the money raised last year, 2022 certainly lived up to that billing!

Why 2022 Was an Amazing Year for Geothermal Energy

Harnessing the geothermal from the Earth's core has been around for centuries, but it's only in recent years that we’ve begun to truly unlock its potential. 

Long used in small-scale operations in various parts of the world, geothermal is now being taken to the next level. The possibilities are truly staggering–a form of energy production that is not only clean and abundant, but also cost-effective and able to be implemented almost anywhere on the planet. 

Geothermal energy is just now starting to come into its own, and one can't help but wonder what exciting developments the future holds for this ancient technology.




Ryan Faulkner-Hogg Bio 

Ryan Faulkner-Hogg is an Australian journalist and podcaster with a deep interest in the power and potential of Geothermal Energy. He has interviewed some of the top people at deep geothermal companies and keeps a keen eye on the drilling innovations that will take us deeper, faster. 

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