Demand for clean, baseload energy is soaring
The next renewable investment opportunity
Geothermal energy meets those requirements. It has a large addressable market, yet only 3 to 8 percent of the global geothermal potential has been exploited so far. Global geothermal demand is on the rise, and industry knowledge and maturity are increasing. Not the least, the oil and gas sector is directing its interest and capital toward this untapped clean energy potential.
Commonly asked questions
Are you new to geothermal energy? Here are some common questions answered.
Installed global capacity 2024, according to International Geothermal Association (IGA), is 16.3 GWe (electricity) and 173 GWth (heat).
The top three geothermal countries, as of 2023, were the United States (installed capacity: 3,900 MW), Indonesia (2,418 MW), and the Philippines (1,952 MW). The seven countries to follow on the top ten list are Turkiye (1,691 MW), New Zealand (1,042), Kenya (985 MW), Mexico (976), Italy (916 MW), Iceland (754 MW) and Japan (576 MW).
Geothermal energy can be used for renewable power as well as for heating and cooling, agricultural and industry processes, and mineral extraction, to name just a few potential use cases.
To obtain geothermal energy, geologists look for underground resources of hot water, or aquifers. Once a resource has been identified, it is then accessed by drilling wells, with depths ranging from a few hundred meters to several kilometers, depending on the location and purpose.
A geothermal plant uses 12 percent of the space of a solar farm to produce one GW of electricity.
It was 0.056 USD/kWh in 2022, according to IRENA.
Our owners
Backed by many of the world’s top business leaders, Breakthrough Energy Ventures invests in companies that leverage innovative technologies to help address climate change.
Gullspång is a family-owned investment company with a long-term investment horizon. The portfolio mainly consists of companies involved in energy, food, water, health and education.
Blue is an investment company that invests in international companies with clear sustainability profiles whose goal is to make a positive impact on humanity, the environment and society.
Leading energy technology company. Baker Hughes design, manufacture and service transformative technologies to help take energy forward.
A global technology leader. Google supports breakthrough innovations that align with their commitment to sustainability, digital transformation, and a cleaner future.
Ingka Investments is the investment arm of Ingka Group, the largest IKEA retailer, preserving and creating value for Ingka Group and IKEA - now, and for generations to come.
LMK Forward is part of the LMK Industry group. The company invests in, among other things, profitable, sustainable energy projects, safety technologies, real estate, life science, fintech and IT services.
Chevron Technology Ventures invests in technologies and solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy.
Articles
Why invest in geothermal?
The global energy transition is creating an unprecedented rise in demand for clean electricity. To make the clean, future electricity mix viable, there is an urgent and growing need for the kind of baseload, clean energy that geothermal is uniquely positioned to supply. Here are 6 strong reasons to invest.
Scaling up faster with a platform approach
We push boundaries by addressing underutilized resources and de-risking geothermal with a collaborative global portfolio. By partnering up with the oil and gas industry and other strong, committed owners, we optimize technology and processes to scale the entire industry.
Geothermal energy – the missing puzzle piece
As the world sets out to triple renewable energy capacity by 2030, we need to complement solar and wind power with a steady amount of renewable energy that is always on, to stabilize the grid and ensure energy security. Geothermal energy can deliver this missing piece.
Geothermal energy explained
Geothermal energy is the world’s largest untapped source of renewable energy. It’s the natural heat of the earth, stored in the Earth’s interior. This heat beneath our feet can be used for renewable power, heating and cooling, agricultural and industry processes, and mineral extraction.
How we work with investments
We are building a global investment portfolio, based on opportunities to reduce greenhouse gas emissions and generate healthy financial returns on our investments. Our portfolio approach creates economies of scale and lowers the risk by spreading it.
