Baseload Capital completes €53m Series B round to scale up geothermal

With a vision to unlock the world’s largest untapped energy resource, Baseload Capital secures major funding and aims for a half-gigaton reduction in emissions.
Press releases
September 4, 2024

Baseload Capital, the Swedish company scaling up geothermal energy worldwide, today announced the closing of its €53M Series B round of financing. 

 

The Series B round was led by an investment from infrastructure fund ENGF. The main investor behind ENGF is Ingka Investments – the investment arm of Ingka Group, the largest IKEA retailer. Other shareholders participating in this round include energy technology company Baker Hughes – whose investment was announced in 2023 – Nefco, Breakthrough Energy Ventures, and Gullspång Invest. 

 

Baseload Capital pushes the boundaries for geothermal development by addressing underutilized resources and building a global collaborative portfolio of projects to scale the entire industry. Funds will be used to commercialize the company’s current portfolio of projects.  

Read the full press release on Cision

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