Houston geothermal company raises $97M Series B

Houston-based geothermal startup Sage Geosystems has closed a $97 million Series B funding round to launch its first commercial next-generation geothermal power facility. The round was co-led by Ormat Technologies and Carbon Direct Capital, with participation from existing investors including Exa, Nabors, and alfa8, as well as new investors such as SiteGround Capital and UC Berkeley’s Climate Solutions Fund. The new facility will be built at one of Ormat’s existing U.S. power plants and will use Sage’s proprietary pressure geothermal technology, which extracts heat from hot dry rock—an abundant and scalable resource. CEO Cindy Taff said the investment enables Sage to prove its technology at commercial scale and accelerate deployment. The partnership with Ormat also allows Sage to market and scale its technology faster, building on a previous agreement to deliver up to 150 megawatts of geothermal baseload power to Meta, with the first phase targeted to operate in 2027. Ormat CEO Doron Blachar highlighted that Sage’s expertise complements Ormat’s strategy to move rapidly from concept to commercialization.