Geothermal technology company Bedrock Energy announced that it has raised $12 million in a Series A funding round, with proceeds aimed at supporting the deployment and development of its carbon-free, low-cost solution for heating and cooling buildings.

Buildings are a significant contributor to global GHG emissions, and one of the hardest to replace, given their long-term nature. Overall, buildings are estimated to contribute to about 15% of global carbon emissions, with heating and cooling representing about 35% of that.

Founded in 2022, Texa-based Bedrock Energy designs and manufactures geothermal design and installation technology for systems that can heat and cool for buildings. The company’s technology combines autonomous drilling and advanced subsurface modeling, substantially increasing the speed and space efficiency of geothermal projects, enabling the use of geothermal HVAC in dense, urban locations. The company’s systems range from single-structure commercial buildings to connected district systems serving multiple lots, and can provide 24/7 carbon-free energy, and significant cost savings.

Bedrock said that the new capital will be used to to support R&D and expanded customer deployments, including scaling and advancing its technology, and deploying new systems across Colorado, Utah, and other Mountain West states in 2025.

Joselyn Lai, co-founder and CEO, Bedrock Energy, said:

“Heating and cooling buildings is the largest energy expense in real estate, and geothermal HVAC can cut that energy bill in half, improve resilience, and reduce air pollutants for residents by 90%. Bedrock’s innovations make geothermal installations so affordable that real estate developers and owners across the US can generate a strong financial return and boost their property values, with just their HVAC choice.”

The funding round was led by Titanium Ventures. Energy Impact Partners and Sustainable Future Ventures joined alongside existing investors Wireframe Ventures, Overture Ventures, Toba Capital, Elemental Impact, First Star Ventures, and Cantos.

Mark Sherman, Managing Partner for Titanium Ventures, said:

“Geothermal energy has incredible promise as an always-on, 24/7 carbon-free source of power and heating and cooling. We believe that Bedrock Energy has developed several unique, integrated technologies that will dramatically open up the market for cost efficient geothermal heating and cooling of buildings and change the economics of this industry.”