Geothermal energy startup Ignis H2 Energy announced that it has raised $12.5 million in a Series A round to fund geothermal energy exploration projects in multiple regions.

Founded in 2021, Houston-based Ignis Energy utilizes numerous technologies to assess, evaluate and develop geothermal power, among them machine learning models to predict, locate, and explore geothermal resources. This approach, Ignis Energy said, provides a better chance of success and diversifies risk.

The firm has secured a number of exploration sites around the world, including in Turkey, Alaska, California, Nevada, and Italy. It aims to identify reserves that are able to produce a gigawatt of geothermal power by the end of the decade.

Richard Calleri, CEO of Ignis Energy, said:

“We are a geothermal exploration and development company focused on building a risk-balanced portfolio of geothermal power plants across key global markets. By combining proven technologies, expert knowledge, and advanced data analytics, Ignis Energy is unlocking the full potential of geothermal resources and accelerating the transition to a cleaner, more sustainable energy future.”

The funding round was led by alfa8, a family office with a strong focus on geothermal innovation and next-generation renewables. Drilling contractor Nabors Industries has also committed to invest in the round. Other investors include existing shareholders, private individuals, and family offices.

Erin Glenn, COO of alfa8, said:

“As a patient capital investor, alfa8 is dedicated to funding transformative ventures that address the energy crisis, drive the adoption of geothermal energy, and push the frontiers of maritime decarbonization and critical sustainability initiatives.”