On March 26, 2025, XGS Energy, which has developed an important water-independent geothermal technology, announced that it has closed $13 million in new financing. The oversubscribed round included new investors Aligned Climate Capital, ClearSky, ClimateIC, and WovenEarth Ventures, in addition to inside investors Constellation Energy and others. Wilson Sonsini Goodrich & Rosati advised XGS on the transaction.

XGS’s system is designed to harvest heat from deep, dry rock without consuming water, which greatly expands the reach and financeability of geothermal power. Since there are no emissions, no wastes, and no seismicity, and the system requires only a small surface footprint, this could become an important solution for clean, baseload power. The company is now operating its first commercial-scale prototype well in California. The funding supports the execution of XGS’s multi-gigawatt project pipeline that has materialized as demand for baseload power skyrockets.

The Wilson Sonsini team that advised XGS on the transaction included Mike Danaher, Avi Emanuel, and Nate Lees.

For more information, please see the company’s news release.