On May 21, 2024, XGS Energy (XGS), an innovator in next-generation geothermal energy technology, announced the successful completion of its $20 million Series A financing. The final close was led by Valo Ventures and VoLo Earth Ventures and included financing from new investors B Current Impact Investment, MIH Capital, and individual inside investors, as well as additional funding from existing investor Thin Line Capital. Wilson Sonsini Goodrich & Rosati advised XGS on the transaction.

The new financing builds on the round led by Constellation Technology Ventures earlier this year, and the $14 million Series A investment led by Anzu Partners. The additional capital will support XGS’ first commercial-scale project in California and accelerate deployment of its proprietary water-independent geothermal technology across its global project pipeline.

The Wilson Sonsini team that advised XGS on the transaction includes Mike Danaher, Avi Emanuel, Jordan Cruzzavala, Nate Lees, Madisyn Klein, and Lori Walker.

For more information, please see XGS’ news release. Additional coverage can be found on Axios and Think GeoEnergy.