The brief

Analyst view

• AI-first geothermal company founded in 2021 by exploration geologist Carl Hoiland.
• Raised $115M Series C in January 2026, followed by $40M development capital facility (April 2026).
• Controls six sites with combined potential of 700+ MW; Lightning Dock (15 MW) operational; Big Blind and Pumpernickel discoveries in Nevada.

Technical approach

As reported

AI Subsurface Mapping

Machine learning predicts geothermal reservoirs

AI models ingest satellite, airborne, and ground surveys. They learn relationships between geology, gravity, and temperature to predict blind reservoirs.

De-risking Exploration

Lower drilling cost and failure rate

Narrows drilling targets from huge areas to promising zones. Reduces wells from hundreds to dozens.

Conventional Geothermal

Proven 100+ MW sites

Targets conventional geothermal (not EGS) with hot rock, water, and permeability. Develops sites directly.