AI-led Conventional Geothermal Discovery by Zanskar: status and timeline

Milestones

Next · First six power plants online

Zanskar founded2021Complete.
Lightning Dock geothermal field operations begin2024Complete.
Zanskar triples production at Lightning Dock2025Complete.
Big Blind geothermal system discovered (Nevada)Dec 2025Complete.
Series C funding closes ($115M)Jan 2026Complete.
Development Capital Facility closes ($40M)Apr 2026Complete.
First six power plants onlineTarget 2029Not yet reached.

Most important updates

Zanskar secures $40M development capital facility for geothermal expansionApr 2026
Zanskar discovers Big Blind, first blind geothermal system found in U.S. in 30+ yearsDec 2025

Upcoming

2026Big Blind development begins (Nevada) (next)
2029First six power plants online
2029Pumpernickel first phase power generation (Nevada)

Current obstacles

Drilling risk remains despite AIBlind systems have never been drilled; the first well carries high geological risk.
Permitting and water constraintsPlants need water and permits. Western water law is complex; permitting stretches timelines.
Scaling operations across regionsEach basin has different geology. Models trained in Nevada may not transfer to New Mexico.

Physics limits

Geothermal systems are rareHot rock at drillable depth with water and permeability exists in small fraction of U.S., mostly west.
Drilling cost scales with depthReaching 2,000-3,000 m costs $5-15M per well. Shallow systems cheaper but less abundant.

How it works

4 parts

Data Ingestion

Satellite and seismic surveys

Acquires satellite imagery, airborne gravity, and ground seismic across prospective basins.

AI Training

Learn from known fields

Models trained on confirmed geothermal fields learn geology, gravity, heat flow correlations.

Prediction

Identify blind systems

Model scores regions for geothermal probability. High scores become drilling targets.

Development

Build and operate

Drills confirmation wells, proves reservoir, develops field directly or with partners.

Spec sheet

Spec	AI-led Conventional Geothermal Discovery
Lightning Dock plant capacity	15 MW^R (reported)
Lightning Dock producing wells	1^R (reported)
Plants in development pipeline	6^R (reported)
Capacity per pipeline plant	20 MW^R (reported)
Total potential (controlled)	700+ MW^R (reported)
Big Blind depth to reservoir	823 m^R (reported)
Big Blind reservoir temperature	121 °C^R (reported)

^R reported by the company

Update log

2 updates

Apr 2026

Major: Zanskar secures $40M development capital facility for geothermal expansionPressFunding

Dec 2025

Major: Zanskar discovers Big Blind, first blind geothermal system found in U.S. in 30+ yearsPressResearch

About Zanskar

The team behind AI-led Conventional Geothermal Discovery

Zanskar

AI geothermal discovery, conventional geothermal exploration

Zanskar uses machine learning to discover and de-risk conventional geothermal resources. Founded in 2021, the company combines satellite, airborne, and ground-based geologic data with AI models to predict new productive sites.

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.

zanskargeothermal.com (opens zanskargeothermal.com)Company profile →

Founded: 20215 yrs
Headquarters: United States
Status: Private
Valuation: $575Mest. privateJan 2026estimate
Raised: $155M2 rounds
Last round: Development Capital · $40MApr 2026
Works in: EnergyGeothermal
Coverage: 1 program · 3 updateslatest 1 Apr 2026checked 11 Oct
Lead investors: Just ClimateSpring Lane Capital
Partners: Lightning Dock Geothermal (opens zanskargeothermal.com)
Investors: Tierra Adentro Growth Capital (opens tierraadentro.com)
People: Carl Hoiland (opens zanskargeothermal.com)CEOJoel Edwards (opens zanskargeothermal.com)Co-founder & CTO

Spec

AI-led Conventional Geothermal Discovery

Lightning Dock plant capacity

15 MW^R (reported)

Lightning Dock producing wells

1^R (reported)

Plants in development pipeline

6^R (reported)

Capacity per pipeline plant

20 MW^R (reported)

Total potential (controlled)

700+ MW^R (reported)

Big Blind depth to reservoir

823 m^R (reported)

Big Blind reservoir temperature

121 °C^R (reported)