Just now
After decades of little to no growth, U.S. electricity demand is expected to increase by 18% by 2033, primarily driven by new AI data centers. While geothermal is one of the few renewable energy sources that can provide baseload power, conventional geothermal has historically been limited geographically, while new approaches continue to be costly. Unlocking advanced geothermal requires an innovative approach that addresses the limitations of conventional approaches without sacrificing project bankability, which is why we are excited to announce Toyota Ventures’ investment in Rodatherm.
With operations across Calgary, Canada and Salt Lake City, Utah, Rodatherm was founded in 2022 by President Curtis Cook, a serial entrepreneur with 25 years of experience in the energy space across exploration, drilling, and production operations. Rodatherm has developed a novel fully-cased, pressurized, closed-loop geothermal system that produces low-cost baseload power.
“To fully realize advanced geothermal’s potential, we need a sound approach that emphasizes strong project bankability. We are excited to partner with Rodatherm as they unlock cost-competitive renewable baseload power without the need for subsidies.” — Ethan Sohn, Climate Fund principal, Toyota Ventures
The Rodatherm team, drawing on its expertise from the oil and gas industry, is repurposing proven technology for geothermal applications. Their system uses a fully cased closed-loop design, where a sealed pipe completely isolates the working fluid from the surrounding underground heat source, preventing fluid loss or contamination, and thus enabling low operating and maintenance costs. This setup also allows for the use of alternative working fluids as opposed to water that can directly drive a power-generating turbine, thereby maximizing heat transfer efficiency.
Rodatherm’s technology also requires no fresh water and minimal surface footprint, allowing for projects to be located in close proximity to populated areas. The system is optimized for hot sedimentary basins, which enable both conductive and convective heat transfer from the reservoir. While its technology has the potential to operate in many geographies globally, the United States Great Basin is a particular area of current interest — the company has already gained traction through projects with the Bureau of Land Management (BLM) to assess the commercial viability of an advanced geothermal electricity generation facility on BLM-managed lands in Beaver and Millard counties, Utah.
Toyota Ventures is excited to participate in Rodatherm’s oversubscribed $38 million Series A financing round alongside Evok Innovations, TDK Ventures, TechEnergy Ventures, MCJ, Grantham Foundation, Active Impact, Renewal Funds, Giga Investments, and others. Climate Fund partner Lisa Coca, principal Ethan Sohn, and analyst Jay Patel drove Toyota Ventures’ investment in the round.
Visit Rodatherm’s website or Toyota Ventures’ portfolio page to learn more.