Ormat Backing Geothermal Startup That Taps Hot Dry Rocks

Ormat Technologies Inc., one of the world’s biggest geothermal energy developers, co-led a $97 million Series B funding round for a company that’s tapping hot rocks to generate electricity.

The startup, Sage Geosystems, is one of the companies leading the push to utilize innovative technology to harness energy from the ground and meet surging power demand from artificial intelligence. Its goal is to lower costs while expanding the range of places where geothermal systems can be built.

Unlike traditional geothermal systems, which tap underground steam, enhanced geothermal systems (EGS) like the kind Sage is building only require hot, dry rocks. ...