Factor2 Energy Secures $9.1M for CO2-Based Geothermal Power
Factor2 Energy, a German startup based in Duisburg, has secured $9.1 million in seed funding to advance its innovative CO2-based geothermal power generation system. The funding round was led by At One Ventures, with participation from High-Tech Gründerfonds, Gründerfonds Ruhr, Verve Ventures, and Siemens Energy Ventures.
The company, led by CEO Felix Böhmer, CTO Michael Wechsung, and CFO Jörg Strohschein, all previously from Siemens Energy, aims to use the funds to develop a pilot power plant. This will demonstrate the scalability of their technology, which uses CO2 to absorb geothermal heat, creating a buoyant circulation that eliminates the need for underground pumps.
Factor2 Energy's approach has already proven successful in complex geological environments. It allows for the transformation of geological formations designated for CO2 storage and natural CO2 reservoirs into active energy installations. This provides reliable green power at a competitive cost, expanding global geothermal potential and enabling the conversion of CCS sites into power plants.
Compared to conventional water-based systems, this method can generate up to twice the power output under similar geological conditions while requiring lower capital costs. The use of CO2 allows access to a broader spectrum of geological sites, reducing drilling costs and expanding the range of potential power plant sites.
With the successful seed funding round, Factor2 Energy is well-positioned to play a central role in the global energy transition. The company's innovative CO2-based geothermal power generation system promises to dramatically expand global geothermal potential and provide reliable green power around the clock.
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