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Houston, TX, USA · Private · xgsenergy.com
Closed-loop geothermal
Capital raised
Not yet sourced
Open roles
—
no public job board
Federal awards
—
none found
Last private raise
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Form D · 2024-01-17
SEC filings
1
latest 2024-01-17
Coming up
POLICY45Y / 48E: all other clean power and storage
Full credit for projects beginning construction through 2033; 75% for 2034 starts, 50% for 2035, none from 2036. Affects Geothermal.
+ THESISLEADERSHIPFormer Calpine Executive Katherine Piper Joins XGS Energy as Chief Legal Officer
Business Wire (energy)
news.google.com →+ THESISREGULATORYXGS Energy selected by DOE for New Mexico geothermal drilling project
XGS was selected by the U.S. Department of Energy to lead a New Mexico drilling project with Baker Hughes, New Mexico Tech and Sandia National Laboratories. The selection was part of more than $99 million in DOE geothermal funding.
businesswire.com →+ THESISFUNDINGXGS reportedly preparing to raise $300M, IPO shortlist with Morgan Stanley
Axios Pro reported XGS plans to begin raising $300 million in private funding in September 2026 and has hired Morgan Stanley while on the IPO shortlist. This is a reported plan; no closed round was found in the sources.
axios.com →+ THESISOFFTAKE · XGS CALIFORNIA GEOTHERMAL FOR CC POWER115 MW GEODE agreement signed with California Community Power
California (sites not named)
anzupartners.com →+ THESISFUNDING · SEC FORM Dprivate raise reported
sec.gov →+ THESISHow it works
A sealed pipe loop runs down, across through hot rock and back up, like a radiator in reverse. The fluid never touches the rock, so there's no fracturing and no water lost.
OPEN IN 3D →Others on this approach
ProofSigned a 150 MW deal to supply Meta in New Mexicodatacenterdynamics.com
NextFirst commercial phase
Supply-chain security
Secured · Contracted · At risk · Unknown — rated only on public evidence; Unknown means nothing has been disclosed.
Sources: company job boards (daily), SEC EDGAR, USAspending.gov, and the reviewed technology spreadsheets. Public records only cover US entities, so foreign companies and private firms that don't file will show gaps.
Read from SEC 8-Ks (bankruptcy, default, delisting, restatement, impairment, restructuring), cash runway in annual reports, Form D raises and the 30-day hiring trend. A prompt to look closer, not a credit rating.
No public job board on Greenhouse, Lever or Ashby, so hiring isn't tracked for this company yet.
Companies file a Form D within 15 days of selling shares privately. “Sold” is the amount raised so far in that offering; amended notices (D/A) update earlier ones.
| First sale | Notice | Offered | Sold |
|---|---|---|---|
| — | D · filed 2024-01-17 | open-ended | — |
No federal grants, contracts or loans found on USAspending.gov under this company's US entity name.
STEP 2/5 · SECURE Next-gen geothermal gets bankable offtakeLong-term contracts let developers raise project debt.
Critical inputs
Policy that applies
No minerals, policies or partners linked yet. Add them in the review spreadsheet.
2026-10-27 · leadership
Former Calpine Executive Katherine Piper Joins XGS Energy as Chief Legal OfficerBusiness Wire (energy)2026-09-28 · regulatory
XGS Energy selected by DOE for New Mexico geothermal drilling projectXGS was selected by the U.S. Department of Energy to lead a New Mexico drilling project with Baker Hughes, New Mexico Tech and Sandia National Laboratories. The selection was part of more than $99 million in DOE geothermal funding.2026-08-18 · funding
XGS reportedly preparing to raise $300M, IPO shortlist with Morgan StanleyAxios Pro reported XGS plans to begin raising $300 million in private funding in September 2026 and has hired Morgan Stanley while on the IPO shortlist. This is a reported plan; no closed round was found in the sources.Only Form D notices on file (shown at left).