Every technology tracked, from class to segment: the leading companies, the projects deploying it, the minerals it depends on, and funding open right now.
LOADING…
Projects tracked
15
3 operating · 1 in construction
Capital committed
$461M
closed or awarded, project level
Companies tracked
25
ranked on this page
Operating capacity
51.5 MW
3 plants · 1,645 MW planned
Next milestone
~2026
Confirmation well in operation (target)
Coming up
PROJECT · PROJECT OBSIDIANConfirmation well in operation (target)
Quaise Energy · Newberry area, OR
energyglobal.com →+ THESISPROJECT · CAPE STATION PHASE IGeoBlocks 2 and 3 commercial operation (contractual target)
Fervo Energy · Beaver County, UT
ir.fervoenergy.com →+ THESISPROJECT · PROJECT CERESFirst power, up to 15 MW (target)
Mazama Energy · Newberry Volcano, Deschutes County, OR
opb.org →+ THESISLEADERSHIPXGS Energy: Former Calpine Executive Katherine Piper Joins XGS Energy as Chief Legal Officer
Business Wire (energy)
news.google.com →+ THESISPROJECT · CAPE STATION PHASE IGeoBlock 1 (33 MW) declared commercial operation
Fervo Energy · Beaver County, UT
ir.fervoenergy.com →+ THESISREGULATORYXGS Energy: XGS 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 →+ THESISPROJECT · CAPE STATION PHASE IFirst power to the grid
Fervo Energy · Beaver County, UT
thinkgeoenergy.com →+ THESISFUNDING · DIXIE VALLEY EGSGrant: US Department of Energy (EGS field tests)$25M
Announced · Up to $25M, subject to award negotiations
finviz.com →+ THESISPROJECT · DIXIE VALLEY EGSSelected for up to $25M of DOE EGS field-test funding
Ormat Technologies · Dixie Valley, Churchill County, NV
finviz.com →+ THESISFUNDING · PROJECT OBSIDIANGrant: US Department of Energy (EGS field tests)$25M
Announced · Up to $25M for the superhot demonstration, subject to award negotiations
thinkgeoenergy.com →+ THESISPROJECT · PROJECT OBSIDIANSelected for up to $25M of DOE EGS field-test funding
Quaise Energy · Newberry area, OR
thinkgeoenergy.com →+ THESISPROJECT · LIGHTNING DOCKSelected for DOE funding for a horizontal injection well (EGS field test at an existing field)
Zanskar · Hidalgo County, NM
thinkgeoenergy.com →+ THESISFUNDING · MAZAMA ENERGYCompany round: Mazama Energy funding round (venture and oil-company investors)$135M
Closed · More than $135M raised
opb.org →+ THESISPlants tapping naturally occurring hot water and steam, mostly in California and Nevada. Ranked by US capacity.
Salt Lake City, UT, USA · Owns and operates hydrothermal power plants in the West
Commercial
No dated updates yet
Imperial, CA, USA · Hell's Kitchen geothermal plus lithium from brine at the Salton Sea
Development (geothermal + lithium)
Updated 8 months ago · Hell's Kitchen: CTR agrees to go public through a $4.7B SPAC merger
Salt Lake City, UT, USA · Hydrothermal geothermal developer in the West
Development?
No dated updates yet
Stockholm, Sweden; US projects · Invests in and builds low-temperature geothermal plants
Developer?
No dated updates yet
Calpineunverified
Houston, TX, USA · Owns 13 geothermal plants (~725 MW) at The Geysers, CA; largest US geothermal producer
Largest US producer; Geysers field 1,517 MW installed
Owned by Constellation Energy (acquisition) · 2025 · en.wikipedia.org
Reno, NV, USA · Builds and operates binary geothermal plants; also battery storage
US MW derived from the plant table in Ormat's 10-K
~796 MW US geothermal (~20%)
Public (NYSE: ORA) · Dec 31, 2025 · sec.gov
Berkshire Hathaway Energy (CalEnergy)
Des Moines, IA, USA · Salton Sea plants; lithium-from-brine projects
~345 MW
Subsidiary of Berkshire Hathaway · Nov 2026 · gcn.com
Northern California Power Agencyunverified
Roseville, CA, USA · Public-power geothermal at The Geysers
~220 MW (2019 figure)
Public agency · 2019 · nsenergybusiness.com
Enel Green Power North America
Andover, MA, USA · Operates geothermal plants in Nevada and Utah (Stillwater, Cove Fort)
Commercial
Subsidiary (Enel, BIT: ENEL) · Nov 2026 · enelgreenpower.com
Enhanced geothermal (fracking-derived drilling), superhot rock and closed-loop systems that work far beyond today's sites.
Houston, TX, USA · Enhanced geothermal using horizontal drilling; Cape Station, Utah
FIRST COMMERCIAL
$2.2B IPO; ~$1.5B private before that
Cape Station Phase IProject RedCape Station Phase IICorsac StationFervo Idaho EGS field test
Updated 40 days ago · Cape Station Phase I: GeoBlock 1 (33 MW) declared commercial operation
Cambridge, MA, USA · Superhot rock reached by millimeter-wave drilling
LAB
$180M round (total $280M)
Updated 48 days ago · Project Obsidian: Selected for up to $25M of DOE EGS field-test funding
Houston, TX, USA · Pressure geothermal that also stores energy; Meta agreement
DEMONSTRATION
$97M Series B (total not stated)?
SMECI Pressure Geothermal …Meta geothermal Phase I (S…
No dated updates yet
Houston, TX, USA · Closed-loop geothermal
LAB
Not yet sourced?
New Mexico geothermal for …XGS California geothermal …
Updated 7 months ago · XGS California geothermal for CC Power: 115 MW GEODE agreement signed with California Community Power
Salt Lake City, UT, USA · AI-driven exploration for hidden conventional resources
FIRST COMMERCIAL
Not yet sourced?
Lightning DockBig Blind (Zanskar)
Updated 48 days ago · Lightning Dock: Selected for DOE funding for a horizontal injection well (EGS field test at an existing field)
Bend, OR, USA · Superhot enhanced geothermal (EGS) at Newberry Volcano, OR
Demonstration (superhot EGS)
Updated 48 days ago · Project Ceres: Mazama raises more than $135M to build Ceres
Berkeley, CA, USA · Closed-loop geothermal heat extraction (GreenLoop)
Early commercial (closed-loop)?
No dated updates yet
Utah, USA · Closed-loop geothermal using a refrigerant working fluid; pilot in Utah
Development (closed-loop)?
No dated updates yet
Houston, TX, USA · Geothermal and subsurface engineering (also carbon storage)
Early commercial?
No dated updates yet
USA · Mobile geothermal units on oil and gas wells
Early commercial?
No dated updates yet
Seattle, WA, USA · Underwater geothermal generators that tap hydrothermal fluids from seafloor volcanoes.
Demonstration?
Updated 4 days ago · Stage updated
New York, NY, USA · Enhanced geothermal systems (EGS) developer using sensors, autonomous flow control and oil-and-gas reservoir design.
Development?
Updated 4 days ago · Stage updated
Eavorunverified
Calgary, Canada · Closed-loop 'radiator' wells; first plant in Germany
Not yet sourced
Private
Ground-source heating and cooling for homes and buildings.
Austin, TX, USA · Geothermal heating and cooling for commercial buildings
Commercial
No dated updates yet
Mount Kisco, NY, USA · Home geothermal heat pumps
Commercial
No dated updates yet
Manchester, NH, USA · Compact modular high-pressure water-jet drilling rig for low-cost geothermal heating, cooling and refrigeration boreholes.
Early commercial?
Updated 4 days ago · Stage updated
The open problems between geothermal and large-scale deployment.UNSOLVED · 1IN PROGRESS · 3
Superhot rock drillingUNSOLVED
Rock above about 374°C could deliver several times more energy per well, but conventional drill bits and electronics fail at those temperatures.
Where it standsQuaise is developing millimeter-wave drilling, with a confirmation well at Project Obsidian expected in 2026; this is unproven at depth.
Drilling cost and speedIN PROGRESS
Wells are most of the capital cost of an enhanced geothermal plant.
Where it standsFervo has cut drilling times sharply by borrowing oil-and-gas techniques (horizontal wells, better bits) and is guiding about $5,500/kW all-in for Cape Station Phase II, with a long-term target near $3,000/kW.
Reservoir performance over timeIN PROGRESS
Engineered reservoirs must keep producing hot fluid at stable rates for decades; early cooling or short-circuiting between wells cuts output.
Where it standsProject Red has run since 2023 and Cape Station Phase I reached commercial operation in Oct 2026, but multi-decade data for enhanced systems doesn't exist yet.
Induced seismicityIN PROGRESS
Fracturing hot rock can trigger earthquakes; a 2017 quake halted an enhanced geothermal project in Pohang, South Korea.
Where it standsUS projects use traffic-light monitoring protocols, and siting away from active faults; no project on this site has reported a damaging event.
Fervo Energy · Beaver County, UT
OPERATING · 33 MW
Fervo Energy · Beaver County, UT
CONSTRUCTION · 400 MW
Fervo Energy · Churchill County, NV
DEVELOPMENT · 115 MW
Fervo Energy · Humboldt County, NV
OPERATING · 3.5 MW
Sage Geosystems · East of the Rockies (site TBD)
DEVELOPMENT · 150 MW
XGS Energy · New Mexico (PNM territory)
DEVELOPMENT · 150 MW
Quaise Energy · Newberry area, OR
DEVELOPMENT · 50 MW
Ormat Technologies · Nevada (multiple sites)
DEVELOPMENT · 150 MW
Zanskar · Hidalgo County, NM
OPERATING · 15 MW
Controlled Thermal Resources · Imperial County, CA
DEVELOPMENT · 500 MW
Ormat Technologies · Dixie Valley, Churchill County, NV
DEVELOPMENT
XGS Energy · California (sites not named)
ANNOUNCED · 115 MW
Mazama Energy · Newberry Volcano, Deschutes County, OR
DEVELOPMENT · 15 MW
Fervo Energy · Elmore County, ID
ANNOUNCED
Zanskar · Southeastern Nevada
ANNOUNCED
What geothermal depends on, what each input does in this technology, and how exposed it is (red high, blue medium, green low). Prices are 2025 averages (USGS); live prices arrive with Markets.
Heat exchangers and well components that resist corrosive, hot brines.
Largest producer: China
Tungsten carbide drill bits and wear parts for drilling hard rock.
Largest producer: China
Generators, transformers and power-plant electrical systems.
Largest producer: Chile
Nickel alloys in wellheads, heat exchangers and casing for hot, corrosive wells.
Largest producer: Indonesia
Advanced Research Projects Agency Energy · DE-FOA-0003630 · due 2026-11-20
Advanced Research Projects Agency Energy · DE-FOA-0003631 · due 2026-11-20
Rural Business-Cooperative Service · RDBCP-REAP-RES-EEI-2019