German Startup Factor2 Energy Raises $9.1M for CO2-Based Geothermal Power
German startup Factor2 Energy has raised $9.1 million in seed funding to advance its innovative CO2-based geothermal power generation system. The technology promises to expand the range of potential power plant sites and boost output, while reducing costs.
Factor2 Energy, led by CEO Felix Böhmer and co-founders Michael Wechsung and Jörg Strohschein, all former Siemens Energy colleagues, aims to harness CO2 as the primary working fluid in geothermal cycles. This replaces traditional water or brine, enabling access to a broader spectrum of geological locations and reducing drilling costs.
The system can be deployed in natural CO2 reservoirs or those designated for carbon capture and storage (CCS). This allows the conversion of CCS sites into power plants, unlocking geothermal's potential as a widespread source of clean baseload energy. Under similar geological conditions, Factor2 Energy's approach can achieve up to twice the power output of conventional water-based systems, while requiring lower capital costs.
The seed funding round was led by At One Ventures, with additional investments from High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures, and Siemens Energy Ventures. Factor2 Energy will use the funds to advance its technology and develop a pilot power plant, bringing its innovative CO2-based geothermal power generation system closer to market.
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