XGS partners with Meta on geothermal
California-based geothermal developer XGS Energy has entered an agreement with Meta Platforms to support development of 150MW of geothermal energy in New Mexico.
XGS Energy’s proprietary technology enables geothermal power production with no operating water use. The power will be deployed to the PNM electricity grid and support Meta’s data centre operations in New Mexico. The two-phased 150MW agreement will include an initial smaller phase, and a second, larger phase, both projected to be operational by 2030. Both phases will be in New Mexico.
In April XGS closed US$13m in bridge financing for projects and aims to raise US$60m–$100m in financing and expand its team through year-end, Axios reported. The funding round included new investors Aligned Climate Capital, ClearSky, ClimateIC and WovenEarth Ventures. It builds on a 2024 round led by Constellation Technology Ventures, VoLo Earth Ventures and Valo Ventures. The company completed a shallow field test of its thermal reach enhancement technology in 2024 and is operating its first commercial-scale well in California. It has a multi-gigawatt pipeline.
