Zanskar Geothermal & Minerals, a geothermal exploration company, announced the closing of $30M in new funding led by Obvious Ventures. The round, which includes participation by previous investors such as Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, and First Star Ventures, as well as newcomer Clearvision Ventures, enables Zanskar to scale its AI-led exploration technology to develop new geothermal resources.
As demand rises with more intensive computing and electrification of industries such as transportation, geothermal is an alternate, sustainable energy source that stabilizes a carbon-free grid and provides affordable electricity when the US existing energy infrastructure can’t meet demand. Geothermal utilizes heat from under the ground to produce 24/7 renewable energy, which Zanskar can pinpoint to dramatically expand the supply of power projects.
“We are ready for this next phase of growth and are excited to bring Obvious onto the team,” said Carl Hoiland, Zanskar CEO and Co-founder.
Since its last fundraise in 2022, Zanskar has established itself as a leader in geothermal discovery. Public accomplishments include winning multiple contracts with the United States Department of Defense’s Defense Innovation Unit to explore new geothermal resources and advance their mission of energy resilience. In addition, its field data collection program collects low-cost, early-stage field data every three months. This early-stage field data program, in addition to rapidly iterating model predictions, enabled Zanskar to make more greenfield geothermal discoveries than the industry made over the prior ten years combined.