Exclusive: Bedrock raises $8.5M to bring geothermal to large buildings
Geothermal heating and cooling startup Bedrock Energy closed an $8.5 million seed round for its focus on big apartment and commercial buildings, the company tells Axios exclusively.
Why it matters: The company says its deeper boreholes allow it to service properties that have so far been too big for most conventional geothermal projects.
Catch up fast: Geothermal companies drill into the Earth's surface to draw heat aboveground for warmth, and to pump warm air underground for cooling.
Details: Bedrock adapted technology from the oil and gas industry to drill deep boreholes within a tiny footprint, enabling the company to more efficiently produce the abundant heat and cooling needed for large buildings.
- Where most developers drill 300 to 800 feet below the surface, Bedrock uses a single piece of coiled steel to drill 2,000 feet, where temperatures are hotter.
- That enables the company to shrink a project's footprint to eight boreholes instead of as many as 28.
Zoom in: A team of four former oil and gas workers operates the coil and equipment.
- The tube's name: "the Immortal Coil."
Driving the news: Wireframe Ventures led the all-equity round, which closed last month.
- Other investors include Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital.
- Wireframe managing partner Paul Straub joined Bedrock's three-member board.
What's next: Bedrock, based in Austin and Los Angeles, is developing a pilot project at an undisclosed commercial building. It's targeting properties spanning 50,000 to 250,000 square feet.