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Geothermal energy developer Zanskar is seeking to raise $100 million in Series C funding, three sources tell Axios Pro.

Why it matters: Data center developers are seeking alternative energy supplies.

The big picture: Zanskar aims to challenge Bill Gates-backed Fervo Energy, a Houston-based unicorn that's the most prominent and well-funded geothermal developer in the U.S.

Fervo has raised about $1 billion and reportedly expects to bring the initial phase of its first commercial-scale project online as soon as next summer.

Both companies are deploying advanced drilling methods developed in the oil and gas sector. Zanskar says its software enables it to find profitable geothermal deposits that would otherwise be missed.

What they're saying: "Zanskar can use the same tech Fervo has, more or less, but Fervo doesn't have Zanskar's exploration technology," the source says. "And the key thing for geothermal is drilling in the right place."

Driving the news: Zanskar began pitching investors in August, one of the sources says, three months after the company repowered a 15 MW geothermal plant in New Mexico.

Follow the money: The Salt Lake City-based company previously raised about $65 million, including nearly $50 million in Series B funding last year, according to the source.

The startup expects to close its latest raise by the end of this year, the source says.

Scoop: Zanskar seeking $100M for geothermal energy

an illustration of a lightning bolt made out of glowing magma rock

Geothermal energy developer Zanskar is seeking to raise $100 million in Series C funding, three sources tell Axios Pro.Why it matters: Data center developers are seeking alternative energy supplies.

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Scoop: Zanskar seeking $100M for geothermal energy

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