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Geothermal energy developer Zanskar raised a $115 million Series C to develop multiple projects in the western U.S.

Why it matters: Geothermal energy could break into the mainstream this year.

Zoom in: The round was led by Spring Lane Capital, the Boston-based investment firm that focuses on sustainable infrastructure and project developers. 

This funding is equity, but Zanskar is positioned to raise more project-level capital going forward, Zanskar CEO Carl Hoiland tells Axios Pro. 

Participating investors included Obvious Ventures, Union Square Ventures, Lowercarbon Capital, Munich Re Ventures, and Susquehanna Sustainable Investments. 

Clearvision Ventures, Orion Industrial Ventures, Safar Partners, Imperative Ventures, StepStone Group, University Growth Fund, Cross Creek, GVP Climate, Tranquillion, Carica Sustainable Investments, UP.Partners, and the All Aboard Fund also joined. 

Catch up quick: Salt Lake City-based Zanskar uses AI to find geothermal resources that don't have a prior history of exploration and little surface signs. 

Zanskar has done development work at two geothermal sites in Nevada and one in New Mexico.

Axios reported in September that Zanskar was seeking to raise a $100 million Series C.

Zanskar says it can use the latest in shale drilling innovations, but it's focused on developing conventional geothermal resources, not enhanced ones like competitor Fervo Energy. 

The intrigue: Conventional geothermal has previously been held back by being location-specific to hot rocks close to the surface.

"Conventional geothermal has a lot more to give. We've been underestimating how productive and abundant it can be," says Hoiland. 

Zoom out: Zanksar is now moving full force into developing projects.

"Investors in the industry now want to see, can you turn these sites into real power plants, and start moving the needle on growth in an industry that has been stagnant for decades." says Hoiland. 

The big picture: Geothermal energy is hot in 2026, as hyperscalers demand new sources of electricity, the Trump administration embraces geothermal and investors back startups.

Fervo Energy has said it plans to go public in 2026 or 2027. 

Zanskar closes $115M for AI geothermal exploration

2026 could be the year geothermal hits the mainstream

Illustration of a cross section of the earth with a quarter inside

Geothermal energy developer Zanskar raised a $115 million Series C to develop multiple projects in the western U.S.Why it matters: Geothermal energy could break into the mainstream this year.

Zanskar closes $115M for AI geothermal exploration

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