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The week that was

Deals of the week

Temperature check

Chart of the week: Va-va-vroom

Energy investor EIG plans to make up to a dozen investments in the range of tens of millions of dollars each, out of its first geothermal project-focused fund, EIG president Andrew Ellenbogen tells Axios Pro.

Why it matters: There's a small but growing amount of geothermal project financing that has emerged as the electricity boom unlocks geothermal.

Driving the news: EIG disclosed its first investment from its EIG Geothermal Catalyst Partners fund last week in Star Peak, an enhanced geothermal project in Nevada developed by Power Planet.

Zoom in: EIG's geothermal fund provides development capital to help projects through technical and commercial milestones.

"That capital is a challenge in this market and can help catalyze the industry, and can be invested at a good risk-return profile," said Ellenbogen.

Fervo Energy's IPO and development work have had "a huge" effect on the industry and is "a rising tide that lifts all boats," said Ellenbogen.

⚡️ Local pushback against data centers is driving up valuations of land prepped with grid power, Cloverleaf's Brian Janous tells Axios Pro. Go deeper

🔗 Scoop: Long-duration battery developer Form Energy is tying a $1 billion financing ask to IPO access. Go deeper

📈 Elon Musk's $1 billion acquisition of gas-turbine supplier APR Energy "was one of the best things that ever happened" to Duos Technologies, a developer of small modular data centers. Go deeper

🪏 Pacific Fusion broke ground Tuesday on a $1 billion demonstration facility in Albuquerque. Go deeper

👀 Scoop: Eavor is working with Morgan Stanley to evaluate going public, months after the startup's debut geothermal project missed expectations. Go deeper

🦾 Antioch, a developer of physical AI and simulation software, is looking to raise nearly $32 million. Go deeper

🏭 Exclusive: Carbon capture developer Mantel raised $18 million in Series A extension funding. Go deeper

1 big thing: The week that was

👉 GO HERE TO CATCH UP on deals this week. 

• Starcloud, a Redmond, Wash.-based developer of orbital data centers, raised $250m in Series A extension funding at $2.3b post-money. Manhattan West led, joined by Nvidia, Cisco Investments, Cedar Capital, Goanna Capital, Standard Capital, and insiders Benchmark, EQT, Soma, NFX, and 776. Axios flashback

• Quaise Energy, a Houston-based geothermal drilling tech developer, raised $35m in Series B extension funding from Nabors Industries, bringing the round total to $180m. Axios flashback

• Emerald AI raised $150m. Energize Capital and DCVC led, joined by Nvidia, Samsung Ventures, and GE Vernova. Axios flashback

2. Deals of the week

Illustration of an electric plug in the shape of a lasso around the words "Energy and climate deals roundup"

Illustration: Sarah Grillo/Axios. Stock: Getty Images

🔎 Data center investigation: A Microsoft-backed data center in New Jersey is allegedly running dozens of unpermitted gas-powered generators, per an investigation by nonprofit newsroom Floodlight.

The DataOne site in Vineland, set to be the state's largest data center, has been the source of persistent noise complaints, unpermitted construction and pollution concerns since it broke ground last year.

📈 Iran implications: EVs, renewables and drones are seeing a surge in investment partly due to the U.S. and Israel's war against Iran.

Future of Energy's Ben Geman has six takeaways six months into the conflict.

📦 Delivery drone showdown: Which model is most like a Toyota Prius? Which is closer to a Hummer EV or the Mercedes S-Class?

Our Future of Mobility colleague Joann Muller takes a fascinating look at drone models from Amazon, Wing and Zipline, from how far each can fly to how much they can carry.

🪖 Military micro-reactors: The U.S. Army and the Defense Innovation Unit selected Antares to build and operate tiny nuclear reactors at Fort Bragg, North Carolina, Colin Demarest reports in Future of Defense.

The military's sky-high energy demand — for reusable batteries, computer farms, radar, housing, weapons and more — is an ideal pressure test for nuclear, which has mounted a comeback in recent years.

3. Temperature check

Illustration of a pattern of repeating thermometers with different temperature levels.

Data: Pitchbook; Chart: Alan Neuhauser/Axios

Huge venture raises by Waymo, Zipline, Slate Auto, Regent Craft and Zoox have made 2026 already the biggest fundraising year in mobility tech.

Zoom in: The sectors include electric vehicles and charging infrastructure, drones, micromobility and autonomous vehicles. 

4. Chart of the week: Va-va-vroom

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August 29, 2026

1 big thing: The week that was