Factor2 Power, a Duisburg firm with an modern strategy to geothermal vitality, at the moment introduced the profitable completion of its Seed funding spherical, elevating €7.7 million in enterprise capital.
The spherical was led by At One Ventures, with further investments from Excessive-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures and Siemens Power Ventures.
“Our strategy allows emission-free, environment friendly, and baseload-capable electrical energy manufacturing, which is right for conventional oil and gasoline corporations seeking to diversify their working belongings,” mentioned CEO and Co-founder Felix Boehmer. “And actually, all the system leverages confirmed applied sciences from the oil and gasoline sector, with its lengthy historical past of drilling and geologic experience.”
Factor2 Power was based in 2025 and is led by Michael Wechsung, Joerg Strohschein and Felix Boehmer who all labored collectively at Siemens Power. There they invented a brand new, and reportedly economically superior methodology to harness geothermal vitality by utilising CO₂ as the first working fluid within the geothermal cycle, changing water or brine.
The corporate will use the Seed funding to advance the technological growth of this CO₂-based geothermal energy era system and to develop a pilot energy plant to show scalability.
Kendra Rauschenberger, Basic Associate at Siemens Power Ventures, acknowledged, “I’m happy to see this know-how progressing towards commercialisation, following its growth inside Siemens Power Ventures. Geothermal vitality is a dependable and renewable energy supply, and we are going to work with Factor2 Power to tailor our generators to fulfill the particular wants of this rising market.”
The know-how will be deployed at both pure CO2 Reservoirs or at reservoirs designated for Carbon Seize and Storage. The (naturally occurring or captured) CO₂ is injected into deep, porous geological formations, the place it’s securely saved. Because it absorbs geothermal warmth from the encircling rock, its density decreases, initiating a buoyancy-driven circulation referred to as the thermosiphon impact.
In consequence, the CO₂ rises naturally to the floor by way of manufacturing wells, eliminating the necessity for subsurface pumps and considerably lowering parasitic vitality consumption and mechanical complexity.
On the floor, the warmth is transformed into electrical energy utilizing a direct pushed CO₂ turbine system. After growth, the CO₂ is cooled, reinjected into the reservoir, making a closed cycle that permits steady energy era whereas sustaining long-term CO₂ storage.
In comparison with typical water-based geothermal programs, this strategy can allegedly obtain as much as twice the ability output below related geological situations, whereas requiring decrease capital expenditures (CAPEX).
Helen Lin, Associate at At One Ventures, feedback: “As a cornerstone for enabling broader electrification, the necessity for cost-effective baseload energy has by no means been extra pressing. The fluid physics of CO₂ as a geothermal working fluid allows a 2x improve in energy output whereas working on the identical depths/temperatures as typical geothermal, translating to efficiencies in each capex and opex.
“These technoeconomics mix to kind a positive LCOE at websites that may beforehand have been economically unviable. We’re excited to assist Factor2 to carry this important know-how to market to unlock the potential of geothermal as a extra prevalent supply of inexperienced baseload.”
Apart from delivering dependable, 24/7 inexperienced energy, the usage of CO₂ allows entry to a broader vary of geological websites, unlocking warmth from areas unsuitable for typical geothermal programs.
Utilizing CO₂ permits Factor2 Power to faucet into shallower and cooler geothermal websites, lowering drilling prices and increasing the vary of viable energy plant areas. The system operates effectively the place typical geothermal fails, providing aggressive Levelized Price of Electrical energy.
It additionally eliminates the necessity for secondary fluids or advanced binary programs, simplifying operations. And, by leveraging each geological formations designated for CO₂ storage (CCS) and pure CO₂ reservoirs, Factor2 Power can remodel these into lively vitality belongings.
Timo Bertsch, Funding Supervisor at HTGF, feedback: “We invested in Factor2 Power as a result of their modern know-how dramatically expands international geothermal potential and uniquely allows the transformation of CCS websites into energy-generating energy vegetation. Their profitable proof of idea in a geologically advanced setting demonstrates the robustness and scalability of their strategy. We consider Factor2 Power is properly positioned to play a pivotal function within the international vitality transition.”
