🇸🇪 Baseload Capital completes its €53 million series B round to scale up geothermal energy

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With a vision to unlock the world’s largest untapped energy resource, Baseload Capital secures major funding and aims for a half-gigaton reduction in emissions.

Baseload Capital, the Swedish company scaling up geothermal energy worldwide, today announced the closing of its €53M Series B round of financing. 

The Series B round was led by an investment from infrastructure fund ENGF. The main investor behind ENGF is Ingka Investments – the investment arm of Ingka Group, the largest IKEA retailer. Other shareholders participating in this round include energy technology company Baker Hughes – whose investment was announced in 2023 – Nefco, Breakthrough Energy Ventures, and Gullspång Invest. 

Baseload Capital pushes the boundaries for geothermal development by addressing underutilized resources and building a global collaborative portfolio of projects to scale the entire industry. Funds will be used to commercialize the company’s current portfolio of projects.  

Read the full press release on Cision

Originally published on 4 September by Baseload Capital.

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