A former SpaceX engineer has secured $22 million in funding to develop innovative geothermal power plants, with ambitions to build 300 GW per year by 2045. Critical Energy, the startup behind this project, aims to fill a critical gap in the geothermal industry by creating modular turbines tailored to the needs of these power plants. The funds will be used to build the company's first 2.5 MW project, which is scheduled to be completed by 2027.
The technology behind these modular turbines leverages the expertise gained by the CEO, Spencer Jackson, during his time at SpaceX, where he worked on the Falcon Heavy, Starship, and the Raptor rocket engine. By using machine shops to manufacture turbomachinery and other turbine components, Critical Energy is able to build these turbines quickly and efficiently. The startup is also working with existing geothermal sites, similar to those found in Iceland or at The Geysers in Northern California, to deploy their technology.
According to the International Energy Agency (IEA), there are at least 42 terawatts of geothermal capacity available worldwide, which is more than twice the world's energy use last year. Despite this vast potential, investment in geothermal technology has been lagging behind other forms of renewable energy, such as advanced nuclear fission and fusion power. Critical Energy hopes to change this by providing a scalable and efficient solution for geothermal power plants, which will help to meet the growing energy needs of the world and the tech industry.