As a venture capital firm committed to investing in transformative technologies, we’re ecstatic to lead Bedrock Energy‘s $12M Series A round with participation from Energy Impact Partners, Sustainable Future Ventures, Wireframe Ventures, Overture Ventures, Toba Capital, Elemental Impact, First Star Ventures, and Cantos. Bedrock is a geothermal heating and cooling startup that’s reinventing the construction process for direct-use geothermal systems, which enable commercial real estate to capture free clean energy from right under their properties.
Founded in 2022, Bedrock Energy is resolving geothermal’s long-standing barriers—affordability, physical accessibility, construction schedules, and financeability—through a technology stack that “reads” the subsurface, automates drilling and construction steps, and reduces the cost, space, and time of geothermal installations. This enables construction of deeper, smaller, and more energy-optimized borefields, so that properties can reduce HVAC energy costs up to 50% and eliminate direct emissions from heating and cooling. By ensuring efficient and economical geothermal installations, Bedrock helps real estate owners generate strong financial returns while also benefitting from the most resilient, safest, healthiest, and most comfortable type of HVAC.
Their all-star leadership team possesses the diverse skill set required to drive Bedrock’s success. CEO Joselyn Lai blends startup vigor with experience in the sustainability space, from agriculture to mobility, from software to hardware companies. CTO Silviu Livescu published hundreds of technical papers and patents as an award-winning Chief Scientist in his years at Baker Hughes and his technical leadership in the Society of Petroleum Engineers, and was most recently a tenured faculty member at University of Texas at Austin, where he taught the first geothermal course..
The energy sector is at a pivotal juncture, and geothermal is emerging as a critical lever for energy resilience, energy independence, and decarbonization. Bedrock demonstrates how geothermal’s on-site renewable energy value can be particularly well harnessed by advancements from the technology innovations, supply chains, and workforce of fthe oil & gas industry. The US Department of Energy’s most recent “Lift Off” report underscored the transformative potential of geothermal heat pumps, emphasizing its demand reduction potential, relative permitting ease, high level of incentives, long asset lifespan, and independence from transmission/distribution bottlenecks. Reduced reliance on long-distance transmission lines, in particular, reinforces geothermal’s appeal amid rising electricity demands, fueled further by advancements like generative AI.
Despite being a growing market, there are few players in next-generation delivery of geothermal heating and cooling. Bedrock’s focus on deeper, data-driven direct-use drilling offers a uniquely accessible energy solution for the commercial and industrial sector – an approach that major real estate players like CIM Group are already endorsing. With $7.5 million in contracts and successful project completion, Bedrock is gaining substantial traction in a supply-constrained market. The funding will support continued development of Bedrock’s technologies as well as a particular focus on deployment into Colorado, Utah, and neighboring states.
Our investment offers the opportunity for us to secure a significant ownership stake in a pioneering company at the forefront of new geothermal technologies, aligning with our focus on sustainable, high-growth industries. By backing Bedrock, we’re not just supporting a company; we’re championing the future of energy.
For additional information or questions, please reach out to: Albert Bielinko ([email protected]) or Mark Sherman ([email protected]).