Rodatherm Energy wants to make geothermal more efficient, but will it be cheaper?

Rodatherm Energy, a new geothermal startup, announced its emergence from stealth mode with $38 million in Series A funding led by Evok Innovations and several other investors. The company plans to build a 1.8-megawatt pilot geothermal plant in Utah by the end of 2026, with Utah Associated Municipal Power Systems as a prospective electricity buyer. Rodatherm distinguishes itself by using a closed-loop system with steel boreholes filled with a refrigerant, rather than the water-based systems commonly employed by other enhanced geothermal companies. This design aims to improve efficiency by 50%, reduce water usage, and eliminate the need for filters to remove debris caused by water flow in open-loop systems. Despite these potential advantages, Rodatherm faces significant competition from established players like Fervo Energy, Sage Geosystems, XGS Energy, and Quaise. Fervo, the market leader, has raised nearly $1 billion and is expanding its Cape Station power plant, with contracts to supply electricity to