Funding Will Support R&D and Expanded Customer Deployments

January 22, 2025 07:35 AM Eastern Standard Time

AUSTIN, Texas–(BUSINESS WIRE)–Bedrock Energy, a geothermal heating and cooling startup, announced a $12M Series A led by Titanium Ventures. Energy Impact Partners and Sustainable Future Ventures joined alongside existing investors Wireframe Ventures, Overture Ventures, Toba Capital, Elemental Impact, First Star Ventures, and Cantos. The funding will support continued advancement of Bedrock’s technologies, as well as expanded deployment in Colorado, Utah, and neighboring states.

“Amid the economy-wide trends of electrification across industries, reducing demand will only grow more critical in the years ahead”Post this

“Heating and cooling buildings is the largest energy expense in real estate, and geothermal HVAC can cut that energy bill in half, improve resilience, and reduce air pollutants for residents by 90%,” said Joselyn Lai, co-founder and CEO, Bedrock Energy. “Bedrock’s innovations make geothermal installations so affordable that real estate developers and owners across the US can generate a strong financial return and boost their property values, with just their HVAC choice. We’re grateful that our investors share our conviction about unlocking geothermal for widespread scale, and humbled that they consider Bedrock to be the right team for the challenge.”

Bedrock Energy has pioneered geothermal design and installation technologies, including advanced subsurface thermal simulation capabilities and an intelligent construction platform for geothermal borefield construction. The company’s deployment teams use these innovations to install geothermal heat pump systems for real estate owners at faster schedule, higher accuracy and performance, and stronger cost efficiencies. These systems can range from single-structure commercial buildings to connected district systems serving multiple lots. By unlocking scalable geothermal heating and cooling as a resilient, always-on category of distributed clean energy, Bedrock aims to save billions of dollars for both property owners and utilities alike.

“Geothermal energy has incredible promise as an always-on, 24/7 carbon-free source of power and heating and cooling. We believe that Bedrock Energy has developed several unique, integrated technologies that will dramatically open up the market for cost efficient geothermal heating and cooling of buildings and change the economics of this industry,” said Mark Sherman, Managing Partner for Titanium Ventures.

“With lighthouse expertise from the oil and gas sector, highlighted by co-founder and CTO Silviu Livescu’s experience as the Chief Scientist of Pressure Pumping at Baker Hughes, Bedrock is poised for significant growth,” added Albert Bielinko, Titanium Ventures Alumnus. “We’ve been so impressed by Jos, Silviu, and the early lead they have established in this space.”

In addition to energy savings, geothermal heating and cooling has an unparalleled impact on moderating power demand in extreme temperatures, bringing immense value to customers, utilities, and regulators alike. According to Oak Ridge National Laboratory¹, adoption of geothermal heat pumps in 70% of U.S. buildings could avoid seven gigatons of carbon-equivalent emissions by 2050 and save 24,500 miles of transmission line construction by offsetting needs from the power grid.

“Amid the economy-wide trends of electrification across industries, reducing demand will only grow more critical in the years ahead,” said Jenny Gao at Energy Impact Partners. “We need to electrify quickly, yet deliberately; Bedrock exemplifies this approach as well as any company we’ve seen.”

In 2025, Bedrock plans to deploy new geothermal systems across Colorado, Utah, and other Mountain West states. This expansion builds upon the company’s recently completed project in Morgan County, Utah, and ongoing work on a district geothermal system coming online in 2025 for a new business park in Hayden, Colorado. The latter project is supported by the Colorado Energy Office, Colorado Department of Local Affairs, Northwest Colorado Business District, and Town of Hayden.

“Bedrock has been an excellent partner in the design and planning of our geothermal system. We are excited to leverage their drilling innovations to help us supply resilient geothermal heating & cooling energy for a flagship economic development project in a coal transition community,” said Mathew Mendisco, Town Manager of Hayden. “Tapping into renewable subsurface energy right on-site is key to expediting construction timelines, lowering energy costs, and creating resiliency in mountainous regions like ours. Geothermal may be a valuable driver of successful coal transition, and Bedrock will be a key company in making that a reality in Northwest Colorado.”

About Bedrock Energy

Bedrock Energy is a technology company transforming the heating and cooling of buildings, using geothermal energy to radically reduce costs for people and the environment. Bedrock designs, constructs, and delivers geothermal using novel drilling technologies that enable widespread, affordable, and accessible installations of carbon-free geothermal HVAC for urban real estate properties. This allows properties to reduce heating and cooling costs up to 50% and cut direct emissions to zero. To learn more, visit bedrockenergy.com.

About Titanium Ventures

Titanium Ventures Accelerates the Extraordinary – the venture capital firm fuels the growth of standout disruptors. In its first twelve years, 104 investments have generated 44 liquidity events including Auth0, BigCommerce, Box, Cloopen, CrowdStrike, DocuSign, GitLab, Nasuni, OpenGov and Snap. To date, Titanium Ventures’ Revenue Acceleration Platform has driven >USD$660M in revenue for its portfolio companies, extending their reach across the U.S., Australia, Asia, and the UK. In 2022, the firm announced the close of its third fund, bringing Funds Under Management to USD$1B. To see Titanium Ventures’ full portfolio and learn more, visit www.ti.vc.

¹ US DOE and ORNL, “Grid Cost and Total Emissions Reductions Through Mass Deployment of GHPs in the US” (2024)

Contacts

Business Contact:
info@bedrockenergy.com

Media Contact:
Kristen Grossi
talkTECH
kristen@talktechcomm.com

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