[Baseload Power Japan Co., Ltd.] Baseload Capital completes series B round of 53 million euros to expand geothermal industry
*Base Load Power Japan Co., Ltd.*
Press release: September 5, 2024
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Baseload Capital raises €53 million in Series B round to expand geothermal industry
*Baseload Capital has a vision to harness the world’s largest untapped energy resource, raise significant capital and aim to reduce emissions by half a gigaton*
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Baseload Capital (Headquarters: Sweden), which aims to expand the scale of the geothermal energy industry on a global level, today announced that it has completed raising 53 million euros
(approximately 8.4 billion yen) in a Series B round. *
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The main investor in this Series B round is ENGF, a leading
international investment, development and operations company in the infrastructure sector. ENGF is part of the investment arm of Ingka Group. A division of the Ingka Group is IKEA Retail, the world’s largest furniture retailer. As previously announced in 2003, this round included energy technology company Baker Hughes, as well as existing shareholders Nefco and Breakthrough.
Energy Ventures and Gullspång Invest also invested. *
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Baseload Capital is building a global portfolio of projects to develop untapped resources, push the boundaries of geothermal development and expand the industry as a whole. The funds raised will be used to commercialize the current eight pilot plants and further develop the project portfolio. *
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Geothermal energy is the world’s largest untapped energy resource, clean and available 24/7. Baseload capital is estimated to be 200% that can be developed with existing technology in the geothermal industry.
We aim to develop unused resources of GW (electricity)/5000 GW (heat). (As of August 2024, the world’s existing geothermal resource utilization capacity is 16.3 GW (electricity) and 173 GW (thermal))*
* According to the U.S. Department of Energy, by leveraging technology from the oil and gas industry, the U.S. alone will achieve 90 to 300 It is said to be able to provide clean and stable energy for Golden Week. The global geothermal industry drills approximately 800 wells per year, while the oil and gas industry drills approximately 60,000-70,000 wells annually. Going forward, by working with Baker Hughes, Baseload Capital will accelerate geothermal development while leveraging over 100 years of knowledge, technology and experience from the oil and gas industry. *
Breakthrough Energy was founded in 2015 by Microsoft founder Bill Gates. Ventures (BEV) only invests in companies that can reduce greenhouse gas emissions by at least half a gigaton. As one of BEV’s earliest investors in Europe, Baseload Capital is committed to maintaining its investment standards.
Baseload Capital and its subsidiary Baseload Power operate in mature geothermal markets such as Iceland, the United States and Japan, as well as emerging markets such as Taiwan. In Taiwan, we are actively participating in the formulation of the first geothermal policy.
Alexander Herring, CEO of Baseload Capital, said: “The confidence these distinguished partners place in us is a testament to Baseload Group’s ability to achieve our goals and the geothermal industry’s readiness to expand globally. This is proof that we are doing well.”
[*Comments from major investors in Series B (titles omitted, in no particular order)*]
* ・ENGF Europe Managing Director Oscar Bachmann: *
We are pleased to partner with Baseload Capital and other investors in this important energy infrastructure platform. We believe strongly in geothermal power, which provides stable, carbon-free baseload power. Baseload Group has demonstrated the ability to develop a portfolio of geothermal projects and we are pleased to support the company through the next stage of commercializing the pipeline. As a company, we are committed to supporting GX and this partnership will help us deliver on our promise.
* ・BEV Managing Partner Car Mr. Michael Roberts: *
As an energy source that can be used anywhere on earth, geothermal energy has the potential to revolutionize the energy situation and provide a stable supply of electricity. Baseload Capital is
accelerating the deployment of geothermal power projects around the world, helping to show the world how geothermal can meet the planet’s heat and power needs.
* ・Ajit Menon, Vice President, Geothermal Energy, Oil Field Services and Equipment Division, Baker Hughes: *
Geothermal power plays an important role in the global energy mix and we are pleased to be working with Baseload Capital to scale this important technology. Baker Hughes remains committed to supporting low carbon solutions through strategic partnerships with innovative companies like Baseload Capital.
Vinge and DNB Markets served as advisors for this Series B round.
* [About base load capital] *
We are leading partnerships to expand geothermal energy, a clean power and heat source available 24/7. Baseload Group’s global portfolio, in collaboration with our strong shareholders and partners, de-risks investments while expanding geothermal markets and accelerating learning.
Baseload Capital invests in geothermal projects around the world, and its subsidiary, Baseload Power, constructs, operates and operates the geothermal projects that Baseload Capital invests in.
* [About ENGF] *
ENGF is a newly established next-generation infrastructure fund that invests in companies and projects based on three global themes: decarbonisation, decentralization and digitalisation. The primary investor behind ENGF is Ingka Investments, the investment arm of the Ingka Group.
* [About Breakthrough Energy Ventures] *
BEV is an investment company that invests in, launches, and supports the expansion of companies around the world that contribute to the realization of a decarbonized society. BEV is committed to supporting entrepreneurs and startups in their search for radical breakthroughs to the climate challenge, using a unique combination of technology, management, market and policy expertise. Masu. Backed by many of the world’s top business leaders, companies and investors, BEV has raised more than $2.5 billion and invested in more than 100 breakthrough companies.
https://breakthroughenergy.org/our-work/breakthrough-energy-ventures/
* [About Baker Hughes] *
Baker Hughes (NASDAQ:
BKR) is an energy technology company providing solutions to energy and industrial customers around the world. With a century of experience, we operate in more than 120 countries. We are pioneering the future of energy with innovative technologies and services, aiming to create safer, cleaner, and more efficient energy for people and the planet.
* [About Baseload Power Japan] *
A wholly owned subsidiary of Baseload Capital, an investment company based in Sweden, it is a business company founded in 2018 that collaborates with local communities and electric power companies to license, construct, and operate geothermal power plant development. Our corporate philosophy is to create more independent local communities through the spread of renewable energy and aim for harmony between people and the earth. Supported by long-term global investors, we strive to revitalize regions with geothermal resources and promote renewable energy.
[Inquiries regarding this press release]
Baseload Power Japan Co., Ltd.
URL: https://www.baseloadpower.jp/
Email：info@baseloadpower.jp