Hephae Energy Technology Corp., a Houston, Texas-based company developing ultra-high temperature robotics for next-generation geothermal energy, has raised $17.8 million in Series A funding.
The round was led by Susquehanna Sustainable Investments and Underground Ventures, with participation from alfa8, Baruch Future Ventures, Centaurus Capital, Elemental Impact, Exa Ventures, Future Ventures, the Grantham Foundation, New System Ventures, and True North Institutional.
Led by CEO Steve Krase, Hephae is developing advanced drilling systems that enable precise well positioning required by the geothermal industry. Its ultra-high temperature robotics overcome the heat and reliability limitations of conventional drilling equipment.
The company intends to use the funds to accelerate commercial deployment of its drilling systems, expanding the frontier of depth, heat, and drilling speed. Advanced geothermal technology is gaining traction as a clean, baseload renewable energy source.
