Factor2 Energy, a startup based in Duisburg in Germany, has successfully raised USD 9.1 million in venture capital following a seed funding round. With this capital, the company aims to advance the technological development of its CO2-based geothermal power generation system an eventually develop a pilot plant to demonstrate the scalability of the concept.
The round was led by At One Ventures, with additional investments from High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures and Siemens Energy Ventures.
Factor2 Energy is led by Michael Wechsung, Joerg Strohschein and Felix Boehmer who all worked together at Siemens Energy. There they invented a new, economically superior method to harness geothermal energy by utilizing CO? as the primary working fluid in the geothermal cycle, replacing water or brine.
The technology being developed by Factor2 Energy is based on the more favorable thermodynamic properties of CO2 as a working fluid, allowing it to achieve up to twice the power output compared to water-based systems under similar geological conditions. The technology can be deployed at either natural CO2 Reservoirs or at reservoirs designated for Carbon Capture and Storage. This can also be deployed in shallower and cooler geothermal sites, reducing drilling costs and expanding the range of viable power plant locations.
“These techno economics combine to form a favorable LCOE at sites that would previously have been economically unviable. We are excited to support Factor2 to bring this crucial technology to market to unlock the potential of geothermal as a more prevalent source of green baseload,” commented Helen Lin, Partner at At One Ventures.
“Our approach enables emission-free, efficient, and baseload-capable electricity production, which is ideal for traditional oil and gas companies looking to diversify their operating assets,” said CEO and co-founder Felix Boehmer. “And in fact, the entire system leverages proven technologies from the oil and gas sector, with its long history of drilling and geologic expertise.”
Source: Factor2 Energy
