Baseload Capital bags EUR 53m to advance geothermal pipeline

Baseload Capital, a Sweden-based investment firm focused on geothermal power, announced the closure of a EUR-53-million (USD 58.4m) Series B financing round, which it plans to use for the commercialisation of its current portfolio of projects.

The financing round was led by Dutch infrastructure fund ENGF the major investor of which is the investment arm of Ingka Group. Other participants included Baker Hughes, Nefco, Breakthrough Energy Ventures (BEV), and Gullspang Invest.

Founded in 2018, Baseload Capital invests in and develops geothermal heat and power projects worldwide. Its Baseload Power subsidiaries build, commission and operate plants in mature geothermal markets like Iceland, the US, and Japan, as well as in emerging markets like Taiwan.

The Stockholm-based firm, which counts among its backers Chevron and LMK forward, has set itself the goal of contributing to a half-gigaton reduction in emissions.

Apart from the US partnership with Chevron, the Nordic firm’s portfolio also includes, among others, the Kopsvatn geothermal power plant in Iceland, which is its first pilot project started and completed in 2018.

(EUR 1 = USD 1.103)

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