Eden raises USD 12m to advance electric rock fracturing

Eden, a US company focused on more sustainable natural resource recovery, said Tuesday it has closed an oversubscribed, USD-12-million (EUR 11.3m) seed funding round and will use the capital to scale its technology across geothermal, geologic hydrogen, geologic carbon storage and mining applications.

Eden says it breaks rocks with electricity. The company uses high-voltage electricity and proprietary modeling and reservoir characterisation techniques to target specific subsurface areas more precisely, avoiding the high-water consumption and environmental risks related to traditional hydraulic fracturing. It has validated its technology in a recent pilot test in Oman and is now preparing for additional pilots.

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Innovative reservoir stimulation, for instance, can help reduce the cost of enhanced geothermal systems, as targeted by the US Department of Energy (DoE) in order to unlock more renewable power.

The funding round was led by TechEnergy Ventures and Helmerich & Payne Inc. Other participants include Grantham Foundation for the Protection of The Environment, Anglo American, Good Growth Capital, Mass Ventures and Portfolia Green & Sustainability Fund.

Including USD 9.2 million in non-dilutive DoE grants for mining and geothermal, Eden has so far raised USD 21.3 million.

(USD 1 = EUR 0.941)