Geothermal start-up Zanskar bags USD 30m for next phase of growth

US AI-powered geothermal discovery start-up Zanskar Geothermal & Minerals announced the closing of a USD-30-million (EUR 28m) funding round that will help it advance its technology and progress greenfield projects to cater new partnerships.

Founded in 2021, Zanskar uses machine learning and big data to reduce the risk and cost of geothermal development. It already has multiple contracts with the US Department of Defence's (DoD) Defence Innovation Unit to explore new geothermal resources.

The Series B fundraising round was led by Obvious Ventures and attracted Clearvision Ventures as a new backer. Various existing investors also participated, including Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners and First Star Ventures.

In August 2022, the Salt Lake City, Utah-based firm secured USD 12 million in its Series A which was co-led by USV and Lowercarbon. At the time, it said the funds would be used to advance new partnerships with geothermal developers and speed up technology development.

(USD 1 = EUR 0.935)

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