Baseload Capital, a Stockholm-based firm specializing in geothermal energy development, has raised €53 million in a Series B funding round. The round was led by ENGF, an infrastructure fund backed by Ingka Investments, the investment arm of IKEA’s largest retailer. Other investors include Baker Hughes, Breakthrough Energy Ventures, and Gullspång Invest.
Baseload Capital plans to use the funds to commercialize its portfolio of geothermal projects. CEO Alexander Helling emphasized the importance of this investment in scaling geothermal energy globally, which remains largely untapped despite its potential as a 24/7 renewable energy source. The company is leveraging over 100 years of oil and gas industry expertise, particularly from partner Baker Hughes, to advance geothermal technology.
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Aiming for Global Energy Transition
Geothermal energy is considered a critical component in achieving a sustainable global energy mix. With operations in established markets like Iceland, the U.S., and Japan, and emerging markets such as Taiwan, Baseload Capital aims to unlock geothermal’s full potential. The company’s goal is to contribute significantly to the green energy transition by developing geothermal resources estimated at 200 GWe globally.
Support from Strategic Investors
ENGF’s Managing Director Oskar Backman highlighted geothermal’s role in providing stable, carbon-free electricity, expressing confidence in Baseload Capital’s ability to expand its geothermal project pipeline. The support from strategic investors like Baker Hughes and Ingka Investments underscores the growing interest in geothermal energy as a viable solution for the future.
