California-based company, Bedrock Energy, specializing in geothermal heating and cooling technology, recently secured $8.5 million in seed funding. This capital injection will be channeled into advancing its carbon-free HVAC solutions aimed at reducing emissions in real estate.
Buildings are notorious for their contribution to global greenhouse gas emissions, and they are challenging to replace due to their long lifespans. Buildings account for roughly 15% of worldwide carbon emissions, with heating and cooling systems making up about 35% of that total. To address the growing pressure on real estate owners to decarbonize their properties, emissions-free geothermal energy offers a solution, particularly with significant federal incentives available to offset initial geothermal system costs.
Established in 2022, Bedrock Energy specializes in designing and manufacturing drilling technologies for geothermal HVAC in buildings. Their technology merges autonomous drilling with advanced subsurface modeling, greatly enhancing the efficiency and space utilization of geothermal projects, making geothermal HVAC viable in densely populated urban areas. According to Bedrock Energy, this system enables real estate owners to reduce emissions from large properties with payback periods of fewer than five years.
Since its inception, Bedrock Energy has concentrated on developing drilling assets, subsurface physics modeling software, and building its diverse team. The funds from this investment round will be used to expedite the production and deployment of their technologies, improving the economic viability of all-electric geothermal HVAC systems.
This funding round was led by Wireframe Ventures and featured contributions from Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital.
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