Bedrock Energy raises funding to accelerate geothermal HVAC deployment
Bedrock’s drilling rig employs technologies that enable widespread, affordable, and accessible installations of carbon-free geothermal HVAC for commercial buildings (source: Bedrock Energy)
Carlo Cariaga
17 Oct 2023
USD 8.5 million in seed capital has been raised by Bedrock Energy, a startup that aims to deploy geothermal HVAC systems for commercial real estate properties.
Texas-based Bedrock Energy has announced the raising of USD 8.5 million in seed capital that will go towards accelerating the manufacturing and deployment of technologies that improve the economics of all-electric geothermal HVAC systems, thus helping real estate properties achieve Net Zero operations. Bedrock Energy is a technology startup that designs, constructs, and delivers geothermal heating and cooling systems.
The financing round is led by Wireframe Ventures, with participation from Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital.
Fast deployment of geothermal in urban spaces
Bedrock is developing a novel technology stack that combines autonomous drilling and advanced subsurface modeling to triple the speed and space-efficiency of geothermal projects. These advantages enable geothermal HVAC to fit onto dense, urban locations, with sensors that uniquely validate real-time construction accuracy. Payback periods under five years enable real estate owners and investors to decarbonize large properties with double-digit internal rates of return.
“For decades, geothermal heat pumps have been the most energy-efficient form of HVAC, but adoption has historically been slow due to the upfront cost, time, and space required to construct the borefields that provide such stellar thermal efficiency,” said Joselyn Lai, co-founder and CEO of Bedrock Energy.
“We believe our technologies fundamentally change the equation. A huge swath of commercial and industrial real estate can now benefit economically from carbon-free geothermal HVAC due to Bedrock’s unparalleled speed, cost, compactness, and reliability—making adoption a logical business and sustainability decision.”
Federal incentives can offset the upfront cost of geothermal systems by 30%-60%, while local and state climate policies are increasingly pressuring large real estate owners to look for ways to decarbonize their assets. These factors, combined with Bedrock’s technology innovations, position geothermal heating and cooling as a leading path to reduce emissions and energy costs for urban buildings across the U.S.
“We believe Bedrock Energy will significantly lower the carbon intensity and cost to heat and cool commercial buildings,” said Paul Straub, managing partner at Wireframe Ventures. “We are so impressed by this team’s approach to product. They have built a solution that can scale in a market where federal incentives, decarbonization mandates, and rising energy prices are all conspiring to form a perfect moment for Bedrock’s mission.”
A team built on experience and innovation
Bedrock’s team combines decades of experience in oil and gas technology, oilfield operations, software, and startup operations. Since its inception in 2022, the company has focused its efforts on designing and manufacturing its drilling assets, developing subsurface physics modeling software, and building out its multi-disciplinary team.
“Our team’s ability to develop, test, and deploy technology at a rapid pace will greatly contribute to decarbonization of the built environment,” said Silviu Livescu, co-founder and CTO, who has held roles as Chief Scientist at Baker Hughes and professor at UT Austin. “We are eager to show how Bedrock’s technology can unlock the potential of this limitless, carbon-free asset to decarbonize buildings everywhere.”
Bedrock’s approach is versatile, with applications across a wide range of retrofits and new construction. With initial applications across retail, light industrial, office, education, or commercial, the company is open to projects across the continental U.S. in 2024 including academic, non-commercial, or other strategic partnership opportunities.
Source: Bedrock Energy via PR Newswire
