Bedrock Energy Raises $8.5M to Decarbonize Commercial Real Estate with Geothermal Energy

Funding Accelerates Deployment of Novel Drilling and Subsurface Technologies
That Increase Speed and Lower Cost of Constructing Geothermal HVAC Systems To Decarbonize Urban Buildings

LOS ANGELES and AUSTIN, Texas, Oct. 11, 2023 /PRNewswire/ -- Bedrock Energy, a technology startup that designs, constructs, and delivers geothermal heating and cooling systems, today announced $8.5M in seed capital. 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. The funding will accelerate 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 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."

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.

About Bedrock Energy

Bedrock Energy is a startup transforming the heating and cooling of buildings, using geothermal energy to radically reduce costs for people and the environment. Bedrock designs, constructs, and delivers geothermal using novel drilling technologies that enable widespread, affordable, and accessible installations of carbon-free geothermal HVAC for urban real estate properties. This allows properties to reduce heating and cooling costs up to 50% and cut direct emissions to zero. To learn more, visit bedrockenergy.com.

SOURCE Bedrock Energy