TDK Corp.’s venture capital subsidiary TDK Ventures Inc. is investing in geothermal technology company Rodatherm’s $38-million Series A funding round, the company stated Sept. 15.
Rodatherm’s advanced geothermal system technology is comparable to a heat pump. The system is a fully cased, pressurized, closed-loop geothermal system for sedimentary basins to enable both conductive and convective heat transfer into a working fluid for heat extraction.
Rodatherm’s working fluid is fully isolated and utilized directly in a power turbine. It is 50% more efficient than water-based binary-cycle geothermal systems and can extract heat from underground reservoirs with 5X less fluid compared to traditional systems, according to a Sept. 15 press release.
The technologies utilized in the system are all fully mature and commercialized. The way the features are combined builds the system novel and economical, TDK stated.
The $38 million in proceeds from the funding round will be utilized to build Rodatherm’s first pilot system in Utah. TDK’s portion of the investment is part of its $150 million multi-LP Fund EX1, which focutilizes on both European and North American-based electrification and decarbonization startups in Seed through Series B stages.
“We are thrilled to have TDK Ventures join our valued group of investors,” stated Curtis Cook, CEO of Rodatherm. “Their investment will accelerate the deployment of our geothermal technology, enabling us to bring reliable and cost-effective clean energy to market rapider. We believe geothermal energy is poised to be a major contributor to the global energy transition. And with TDK Ventures assistance both financially, and in providing access to TDK Goodness, as well as the many synergy opportunities within TDK Corp., our road to success is now shorter and smoother.”
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