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§ Venture Capital · Stockholm, Stockholms Lan, Sweden
Investment firm for lower-temperature geothermal power projects worldwide, providing early-stage capital, equity, and debt.
Baseload Capital is a Stockholm, Sweden-based specialized investment and project development firm that finances, builds, and operates lower-temperature geothermal power plants globally. The company provides early-stage capital, equity, and debt to accelerate geothermal energy deployment, operating through local subsidiaries to secure agreements and sell continuous renewable electricity to local utility grids. By 2021, the firm had established eight pilot plants across Iceland, Japan, and the United States. To support this international expansion, the company secured a €33 million equity funding round in August 2024, which followed a SEK 94.2 million convertible loan raised in 2020. The organization is backed by prominent corporate and venture investors, including Breakthrough Energy Ventures, Chevron Technology Ventures, Baker Hughes, and Eni Next. Baseload Capital was founded in 2018 by Alexander Helling alongside corporate partners Climeon, Gullspång Invest, Blue, and LMK Forward.
Baseload Capital has raised $98.0M across 3 funding rounds.
Baseload Capital has raised $98.0M in total across 3 funding rounds.
Baseload Capital is a Swedish investment firm specializing in geothermal energy, acting as a catalyst for renewable energy by funding, developing, and operating geothermal power plants worldwide. Its mission is to lead partnerships that scale up the geothermal industry for a planet in balance, targeting underutilized low- and medium-temperature resources (120-250°C) to provide constant, predictable baseload power that complements intermittent sources like solar and wind.[1][2][3][4] Backed by prominent investors including Breakthrough Energy Ventures (Bill Gates-founded), Gullspång family office, Baker Hughes, Chevron New Energies, Google, Ingka Investments (IKEA), Blue, and LMK Forward, the firm offers early-stage capital, equity, debt, market research, and technology expertise to de-risk projects while ensuring financial returns.[1][2][6] It operates through subsidiaries like Baseload Power companies in Iceland, Japan, Taiwan, the US, and plans for New Zealand, with eight pilot plants achieved in four years and partnerships like Google for Taiwan data centers.[3][4][6]
Baseload Capital was founded in 2018 by Alexander Helling, who in 2017 identified the untapped potential of lower-temperature geothermal resources overlooked by traditional high-temperature projects, enabling global expansion of geothermal in the energy transition.[3][4][5] Initially tied to Climeon's low-temperature technology for electricity from waste heat and geothermal wells, the firm raised funds for projects and established Baseload Power for operations.[3][4][6] Early traction came via a long-term relationship with Nefco, providing grants like Nopef to launch in Taiwan—a key market—and overcoming financial and technical hurdles to deploy eight pilot plants in Iceland, Japan, and the US by 2022.[3][4] A growing team of "resilient and innovative pioneers," supported by committed long-term investors, drove this rapid progress.[1][3]
Baseload Capital rides the global push to triple renewable capacity by 2030, filling the "missing puzzle piece" of baseload renewables—24/7 clean power for grid stability amid solar/wind intermittency and rising energy security demands.[2][5] Timing aligns with climate goals, as geothermal's vast potential (200 GWe electricity, 5000+ GWth thermal) grows via innovations, while market forces like data center demand (e.g., Google in Taiwan) and policy support in geologically favorable areas (tectonic edges: Iceland, Japan, US, Taiwan) favor deployment.[1][2][4] It influences the ecosystem by de-risking an underdeveloped industry through partnerships, proving low-temperature viability to unlock wider scalability and attract capital to baseload cleantech.[1][4][5]
Baseload Capital is poised to solidify as a leading global geothermal player, expanding its portfolio beyond current markets (adding New Zealand, more pilots) via platform scaling and tech optimizations from oil/gas allies.[1][3][6] Trends like AI-driven data center power needs, net-zero mandates, and geothermal tech advances will propel growth, potentially capturing more of the multi-GW market while halving gigatons of emissions.[1][2][4] Its influence may evolve from pioneer to industry operator, standardizing low-temp projects and inspiring similar de-risking models in renewables—ultimately balancing the planet with resilient, always-on clean energy.[1][2]
Baseload Capital has raised $98.0M across 3 funding rounds. Most recently, it raised $59.0M Series B in September 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 1, 2024 | $59M Series B | — | Breakthrough Energy Ventures, National Grid Partners, Wellington Management | Announced |
| May 23, 2022 | $26.5M Venture Round | — | — | Announced |
| Mar 3, 2019 | $12.5M Venture Round | Breakthrough Energy Ventures | — | Announced |
Baseload Capital has raised $98.0M in total across 3 funding rounds.
Baseload Capital's investors include Breakthrough Energy Ventures, National Grid Partners, Wellington Management.