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