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Geothermal Energy Poised for Growth as XGS Energy Scores Major Deal

XGS Energy's breakthrough could revolutionize geothermal power. Its first major project, backed by Meta and PNM, is set to deliver around-the-clock clean electricity in New Mexico.

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In this image we can see a machine. In the background there are electric poles, electric cables,...
In this image we can see a machine. In the background there are electric poles, electric cables, barriers, plants and sky.

Geothermal Energy Poised for Growth as XGS Energy Scores Major Deal

Geothermal energy, currently a minor player in U.S. electricity generation, is poised for growth. XGS Energy, a pioneer in next-generation geothermal systems, has successfully tested its technology. The company is partnering with tech giant Meta and utility PNM to develop a significant geothermal project in New Mexico.

XGS Energy's novel geothermal technology has proven reliable at commercial scale without water loss. This breakthrough could revolutionize geothermal energy, which currently accounts for about 0.4% of total U.S. electricity generation. Most geothermal facilities are concentrated in Northern California and Nevada.

Next-generation geothermal projects fall into three categories: enhanced geothermal systems, superhot geothermal, and closed-loop systems like XGS's approach. XGS is part of a fast-growing industry aiming to harness geothermal resources to meet increasing electricity demand.

XGS Energy is partnering with Meta and PNM to develop 150 megawatts of around-the-clock clean electricity in New Mexico for Meta's data centers. Another company, Sage Geosystems, is also partnering with Meta to build a 150-MW geothermal facility east of the Rocky Mountains. The first 5 megawatts of the XGS project are slated to be deployed by around 2027, with the remaining megawatts coming online by 2029. Following this milestone, XGS Energy will begin financing and building its first next-generation geothermal energy project.

The XGS Energy project in New Mexico, backed by Meta and PNM, signals a significant step forward for geothermal energy. As the technology continues to advance, geothermal's role in the U.S. electricity mix could grow substantially, providing clean, reliable power.

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