Factor2 Energy, a Duisburg-based startup, secured €7.7 million in Seed funding. At One Ventures led the round. High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures, and Siemens Energy Ventures also participated. This investment advances the company's innovative CO2 geothermal energy system.
The company develops a novel approach to geothermal power. This technology utilizes CO2 as the primary working fluid, replacing water or brine. Founders Michael Wechsung, Joerg Strohschein, and Felix Boehmer invented the method at Siemens Energy.
This approach enables emission-free, efficient electricity production.
Scalable Geothermal Power Development
Factor2 Energy will use the capital to advance its CO2-based geothermal power generation system. Furthermore, it plans to develop a pilot power plant demonstrating scalability. The system leverages proven technologies from the oil and gas sector.
The technology injects CO2 into deep geological formations. There, it absorbs geothermal heat, initiating a thermosiphon effect. Consequently, the CO2 rises naturally, eliminating subsurface pumps. This significantly reduces parasitic energy consumption.
At the surface, a direct-driven CO2 turbine converts heat into electricity. The CO2 then cools and reinjects into the reservoir, creating a closed cycle. This process ensures continuous power generation and long-term CO2 storage.
Compared to conventional water-based geothermal systems, this method achieves up to twice the power output. It also requires lower capital expenditures. Companies like Fervo Energy and Eavor also innovate in the geothermal space.
The CO2 geothermal energy system accesses a broader range of geological sites. It operates efficiently in shallower and cooler locations. This expands viable power plant locations and reduces drilling costs. The technology also transforms carbon capture and storage sites into active renewable energy assets, contributing to clean energy goals.
