Zanskar, a Utah-based startup, is using AI technology to unlock the potential of geothermal power as a renewable energy source. By analyzing data to identify optimal locations for drilling, Zanskar aims to reduce the capital needed to build new geothermal plants significantly. This approach has already led to the discovery of more hidden geothermal resources in the past year and a half than the entire industry had found in the previous decade, according to CEO Carl Hoiland.
Recently, Zanskar announced that it has raised $30 million in a series B funding round led by Obvious Ventures, bringing the total investment in the company to $45 million. The funds will be used to continue exploration and to develop the startup’s first power plants. The company plans to build plants for customers and partner with existing geothermal players to co-develop sites. Andrew Beebe of Obvious Ventures believes that Zanskar’s ability to reduce exploration costs will enable the unlocking of vast amounts of clean 24/7 electricity.
Geothermal power harnesses heat from beneath the Earth’s surface to produce electricity, making it an attractive renewable energy source. However, the high cost of drilling for geothermal energy has been a significant barrier to its competitiveness with other renewable sources like wind and solar. Zanskar’s technology aims to increase the success rate of drilling viable holes by using a variety of machine learning models to analyze data from different sources. The startup’s approach has the potential to revolutionize geothermal power exploration.
Zanskar was founded in 2018 by Carl Hoiland and Joel Edwards, who have backgrounds in geology and a shared passion for improving the hit rate of geothermal exploration. The company’s name comes from the Zanskar region of the Himalayas, where the cofounders met 15 years ago. Since its inception, Zanskar has been working on refining its models and identifying ideal locations for geothermal power plants. The startup’s unique approach sets it apart in a competitive market where venture capitalists have poured over $1.5 billion into geothermal startups since 2019.
With the new funding, Zanskar plans to expand its team and bring its first facility online in about four years. The ultimate goal is to put electrons on the grid and provide clean, reliable energy to help meet the increasing demand for electricity worldwide. By leveraging AI technology to harness the power of geothermal energy, Zanskar is paving the way for a more sustainable future in the renewable energy sector.
