Clean Flash Points: FRVO EPS, EOSE/FPUSA, Geothermal, Wind/Solar Capacity

Research evidence excerpt

Clean Flash Points: FRVO EPS, EOSE/FPUSA, Geothermal, Wind/Solar Capacity

Clean Energy

Equity Research

June 22, 2026

Geothermal | $22Mn Capital Raise to Support Next-Generation Turbines. Geothermal turbine

manufacturer Critical Energy announced a successful $19Mn seed round and $3Mn venture debt raise

to support the build-out of its first project (2.5MW), reflecting continued capital flow into the expanding

US geothermal market. With geothermal capacity expected to accelerate through the decade and

beyond, Critical Energy sees the existing turbine supply market as increasingly limited, creating an

entry point for new competitors.

Critical Energy believes its modular geothermal design is well-positioned to participate in the

geothermal reacceleration, noting that its turbines in particular can deploy faster given their factory

design and build vs. traditional turbines built onsite, a process that can take months to years according

to the company. Critical Energy expects its initial 2.5MW turbines to be used by 2027 at an existing

geothermal site. In the meantime, the company is also designing a larger 5MW module better suited

toward EGS companies and sees a pathway to manufacturing 300GW/year by 2045.

Seed rounds were led by Susa Ventures and Upfront Ventures, with Mac Venture Capital, Susquehanna

Sustainable Investments, Humba Ventures, Scribble Ventures, and Underground Ventures also

participating.

We continue to see rising investor interest in the next phase of geothermal build-out in the US, enabled

by incremental technology advancements in enhanced geothermal. While EGS capacity is increasingly

a post-2030 story, turbine manufacturers could realize upside nearer-term by supplying EGS developers

with the necessary equipment.