Reflections on Entrepreneurship and Personal Connections

It’s been a few years since we last covered geothermal on Watt It Takes. Our 2021 episode with Tim Latimer, Founder and CEO of Fervo Energy, explored how next-generation geothermal was just beginning to emerge. Since then, the sector’s momentum has only grown.

Meanwhile, electricity demand is rising fast, driven by data centers, AI, and the broader push to electrify everything. That’s putting pressure on the grid and renewing interest in consistent, around-the-clock power, often referred to as baseload energy.

This is where next-gen geothermal comes in. It’s a new wave of technologies that could make it possible to harness the Earth’s heat in far more places. Instead of relying on rare natural conditions, these systems aim to tap into hot, dry rock deep underground—resources that could, in theory, be accessed across much of the country. And that’s what makes it so compelling: for the first time, we may be able to use this vast, untapped heat source almost anywhere to help power the grid.

Just last week, the U.S. Geological Survey reported that enhanced geothermal systems, one of the most promising next-gen approaches, could technically supply up to 10% of the country’s electricity needs from Nevada’s Great Basin alone.

Because some of these systems can also tap into existing oil and gas wells, geothermal is gaining support across the energy sector. It offers a way to reuse infrastructure, support local economies, and deliver reliable, affordable, and clean power. Other approaches show promise for energy storage and district heating, broadening geothermal’s role and offering new ways to complement renewables like wind and solar.

That broad potential has helped earn steady bipartisan support. But the recently passed House reconciliation bill threatens to slow momentum by phasing out key tax credits and eliminating credit transferability. These provisions have been critical to financing new projects.

Despite those headwinds, companies are continuing to push the boundaries of what geothermal can do. One of them is Sage Geosystems, led by CEO Cindy Taff. The company is advancing new applications of geothermal for energy storage, district heating, and dependable, clean electricity.

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So, if you’re looking for early-stage funding, or well on your way to First-of-a-Kind, click the link in the show notes to learn how HSBC Innovation Banking can help on the next stage of your journey.

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