Zanskar, a US-based geothermal exploration company using artificial intelligence to identify new resources, has raised $115 million in a Series C funding round to accelerate exploration and development across its growing geothermal pipeline. The round was led by Spring Lane Capital and brings the company’s total equity funding to $180 million.

The new capital will support the expansion of Zanskar’s AI-powered geothermal discovery platform and enable the company to begin construction of geothermal power plants at sites already identified within its portfolio. Zanskar says its pipeline spans multiple locations across the western United States and is expected to start delivering electricity before 2030.

Scaling One of the Largest US Geothermal Pipelines

Founded in 2021 and headquartered in Salt Lake City, Utah, Zanskar applies machine learning and large-scale data analysis to reduce the cost and risk traditionally associated with geothermal exploration. By improving the accuracy of subsurface resource identification, the company aims to unlock geothermal potential in regions previously considered uneconomic or overlooked.

According to Zanskar, the company has already confirmed several large geothermal systems across the western US that were previously unknown. Subsequent deep drilling has indicated that these resources can produce significantly more energy than initially anticipated, strengthening the case for commercial-scale development.

Chief Executive Officer and Co-Founder Carl Hoiland said the results validate Zanskar’s approach to combining data science with geothermal expertise, enabling the discovery of high-quality resources capable of supporting long-term, utility-scale power generation.

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Broad Investor Support Across Funding Rounds

The Series C round builds on strong backing from existing investors. Participants included Obvious Ventures, which led Zanskar’s Series B, alongside Union Square Ventures and Lowercarbon Capital, which co-led the company’s Series A.

Additional investors in the round included Munich Re Ventures, Susquehanna Sustainable Investments, Clearvision Ventures, and Orion Industrial Ventures, among others. The breadth of participation reflects growing investor interest in geothermal as a scalable source of firm, low-carbon power.

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Geothermal’s Role in the Energy Transition

Geothermal energy is increasingly viewed as a critical complement to wind and solar, offering baseload renewable power with high capacity factors and minimal land use. However, exploration risk and upfront capital requirements have historically constrained growth. Zanskar’s data-driven approach seeks to address these barriers by improving discovery rates and reducing development timelines.

With utilities and governments seeking reliable, zero-emissions power to support electrification and grid stability, geothermal development in the western US is gaining renewed attention. Zanskar’s pipeline, described by the company as one of the largest geothermal expansions underway in the country, positions it to play a meaningful role in that transition.

As the company moves from exploration into project construction, the success of its AI-enabled model will be closely watched by investors and policymakers assessing how next-generation technologies can unlock underutilised renewable resources at scale.

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