Endurance Energy, a startup founded by former SpaceX engineer Andrew Redd, has raised $54 million to develop ocean-based geothermal power plants. The company aims to tap into the Earth's tectonic activity along the Ring of Fire to generate terawatts of clean, 24/7 electricity.
Endurance Energy, a startup founded by former SpaceX engineer Andrew Redd, has raised $54 million in Series A funding to develop a novel approach to geothermal energy by harnessing heat from the ocean floor. The round was led by Founders Fund, with participation from 72 Ventures, Construct Capital, Felisis Ventures, First Round Capital, Riot Ventures, and Voyager Ventures.
Key Points
- Endurance Energy raises $54M to develop ocean-based geothermal power plants.
- The company targets the Ring of Fire, where tectonic plates spread, allowing hot magma to reach the surface.
- Founder Andrew Redd, a SpaceX veteran, aims to provide baseload renewable energy for coastal cities.
- The technology could potentially generate up to 6 terawatts of electricity within 5-10 years.
Redd, who worked on Dragon and Starship at SpaceX, said he wanted to tackle renewable energy after witnessing climate impacts in his home region of the Pacific Northwest. He ruled out nuclear, solar, wind, and hydropower due to limitations, concluding that geothermal is the only baseload renewable source. However, traditional geothermal requires drilling deep into the Earth's crust, often far from population centers.
Endurance Energy's solution focuses on underwater geothermal resources near tectonic plate boundaries, such as the Ring of Fire. The company plans to use robots to build power plants on the ocean floor, leveraging oil and gas industry expertise to overcome challenges like corrosion and water pressure. Redd emphasized that any leaks would be harmless hot water, already naturally occurring in the ocean.
The startup, which has grown to 21 employees (11 from SpaceX), will use the funding to develop its plans amid surging energy demand from AI data centers, electric vehicles, and heavy industry. Redd estimates that tapping just a fraction of the ocean's geothermal potential could support major coastal cities along the Ring of Fire, providing a significant portion of the world's energy needs.