Factor2 Energy Raises US$9.1 Million to Unlock Scalable Geothermal Power from Geologically Stored CO₂

Factor2, building geothermal power plants with CO2, led by Felix Böhmer, Michael Wechsung, Jörg Strohschein, Riekje Heuter, and Fabian Flosbach, raised US$9.1 million led by At One Ventures, with additional investments from High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures, and Siemens Energy Ventures.

Factor2 Energy will deploy the seed funding to advance its CO₂-based geothermal power technology and build a pilot plant to demonstrate scalability.

Factor2 Energy’s system injects natural or captured CO₂s into deep porous reservoirs, where it absorbs geothermal heat and rises via the thermosiphon effect, eliminating subsurface pumps and reducing energy use. At the surface, a direct-driven CO₂ turbine converts the heat into electricity before reinjecting the CO₂, creating a closed cycle that continuously generates power while securely storing CO₂. Compared with conventional water-based geothermal, this method can deliver up to twice the power output at lower CAPEX.

Factor2 Energy’s CO₂-based approach delivers reliable 24/7 green power while unlocking geothermal potential in sites unsuitable for conventional systems. It enables access to shallower, cooler reservoirs, reducing drilling costs and expanding viable locations, while maintaining competitive Levelized Cost of Electricity. The system operates without secondary fluids or complex binaries, simplifying operations, and transforms both natural CO₂ reservoirs and CCS-designated formations into active energy assets.