19.10.2022 | News
New financing will help mitigate greenhouse gas emissions by accelerating the development and implementation of geothermal power projects on three continents.
Baseload Capital, a Swedish investment entity specialised in geothermal power, has received new financing from Nefco, the Nordic Green Bank. The financing will be used to accelerate the development and implementation of geothermal power projects in Japan, Taiwan, Iceland and the USA, and facilitate the growth stage of Baseload Capital and its most important projects.
The financing from Nefco is part of a EUR 24-million financing round that the company secured in the summer of 2022. Existing investors in Baseload Capital’s financing round are Gullspång Invest, Chevron Technology Ventures and Breakthrough Energy Ventures. Nefco becomes an additional investor in an investment group focused on renewable energy together with Baker Hughes.
“The Earth’s heat can deliver renewable energy 24 hours a day, 365 days a year. So, it is no wonder more and more investors see the potential in what we do. We are happy that our partners are supporting us as we continue our fast-paced growth,” says Baseload Capital’s CEO Alexander Helling.
Founded in 2018, Baseload Capital funds the deployment of geothermal power projects worldwide. The company received a EUR 3 million loan from Nefco at the end of 2018 to accelerate the building and deployment of geothermal power plants on a global scale. The first loan has been used to finance pilot projects in Japan through Baseload Capital’s fully owned local developer Baseload Power Japan. The purpose of the pilot projects is to show how low-temperature geothermal energy can revitalise local communities by delivering reliable, clean baseload electricity and heat.
“Geothermal energy is an ideal source of stable, renewable base energy that complements solar and wind power. It will be a crucial piece of the puzzle as the world rapidly switches to a sustainable energy supply,” says Magnus Brandberg, Baseload Capital’s Chairman of the Board, and partner in Gullspång Invest.
“As a long-term financing partner for Baseload Capital, we are happy to continue supporting the company’s international growth. The new financing will enable renewable base load energy production on a larger scale and thereby reduce dependence on fossil sources and mitigate greenhouse gas emissions and pollution,” says Victor Degerlund, Senior Investment Officer, Nefco.
For further information, please contact:
Victor Degerlund, Senior Investment Officer, Nefco
victor.degerlund@nefco.int, +358 106180781
Alexander Helling, CEO, Baseload Capital
alexander.helling@baseloadcap.com, +46 73-772 40 20
About Baseload Capital
Baseload Capital is a specialised investment company that finances the expansion of thermal power worldwide. The company’s portfolio companies in Iceland, Japan, Taiwan and the USA work locally with energy companies to develop, build and commission new thermal power plants. Baseload Capital aims to help countries quickly switch from fossil fuels to renewable energy sources. Greater energy independence can lead to more sustainable societies and a planet in balance. Read more: www.baseloadcap.com