Duisburg-based firm Factor2 Energy, which develops geothermal power systems using CO₂ as a working fluid for emission-free, baseload electricity, has raised $9.1 million in a seed round led by At One Ventures.
- Factor2 Energy, launched in 2025 by Michael Wechsung, Joerg Strohschein, and Felix Boehmer, develops geothermal power systems that use carbon dioxide (CO₂) as the working fluid instead of water.
- The technology is designed to generate emission-free, baseload-capable electricity while leveraging geological formations that naturally contain CO₂ or are designated for carbon capture and storage (CCS).
- The system operates by injecting CO₂ into deep, porous rock formations where it absorbs heat from the surrounding rock. As the CO₂ heats up, its density decreases, creating a buoyancy-driven circulation that brings the fluid to the surface without pumps. At the surface, the heat is converted into electricity through a turbine system, after which the CO₂ is cooled and reinjected into the reservoir, maintaining a closed loop.
- This approach allows higher energy recovery compared with conventional water-based geothermal systems, reduces mechanical complexity, and utilizes existing infrastructure and expertise from the oil and gas industry.
- Factor2 Energy’s technology expands the range of viable geothermal sites, enables continuous power generation, and provides a pathway for transforming CO₂ storage sites into active energy-producing resources.
"Our approach enables emission-free, efficient, and baseload-capable electricity production, which is ideal for traditional oil and gas companies looking to diversify their operating assets. And in fact, the entire system leverages proven technologies from the oil and gas sector, with its long history of drilling and geologic expertise," explains Felix Boehmer, co-founder and CEO of Factor2 Energy.
Details of the deal
- The seed round was led by At One Ventures, with participation from High-Tech Gründerfonds (HTGF), Verve Ventures, and Siemens Energy Ventures.
“I am pleased to see this technology progressing toward commercialization, following its development within Siemens Energy Ventures. Geothermal energy is a reliable and renewable power source, and we will work with Factor2 Energy to tailor our turbines to meet the specific needs of this emerging market," claims Kendra Rauschenberger, General Partner at Siemens Energy Ventures.
- Factor2 Energy will use the $9.1 million seed funding to advance its CO₂-based geothermal technology and build a pilot plant to demonstrate its scalability. The investment will support system optimization and real-world testing, enabling emission-free, baseload electricity generation from both natural CO₂ reservoirs and carbon storage sites.
