Foley & Lardner LLP represented TDK Ventures as an investor in the $38 million Series A funding round for Rodatherm Energy Corporation, a Salt Lake City-based geothermal startup. Evok Innovations led the round and additional investors included Toyota Ventures, TechEnergy Ventures, MCJ, Active Impact Investors, Renewal Funds, Grantham Foundation, and Giga Investments. Rodatherm will use the proceeds to build its first pilot system in Utah.
Rodatherm Energy is a privately held geothermal power-generation company with a primary focus on the Great Basin region in the western United States. Their patented advanced geothermal system is a fully pressurized and cased closed-loop system, analogous to a heat pump, that uses a novel working fluid and targets sedimentary basins with high natural convection. The system has a targeted operating life span of multiple decades, does not use fresh water, and has a small energy dense surface footprint.