A stealthy Seattle-based geothermal startup AltaRock Energy has raised $4 million in a Series A funding from high profile backers, according to PEWeek and VentureWire [via Cleantech Investing]. The list of investors includes Kleiner Perkins Caulfield & Byers, Khosla Ventures, Aaron Mandell of GreatPoint Energy, and an investment group affiliated with Dundee Securities.
Rob Day has an interesting take on some of the issues that geothermal startups face:
Experts agree there are a lot of untapped geothermal resources out there. But geothermal startups are currently most often project-specific efforts using existing tech instead of new tech development groups, so it’s always a bit tricky to see how VCs best get involved in the sector. . . .slow adoption rates and high capital intensity will continue to provide a bit of a damper as well. — Rob Day, Cleantech Investing