Baseload Capital, a Swedish climate investment fund, has raised $24 million to invest in geothermal energy.

With a credit facility of $25 million secured from London-based Sustainable Development Capital in the spring, Baseload Capital has raised over $45 million.

The credit facilitates flexible financing for commissioning new geothermal power plants, while the new convertible loan will be directed for Baseload Capital’s continued expansion and to redeem the company’s green bond.

Breakthrough Energy Ventures, founded by Bill Gates and which invests in technologies needed to achieve net-zero emissions by 2050, is one of the prominent investors in the round.

Gullspång Invest, and Chevron Technology Ventures, the venture arm of global oil conglomerate Chevron, are the existing investors in Baseload Capital’s financing round. Baker Hughes, a global energy technology company, is also a prominent investor.

Unlike other forms of clean energy, geothermal energy functions independently of weather fluctuations.

Baseload Capital works closely with local affiliates in Sweden to finance, plan, and build facilities to extract geothermal energy, the heat stored underneath the earth’s interior.

Baseload Capital’s CEO Alexander Hilling said, “The earth’s heat can deliver renewable energy 24 hours a day, 365 days a year. So, it is no wonder more and more large investors see the potential in what we do. We are happy that our partners are supporting us as we continue our fast-paced growth.”

In May, Baseload signed a €25 million (~$26.87 million) convertible term facility agreement with SDCL Energy Efficiency Income Trust. The facility will be used to refinance the company’s operational assets and assets in construction or late-stage development and finance future pipeline projects.

Also in May, Baseload began operating its fourth geothermal project power in Japan to produce 350 MWh of power annually.

Geothermal energy is heat derived within the sub-surface of the earth. Water or steam brings this energy to the surface of the earth. Geothermal energy can be used for heating and cooling purposes or harnessed to generate electricity. Geothermal power projects can supply baseload electricity and ancillary services for short and long-term in some cases.

According to the International Renewable Energy Agency (IRENA), in 2021, 1.6 GW of geothermal capacity was added globally.