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Zanskar

Category: AI in Climate / Energy

An AI-native geothermal discovery and development company that leverages machine learning and advanced geoscience to identify and harness hidden carbon-free baseload power. Zanskar was founded in 2021. The company is led by Carl Hoiland. Based in Salt Lake City, USA. Team size: 11-50. Total funding raised: ~$180M total. Latest round: Series C ($115M, Jan 2026) - led by Spring Lane Capital. Key investors include ["Energize Capital","Union Square Ventures","Lowercarbon Capital","Breakthrough Energy Ventures","Obvious Ventures","Munich Re Ventures","Safar Partners"].

Founded
2021
Headquarters
Salt Lake City, USA
Team size
11-50
Total funding
~$180M total

Value proposition

Reduces the high exploration risk and capital costs of geothermal energy by using AI to pinpoint 'blind' subsurface heat resources that traditional geological methods overlook.

Products and solutions

["AI-Powered Geothermal Discovery Platform","Advanced Subsurface Geoscience Modeling Tools","Geothermal Asset Development & Operations (e.g., Lightning Dock Power Plant)","Proprietary Early-Stage Field Data Collection Program"]

Unique value

Focuses on 'blind' geothermal systems—resources with no surface expression like geysers—which represent a massive untapped energy category traditional 'wildcatters' cannot easily find.

Target customer

Utility companies, grid operators, large industrial energy offtakers (e.g., mining firms), and government agencies (e.g., Department of Defense).

Industries served

["Renewable Energy","Utilities & Power Generation","Mining & Natural Resources","Defense & Government","Climate Technology"]

Technology advantage

Combines proprietary machine learning models with massive geological datasets to achieve a discovery rate and precision that significantly exceeds industry averages, enabling the repowering of 'tapped-out' sites and the discovery of new greenfield resources.

How they differentiate

Zanskar differentiates by focusing on the 'discovery' phase using AI and machine learning to identify 'blind' geothermal resources (those with no surface expression), whereas competitors like Fervo focus on advanced drilling techniques (EGS) or closed-loop systems.

Main competitors

["Fervo Energy","Ormat Technologies","Eavor Technologies","Sage Geosystems"]

Key partnerships

["U.S. Department of Defense (Defense Innovation Unit)","Freeport-McMoRan (Copper recovery and energy supply chain projects)","U.S. Department of Energy (Geothermal Technologies Office)","Activate / Lawrence Berkeley National Laboratory (Cyclotron Road)","Major utility offtakers in New Mexico and Nevada"]

Notable customers

["U.S. Department of Defense (Defense Innovation Unit)","Freeport-McMoRan","Public Service Company of New Mexico (PNM)"]

Major milestones

["Acquisition of the Lightning Dock Geothermal power plant in New Mexico","Successful validation of AI-discovery models through drilling at the Pumpernickel site in Nevada","Awarded a contract by the Defense Innovation Unit (DIU) to explore geothermal potential for military installations","Closed $115M Series C funding in January 2025 to scale exploration and development"]

Growth metrics

Transitioned from a discovery startup to a utility-scale power producer; currently managing a multi-state exploration and drilling portfolio.

Market positioning

Full-stack geothermal developer and technology provider, moving from a software-only discovery platform to an asset owner and operator.

Geographic focus

Western United States (specifically Nevada, Utah, and New Mexico).

Patents and IP

Utilizes proprietary AI algorithms and custom-built geoscience models; specific registered patent IDs are not publicly disclosed in current investment literature.

About Carl Hoiland

Carl Hoiland is a geologist and entrepreneur with a PhD from Stanford University. Prior to founding Zanskar, he was an Activate Fellow at Lawrence Berkeley National Laboratory (Cyclotron Road) and a Postdoctoral Scholar at Stanford. His research focused on tectonic evolution and subsurface energy systems, providing the scientific foundation for Zanskar's AI-driven geothermal discovery platform.

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