Overview
- Ormat Technologies and Carbon Direct Capital co-led the financing, with Ormat investing $25 million to support Sage’s commercialization plans.
- The capital enables a pilot of Sage’s Pressure Geothermal system at an existing Ormat power plant to extract heat from hot dry rock.
- Upon successful pilot results, Ormat will have rights to develop, build, own and operate power and energy storage projects using Sage’s technology.
- Proceeds will advance development toward Sage’s first commercial next‑generation geothermal facility and potential long‑duration storage applications.
- New and existing investors joined the round and Barclays served as exclusive placement agent, with backers citing rising demand for firm clean power from AI-driven data centers.