Zanskar raises $115M to support expansion of AI-based geothermal discovery platform
Drilling rig operations at the Lightning Dock geothermal plant in New Mexico (source: Zanskar)
Alexander Richter
21 Jan 2026
Zanskar has raised $115 million in Series C funding to expand its AI-based geothermal discovery platform and advance geothermal power projects in the US.
Zanskar, a US-based geothermal developer and explorer, has raised $115 million in a Series C funding round to accelerate the discovery and development of geothermal power projects across the Western United States.
The round was led by Spring Lane Capital and included participation from existing investors Obvious Ventures, Union Square Ventures, and Lowercarbon Capital, alongside a broad group of energy, infrastructure, and technology-focused funds. With this raise, Zanskar’s total equity funding reaches $180 million.
According to the company, the new capital will be used to expand its AI-native geothermal discovery platform, scale exploration drilling, and begin construction of geothermal power plants at sites already identified within its multi-gigawatt development pipeline. Zanskar expects initial projects to begin delivering electricity before 2030.
Scaling geothermal discovery and development
Zanskar positions its platform as a unified operating system for geothermal discovery and development, combining field-based geoscience with custom-built software and artificial intelligence tools. The company says this approach reduces exploration timelines and costs while increasing the size and productivity of geothermal fields.
“This Series C positions Zanskar for rapid growth by enabling the company to advance its gigawatt-scale pipeline through a historic geothermal exploration and development campaign,” the company said in its announcement.
Carl Hoiland, CEO and co-founder of Zanskar, said the company was founded on the belief that artificial intelligence could significantly reduce geothermal discovery risk and improve project economics.
“We’ve already confirmed multiple large, previously unknown geothermal resources across the Western U.S., and deeper drilling has validated that these systems can produce far more energy than expected,” Hoiland said.
Investor confidence in geothermal exploration
The funding round represents one of the largest venture investments to date in AI-enabled geothermal resource discovery. Investors highlighted geothermal’s role in providing firm, low-carbon power amid rising electricity demand from industry and data centers.
“Geothermal energy is one of the only immediate ways to serve the enormous and growing demand for firm, clean power,” said Jason Scott, Partner at Spring Lane Capital, who will join Zanskar’s board.
Obvious Ventures Managing Director Andrew Beebe described Zanskar’s team as “fast, disciplined and very effective,” noting that geothermal is gaining renewed attention as a scalable and dependable energy source in the US power mix.
From discovery to power generation
Zanskar states that it has identified more geothermal anomalies in North America than any other company in recent decades, including projects such as Lightning Dock in New Mexico and exploration successes at Pumpernickel and Big Blind in Nevada. We previously reported on Zanskar and you can find a list of news here.
As the company transitions from exploration into construction and operations, it plans to build, own, and operate geothermal power plants as long-term infrastructure assets. Zanskar also noted that it is actively recruiting engineers, developers, and finance professionals to support its expansion.
Source: Company release
