The geothermal power generation sector focuses on harnessing heat from the Earth to produce renewable energy. Companies in this field work on a variety of projects, utilizing advanced technologies to explore geothermal resources. This industry plays a key role in global energy sustainability by providing a stable, low-emission power source. With advancements in drilling techniques and analytics, geothermal energy is becoming more accessible and economically viable. The demand for renewable energy is prompting more investments, leading to an exciting shift towards cleaner energy solutions worldwide, with geographical hotspots like the United States, Iceland, and Indonesia at the forefront.


This list features 21 geothermal power generation companies, ranging from seasoned giants like Calpine, founded in 1984, to innovative startups like Fervo Energy established in 2017. Companies vary greatly in size, with workforce counts from as few as 11 employees to thousands. They are primarily located in the US, Canada, and Indonesia, with operations signifying robust growth and focus on sustainable energy. Each company specializes in unique geothermal technologies and systems, contributing to the industry's expansion and the global transition to renewable energy.


Read on to discover more top geothermal power generation companies.


Top 21 Geothermal Power Generation Companies


1. Calpine

  • Website: calpine.com
  • Ownership type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: $16.4B, January 2025
  • Founded year: 1984
  • Headcount: 1001-5000
  • LinkedIn: calpine

Calpine Corporation, founded in 1984 and headquartered in Houston, Texas, is an energy company that specializes in electricity generation from natural gas and geothermal resources. With a workforce of over 2,400 employees, Calpine operates 77 facilities across the United States and parts of Canada and Mexico. The company is particularly notable for its geothermal operations at The Geysers in Northern California, where it generates 725 megawatts of renewable energy. This facility is recognized as the largest geothermal power complex in the U.S. Calpine is committed to sustainability and innovation, focusing on low-carbon energy solutions and community impact. Their operational expertise extends to advanced technologies in carbon capture and energy storage, further enhancing their role in the energy transition.


2. Fervo Energy

  • Website: fervoenergy.com
  • Ownership type: Venture Capital
  • Headquarters: Houston, Texas, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: Other (Debt), $120.0M, December 2024
  • Founded year: 2017
  • Headcount: 51-200
  • LinkedIn: fervo-energy

Fervo Energy, based in Houston, Texas, is a geothermal energy company founded in 2017. The firm focuses on developing next-generation geothermal projects that deliver 24/7 carbon-free energy. With a team comprised of experienced professionals from both renewable energy and oil and gas backgrounds, Fervo is pioneering innovative technologies to enhance geothermal energy production. Their approach includes utilizing advanced drilling techniques and real-time data analytics to unlock geothermal resources in previously uneconomic locations. Fervo has secured significant funding, including a recent $120 million investment, which underscores their growth potential and commitment to expanding geothermal energy's role in the clean energy transition. Their flagship project, Cape Station, is expected to begin operations in 2026, contributing substantial renewable power to the grid.


3. Eavor Technologies Inc.

  • Website: eavor.com
  • Ownership type: Private Equity
  • Headquarters: Calgary, Alberta, Canada
  • Employee distribution: Canada 90%, Germany 3%, United States (USA) 3%, Other 3%
  • Latest funding: Other (Debt), $139.5M, May 2024
  • Founded year: 2017
  • Headcount: 51-200
  • LinkedIn: eavor

Eavor Technologies Inc., based in Calgary, Alberta, Canada, is an energy technology company that specializes in geothermal energy solutions. Founded in 2017, Eavor is dedicated to creating scalable and clean energy through its innovative projects, including Eavor-Europe™, Eavor-Deep™, and Eavor-Lite™. These initiatives aim to provide sustainable energy options for energy developers and other stakeholders. Eavor's technology, particularly the Eavor-Loop™, represents a significant advancement in geothermal energy, offering a closed-loop system that mitigates many of the environmental concerns associated with traditional geothermal methods. The company has also attracted substantial funding, with a recent debt round amounting to approximately $139 million, reflecting strong investor confidence in its potential. Eavor's commitment to enabling local energy autonomy and its focus on clean energy solutions position it as a notable player in the geothermal power generation sector.


4. Supreme Energy

  • Website: supreme-energy.com
  • Ownership type: Private
  • Headquarters: South Jakarta, Jakarta, Indonesia
  • Employee distribution: Indonesia 98%, United States (USA) 2%
  • Latest funding: Other (Debt), $92.6M, January 2025
  • Founded year: 2008
  • Headcount: 201-500
  • LinkedIn: supreme-energy-muara-laboh

Supreme Energy, based in South Jakarta, Indonesia, is a private geothermal energy company founded in 2008. The firm specializes in developing sustainable energy solutions, particularly in the geothermal sector. Supreme Energy is involved in various activities, including the drilling of production and injection wells, construction of power plants, and the establishment of field facilities necessary for electricity generation from geothermal resources. The company operates several key projects, including PT Supreme Energy Muara Laboh, PT Supreme Energy Rantau Dedap, and PT Supreme Energy Rajabasa. These projects are pivotal in harnessing Indonesia's geothermal potential, which is among the largest in the world. Supreme Energy has also received substantial funding, amounting to approximately $92.6 million, which underscores its growth trajectory and the confidence of investors in its operations. The company is committed to environmental, social, and governance (ESG) principles, aiming to minimize waste and maximize output while ensuring a positive impact on local communities.


5. Reykjavik Geothermal

  • Website: rg.is
  • Ownership type: Private
  • Headquarters: Reykjavík, Reykjavíkurborg, Iceland
  • Employee distribution: Iceland 76%, United Kingdom (UK) 24%
  • Founded year: 2008
  • Headcount: 11-50
  • LinkedIn: reykjavik-geothermal

Reykjavik Geothermal is a private geothermal energy developer based in Reykjavík, Iceland, established in 2008. The company focuses on the sustainable development of geothermal resources aimed at utility-scale power production. With a team of experienced professionals, Reykjavik Geothermal manages the entire geothermal value chain, from exploration and reservoir assessment to project financing and construction of geothermal power plants. They are currently involved in significant projects in Africa, including the Tulu Moye and Corbetti geothermal projects, which are among the largest independent power producer (IPP) investments in the region. The company emphasizes the importance of clean energy solutions, aiming to enhance energy security and reduce reliance on fossil fuels. Their commitment to environmental and social governance is evident in their operations, as they prioritize sustainable practices and community engagement. Reykjavik Geothermal's expertise and ongoing projects position them as a notable player in the geothermal energy sector.


6. GreenFire Energy Inc

  • Website: greenfireenergy.com
  • Ownership type: Corporate
  • Headquarters: Walnut Creek, California, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: Series A, $20.0M, March 2022
  • Founded year: 2014
  • Headcount: 11-50
  • LinkedIn: greenfire-energy

GreenFire Energy Inc. is a geothermal technology company based in Walnut Creek, California, founded in 2014. The company specializes in advanced geothermal systems, particularly their patented GreenLoop® technology, which aims to maximize the economic production of geothermal resources. GreenFire Energy provides tailored solutions for geothermal operators, energy-intensive companies, and military facilities, focusing on sustainable energy production. They have been involved in various projects, including collaborations with the California Energy Commission and the Kenya Electricity Generating Company, demonstrating their commitment to enhancing geothermal energy efficiency. In March 2022, GreenFire secured $20 million in Series A funding, led by Baker Hughes, which underscores their growth potential and relevance in the geothermal sector. The company is recognized for its research and development efforts, holding numerous patents and publishing extensively on closed-loop geothermal technology.


7. Medco Power Indonesia

  • Website: medcopower.co.id
  • Ownership type: Private
  • Headquarters: Jakarta, Jakarta, Indonesia
  • Employee distribution: Indonesia 100%
  • Founded year: 2004
  • Headcount: 1001-5000
  • LinkedIn: medco-power-indonesia

PT Medco Power Indonesia, established in 2004, is a private energy company based in Jakarta, Indonesia. It specializes in electricity generation and renewable energy solutions, operating as an Independent Power Producer (IPP). The company manages over 3,100 MW of power across 15 locations in Indonesia, with a significant focus on sustainable energy projects, including geothermal and solar power. Medco Power is dedicated to providing reliable energy sources and Operation and Maintenance (O&M) services. Their recent activities include the development of the Ijen geothermal project and securing a new geothermal license in North Sumatra, showcasing their commitment to expanding their geothermal capabilities. Medco Power also emphasizes corporate social responsibility and environmental protection in its operations, aligning with global trends towards cleaner energy.


8. Gnz LLC

  • Website: gnzenergy.com
  • Ownership type: Private
  • Headquarters: Lewes, Delaware, United States (USA)
  • Founded year: 2007
  • Headcount: 201-500
  • LinkedIn: gnz-energy-limited

Gnz LLC, operating under the brand GNZ Energy, is a private renewable energy company based in Lewes, Delaware. Founded in 2007, the company specializes in various forms of renewable energy, with a strong emphasis on geothermal power. GNZ Energy has established a presence in several countries, including Comoros, Kenya, and Spain, where they are actively developing geothermal energy projects. Their portfolio includes significant investments aimed at reducing reliance on fossil fuels and promoting sustainable energy solutions. The company is also involved in hydroelectric, wind, solar, and biomass energy, showcasing a broad approach to renewable energy. GNZ Energy collaborates with experienced partners to execute their projects effectively, ensuring they remain competitive in the renewable energy sector.


9. Transmark Renewables

  • Website: transmark-renewables.com
  • Ownership type: Family Owned
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Employee distribution: Turkey 62%, Netherlands 38%
  • Founded year: 2009
  • Headcount: 11-50
  • LinkedIn: transmark-renewables

Transmark Renewables is a family-owned investment company based in Amsterdam, specializing in the development and production of geothermal energy. Established in 2009, the company has carved out a niche in the renewable energy sector, focusing on geothermal exploration and project development. With operations in Turkey, Chile, and the Netherlands, Transmark is dedicated to harnessing geothermal resources to provide clean and reliable energy solutions. Their projects include significant geothermal power plants and exploration initiatives, particularly in Turkey, where they have successfully detected and operationalized deep geothermal resources. The company aims to accelerate the geothermal project development pipeline by offering technical, financial, and project development expertise, thereby addressing the global demand for sustainable energy.


10. Open Mountain Energy

  • Website: openmountainenergy.com
  • Ownership type: Private
  • Headquarters: Reno, Nevada, United States (USA)
  • Employee distribution: United States (USA) 71%, Turkey 29%
  • Founded year: 2016
  • Headcount: 11-50
  • LinkedIn: open-mountain-energy

Open Mountain Energy (OME), based in Reno, Nevada, is a private geothermal energy developer founded in 2016. The company specializes in the acquisition, development, and operation of utility-scale geothermal power plants. OME is committed to delivering reliable and high-capacity renewable energy solutions, primarily targeting utilities and energy providers in the Western United States. With a focus on sustainability, OME aims to meet the increasing demand for clean energy through innovative geothermal projects. The company has a portfolio that includes operational assets and ongoing development projects, showcasing its ambition to become a significant player in the geothermal energy sector. OME's management team boasts over 100 years of combined experience in geothermal development, enhancing its technical proficiency and project execution capabilities. The company has also made strides in financing, having closed substantial transactions to support its projects, including a recent $21 million tax equity transaction for the Star Peak Geothermal project. OME's strategic approach and commitment to geothermal energy position it as a relevant entity in the industry.


11. Sage Geosystems Inc.

  • Website: sagegeosystems.com
  • Ownership type: Venture Capital
  • Headquarters: Houston, Texas, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: Series A, $17.0M, February 2024
  • Founded year: 2020
  • Headcount: 11-50
  • LinkedIn: sage-geosystems

Sage Geosystems Inc., based in Houston, Texas, is a renewable energy company that specializes in geothermal energy solutions. Founded in 2020, the company has quickly established itself as an innovator in the geothermal sector. Sage Geosystems focuses on developing advanced technologies for geothermal power generation and energy storage, targeting utility companies and critical infrastructure. Their proprietary Geopressured Geothermal System (GGS) allows for enhanced energy extraction by harnessing both heat and pressure, effectively doubling energy output compared to traditional methods. The company is also involved in energy storage solutions, which complement their geothermal offerings. With a team that boasts extensive experience from major oil and gas companies, Sage Geosystems is well-equipped to tackle the challenges of geothermal energy. In February 2024, they secured $17 million in Series A funding, underscoring their growth potential and the confidence investors have in their innovative technologies. Their collaborations with entities like the U.S. Air Force for geothermal projects further highlight their commitment to advancing geothermal energy solutions.


12. Aydem Enerji

  • Website: aydemenerji.com.tr
  • Ownership type: Private
  • Headquarters: Istanbul, İstanbul, Turkey
  • Employee distribution: Turkey 100%
  • Founded year: 1980
  • Headcount: 10001+
  • LinkedIn: aydem-enerji

Aydem Enerji, founded in 1980 and based in Istanbul, Turkey, operates in the energy sector with a strong emphasis on electricity generation, distribution, and retailing. The company is privately owned and employs over 12,000 individuals. Aydem Enerji is committed to renewable energy, focusing on hydro, wind, and geothermal sources. They have established themselves as a significant contributor to Turkey's energy landscape, particularly in the renewable sector, where they hold the third largest installed capacity portfolio. Their initiatives reflect a dedication to social responsibility and sustainability, as evidenced by various projects aimed at promoting energy efficiency and environmental awareness. Aydem Enerji has also been recognized for its innovative approaches and has received accolades for its workplace culture and employee satisfaction.


13. Baseload Capital

  • Website: baseloadcap.com
  • Ownership type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Employee distribution: Sweden 71%, United States (USA) 14%, Taiwan 7%, Other 7%
  • Latest funding: April 2025
  • Founded year: 2018
  • Headcount: 1-10
  • LinkedIn: baseload-cap

Baseload Capital, founded in 2018 and based in Stockholm, Sweden, is a venture capital firm dedicated to the renewable energy sector, with a strong emphasis on geothermal energy. The company invests in and develops geothermal heat and power plants, aiming to enhance the scalability of geothermal energy as a sustainable power source. Their clientele includes various businesses and organizations within the renewable energy field, seeking investment and development support for geothermal initiatives. Baseload Capital operates globally, with a significant presence in Sweden, the United States, Taiwan, and Turkey. Their strategic focus on geothermal projects positions them as a key player in the industry, actively contributing to the growth and development of geothermal energy solutions.


14. Deutsche ErdWärme GmbH


Deutsche ErdWärme GmbH, founded in 2014 and based in Karlsruhe, Baden-Württemberg, Germany, is a private company dedicated to renewable energy, specifically geothermal energy solutions. With a team of 27 employees, the company provides consultation services aimed at helping local governments, businesses, and individuals transition to sustainable energy options. Deutsche ErdWärme is actively involved in promoting the use of geothermal resources to meet Germany's climate neutrality goals by 2050. They focus on the Oberrhein region, where the geological conditions are particularly favorable for deep geothermal energy. Their initiatives align with regional climate protection strategies, and they are engaged in creating a roadmap for the expansion of deep geothermal energy in Baden-Württemberg. Through their projects and partnerships, Deutsche ErdWärme aims to make geothermal energy accessible and beneficial for local communities.


15. Geothermal Development Company - CeraPhi Energy

  • Website: ceraphi.com
  • Ownership type: Private
  • Headquarters: Great Yarmouth, England, United Kingdom (UK)
  • Employee distribution: United Kingdom (UK) 91%, Brazil 9%
  • Latest funding: Other (Grant), October 2022
  • Founded year: 2013
  • Headcount: 11-50
  • LinkedIn: ceraphi-energy

Geothermal Development Company - CeraPhi Energy, founded in 2013 and based in Great Yarmouth, UK, is a private company dedicated to advancing geothermal energy solutions. With a team of 22 employees, CeraPhi Energy focuses on providing clean energy, consultancy, and project management services to businesses and organizations aiming to meet net zero targets. Their innovative technologies, such as the CeraPhiWell™ and CeraPhiGen™, allow for efficient geothermal energy extraction and application across various sectors, including agriculture and water treatment. CeraPhi Energy emphasizes environmental sustainability and carbon reduction, positioning itself as a key player in the transition to renewable energy. The company operates primarily in the UK, with a small presence in Brazil, and has received grants to support its initiatives, reflecting its active engagement in the geothermal energy sector.


16. Green Energy Geothermal Ltd.

  • Website: geg.is
  • Ownership type: Corporate
  • Headquarters: Reykjavík, Reykjavíkurborg, Iceland
  • Latest funding: $2.1M, March 2022
  • Founded year: 2008
  • Headcount: 51-200
  • LinkedIn: green-energy-group-as

Green Energy Geothermal Ltd. (GEG) is an energy solutions provider based in Reykjavík, Iceland, founded in 2008. The company specializes in geothermal energy technologies, offering engineering services aimed at optimizing and retrofitting geothermal plants. GEG has developed innovative systems such as Wellhead Power, Geothermelectric Power, and absorption cooling solutions. Their projects, including Geoneer, Geosleeve, and Geocool, reflect their commitment to advancing geothermal applications. GEG serves a range of clients, including national utilities and industries seeking sustainable energy solutions. With operations in Iceland, Kenya, and Canada, GEG is actively involved in the global geothermal market, focusing on both power generation and agricultural applications. The company secured funding of approximately $2,057,400 in March 2022, which supports their ongoing initiatives and projects.


17. Landsvirkjun

  • Website: landsvirkjun.com
  • Ownership type: Private
  • Headquarters: Reykjavík, Reykjavíkurborg, Iceland
  • Employee distribution: Iceland 99%
  • Founded year: 1965
  • Headcount: 201-500
  • LinkedIn: landsvirkjun

Landsvirkjun, established in 1965, is an electric utility company based in Reykjavík, Iceland. It specializes in generating electricity from renewable resources, including hydropower, geothermal, and wind energy. The company operates three geothermal power stations located in Northeast Iceland: Krafla, Þeistareykir, and Bjarnarflag. Krafla Power Station, acquired in 1985, utilizes a mix of high- and low-pressure geothermal steam, while Þeistareykir, which began operations in 2017, was constructed to be efficient and environmentally friendly. Bjarnarflag, the first geothermal power station in Iceland, has been operational since 1969. Landsvirkjun primarily serves power-intensive industries, providing stable electricity contracts. The company is dedicated to sustainability and innovation, aiming to become carbon neutral by 2025. Their active participation in research and development, particularly in geothermal energy, positions them as a key player in the industry.


18. Albioma

  • Website: albioma.com
  • Ownership type: Private Equity
  • Headquarters: France
  • Employee distribution: France 33%, Brazil 26%, Reunion 23%, Other 18%
  • Latest funding: $1.7B, April 2022
  • Founded year: 1982
  • Headcount: 501-1000
  • LinkedIn: albioma

Albioma is a private equity-owned renewable energy producer based in France, founded in 1982. The company operates in the energy sector, focusing on sustainable electricity generation through biomass, solar, and geothermal sources. With a workforce of approximately 826 employees, Albioma plays a significant role in the energy transition, providing local energy providers and organizations with renewable energy solutions. Their operations span multiple countries, including France, Brazil, and various Caribbean islands, where they manage several power plants. Albioma's commitment to reducing carbon emissions and enhancing energy security is evident in their projects, which include geothermal power generation in Turkey. In 2022, the company reported a revenue of €717 million, reflecting its active engagement in the renewable energy market.


19. Dandelion Energy

  • Website: dandelionenergy.com
  • Ownership type: Private Equity
  • Headquarters: Mount Kisco, New York, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: Series C, $40.0M, September 2024
  • Founded year: 2017
  • Headcount: 51-200
  • LinkedIn: dandelion-geothermal

Dandelion Energy, founded in 2017 and based in Mount Kisco, New York, is a private equity-backed company that specializes in geothermal energy solutions for residential heating and cooling. The firm focuses on providing geothermal systems, ground loop installation, and drilling services tailored for homeowners and builders. Dandelion's flagship product, the Dandelion Geo heat pump, is designed to deliver high efficiency and performance, helping customers reduce their energy costs and environmental impact. The company has installed over 2,000 geothermal systems and has developed a proprietary software, LoopLink, to optimize system design. Dandelion's commitment to sustainability is evident in their efforts to make geothermal energy more accessible and affordable, leveraging federal and state incentives to lower upfront costs for consumers. In September 2024, Dandelion secured $40 million in Series C funding, further enhancing its capacity to expand its operations and technology offerings.


20. Zanskar

  • Website: zanskar.com
  • Ownership type: Venture Capital
  • Headquarters: Salt Lake City, Utah, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: $30.0M, May 2024
  • Founded year: 2021
  • Headcount: 51-200
  • LinkedIn: zanskar

Zanskar is a geothermal exploration and technology company based in Salt Lake City, Utah. Founded in 2021, the company aims to revolutionize the geothermal sector by making geothermal energy more accessible and affordable. Zanskar provides exploration services and power generation solutions, catering to energy developers and utility companies looking for reliable, carbon-free power sources. They have recently acquired the Lightning Dock Power Plant in New Mexico, which is the only utility-scale geothermal power plant in the state, generating 15 MW of carbon-free energy. Zanskar leverages advanced technologies, including machine learning and big data analytics, to discover new geothermal resources and mitigate the risks associated with geothermal development. With a focus on reducing costs and increasing the scalability of geothermal energy, Zanskar is actively contributing to the growth of the geothermal industry.


21. Iwatec Corporation

  • Website: iwatec.co.jp
  • Ownership type: Private
  • Headquarters: Nagasaki, Nagasaki, Japan
  • Employee distribution: Japan 75%, India 25%
  • Founded year: 1989
  • Headcount: 51-200
  • LinkedIn: iwatec

Iwatec Corporation, founded in 1989 and based in Nagasaki, Japan, specializes in renewable energy solutions, including geothermal, biomass, solar power, and hydrogen technologies. The company provides engineering and consulting services aimed at helping businesses and organizations transition to sustainable energy alternatives. Iwatec has made significant strides in the geothermal sector, particularly by leveraging existing hot spring wells for energy production. Their geothermal projects include the operation of the Iwatec First Geothermal Power Plant, which showcases their capability in this field. The company also emphasizes reducing carbon footprints and enhancing energy efficiency through innovative solutions, reflecting their commitment to environmental sustainability. With a workforce that includes a notable presence in India, Iwatec is positioned to expand its influence in the renewable energy market.



Geothermal Power Generation Insights: Key Companies


CompanyHeadquarterSizeFoundedOwnership
CalpineHouston, Texas, United States (USA)1001-50001984Corporate
Fervo EnergyHouston, Texas, United States (USA)51-2002017Venture Capital
Eavor Technologies Inc.Calgary, Alberta, Canada51-2002017Private Equity
Supreme EnergySouth Jakarta, Jakarta, Indonesia201-5002008Private
Reykjavik GeothermalReykjavík, Reykjavíkurborg, Iceland11-502008Private
GreenFire Energy IncWalnut Creek, California, United States (USA)11-502014Corporate
Medco Power IndonesiaJakarta, Jakarta, Indonesia1001-50002004Private
Gnz LLCLewes, Delaware, United States (USA)201-5002007Private
Transmark RenewablesAmsterdam, North Holland, Netherlands11-502009Family Owned
Open Mountain EnergyReno, Nevada, United States (USA)11-502016Private
Sage Geosystems Inc.Houston, Texas, United States (USA)11-502020Venture Capital
Aydem EnerjiIstanbul, İstanbul, Turkey10001+1980Private
Baseload CapitalStockholm, Stockholm, Sweden1-102018Venture Capital
Deutsche ErdWärme GmbHKarlsruhe, Baden-Württemberg, Germany11-502014Private
Geothermal Development Company - CeraPhi EnergyGreat Yarmouth, England, United Kingdom (UK)11-502013Private
Green Energy Geothermal Ltd.Reykjavík, Reykjavíkurborg, Iceland51-2002008Corporate
LandsvirkjunReykjavík, Reykjavíkurborg, Iceland201-5001965Private
AlbiomaFrance501-10001982Private Equity
Dandelion EnergyMount Kisco, New York, United States (USA)51-2002017Private Equity
ZanskarSalt Lake City, Utah, United States (USA)51-2002021Venture Capital
Iwatec CorporationNagasaki, Nagasaki, Japan51-2001989Private


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