Duisburg-based Factor2 Energy has raised $9.1M in seed funding to commercialize its CO₂-based geothermal technology.
The round was led by At One Ventures, with participation from High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures, and Siemens Energy Ventures.
Turning stored CO₂ into clean power
Factor2 Energy, founded by former Siemens Energy engineers Michael Wechsung, Joerg Strohschein, and Felix Boehmer, has developed a geothermal system that uses carbon dioxide — instead of water or brine — as the working fluid.
CO₂ is injected into porous underground formations where it heats up, rises naturally via the thermosiphon effect, and drives a CO₂ turbine at the surface. The cycle continuously produces electricity while keeping the CO₂ securely stored.
Compared to conventional geothermal, Factor2 Energy’s system:
- Generates up to 2x the power output under the same conditions
- Requires lower drilling depths and CAPEX
- Expands geothermal access to sites unsuitable for water-based systems
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Pilot plans and energy transition impact
The new capital will fund development of a pilot power plant to validate scalability and move toward commercial rollouts. Factor2’s tech could also transform CCS (carbon capture and storage) reservoirs into energy assets, creating a dual benefit of clean baseload power and permanent CO₂ storage.
“Our approach enables emission-free, baseload-capable electricity while leveraging proven oil and gas technologies,” said CEO Felix Boehmer.
Investor perspectives
- Helen Lin, At One Ventures: “The physics of CO₂ as a geothermal fluid enables a 2x output increase at comparable depths, unlocking cost-effective green baseload at sites that were previously uneconomical.”
- Kendra Rauschenberger, Siemens Energy Ventures: “Geothermal is reliable and renewable — we’re tailoring turbines for this emerging market.”
- Timo Bertsch, HTGF: “Factor2 dramatically expands global geothermal potential and uniquely enables CCS-to-power transformation.”
About Factor2 Energy
Founded in 2021, Factor2 Energy builds CO₂-based geothermal power systems designed to deliver clean, scalable baseload energy without fracking, ultra-deep drilling, or water-intensive processes. The company has grown from a Siemens Energy incubation project and is now backed by leading climate-tech investors.
