The Series A investment in the company—which operates in both Calgary and Salt Lake City, where it’s headquartered—included backing from Toyota Ventures, San Jose’s TDK Ventures and others. Rodatherm is led by CEO Curtis Cook, a longtime energy entrepreneur based in Calgary. (The Logic)

Talking point: Rodatherm will use the funding to test its technology at a facility in Utah. Unlike other geothermal technologies, the startup uses refrigerants rather than water in its closed-loop system, which generates electricity from heat reservoirs deep below the Earth’s surface. While geothermal still makes up a small portion of global energy supply, it is starting to gain traction amid rising demand for electricity to power AI data centres. Cook told Bloomberg that the company sees “fantastic tailwinds for geothermal” in the U.S. in particular, due to generous tax credits and the Trump administration’s efforts to fast-track projects.