Startup developing CO2-based geothermal system completes seed funding roundIllustration of Factor2 Energy's proposed CO2-based geothermal power generation system (source: Factor2 Energy)Carlo Cariaga 23 Sep 2025Germany-based startup Factor2 Energy has secured $9.1 million in venture capital to advance development of a CO2-based geothermal power generation system. With this capital, the company aims to advance the technological development of its CO2-based geothermal power generation system an eventually develop a pilot plant to demonstrate the scalability of the concept. Factor2 Energy is led by Michael Wechsung, Joerg Strohschein and Felix Boehmer who all worked together at Siemens Energy. There they invented a new, economically superior method to harness geothermal energy by utilizing CO? “And in fact, the entire system leverages proven technologies from the oil and gas sector, with its long history of drilling and geologic expertise.”Source: Factor2 Energy