Rodatherm raises $38 million Series A funding to support pioneering geothermal technologyMud Lake, Tushar Mts, Beaver County, Utah (source: Andrey Zharkikh / flickr, creative commons)Carlo Cariaga 16 Sep 2025Rodatherm has secured $38 million after a Series A funding round to support the pilot deployment of their pioneering closed-loop geothermal technology in Utah. The financing was led by Evok Innovations and included participation from TDK Ventures, Toyota Ventures, TechEnergy Ventures, MCJ, Active Impact Investments, Renewal Funds, Grantham Foundation for the Protection of the Environment, Giga Investments, and others. Rodatherm had previously been granted approval by the Bureau of Land Management for the Rodatherm Geothermal Test Bed project in Beaver and Millard counties in Utah. The financing included a group of leading corporate investors, including Toyota Ventures, TDK Ventures, and TechEnergy Ventures, who are committed to bringing significant strategic value to Rodatherm beyond their capital investment. “Rodatherm is uniquely positioned to bring geothermal energy to scale in the near term, without intensive capital requirements or decades-long timelines.