Bedrock Energy, a Los Angeles technology startup that designs, constructs and delivers geothermal heating and cooling systems to commercial properties, announced $8.5 million in seed capital.
The financing round is led by Wireframe Ventures, with participation from Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital. The funding will be used to accelerate manufacturing and deployment of technologies that improve the economics of all-electric geothermal HVAC systems in commercial buildings.
According to the company, Bedrock is developing a novel technology stack that combines autonomous drilling and advanced subsurface modeling to triple the speed and space-efficiency of geothermal projects. The company stated this will enable geothermal HVAC to fit onto dense, urban locations, with payback periods under five years.
“For decades, geothermal heat pumps have been the most energy-efficient form of HVAC, but adoption has historically been slow due to the upfront cost, time, and space required to construct the borefields that provide such stellar thermal efficiency,” said Joselyn Lai, co-founder and CEO of Bedrock Energy. “We believe our technologies fundamentally change the equation. A huge swath of commercial and industrial real estate can now benefit economically from carbon-free geothermal HVAC due to Bedrock’s unparalleled speed, cost, compactness, and reliability—making adoption a logical business and sustainability decision.”
Bedrock began operations in 2022, with initial applications across retail, light industrial, office, education and commercial property sectors. The company is open to projects across the continental U.S. in 2024 including academic, non-commercial, or other strategic partnership opportunities.