Endurance Energy Raises $54 Million for Offshore Geothermal Plants

Endurance Energy raised a $54 million Series A round to develop geothermal power plants on the ocean floor, TechCrunch reported. Founders Fund led the round, with participation from Ascend, Construct Capital, Felicis Ventures, First Round Capital, Point72 Ventures, Riot Ventures, and Voyager Ventures.

Andrew Redd, who worked as an engineer on Dragon and Starship at SpaceX, founded the company last year after growing up in the Pacific Northwest.

He has since expanded the team to 25 employees, 12 of whom previously worked at SpaceX. The vice president of engineering previously worked at Helion Energy. Redd said geothermal is the only renewable source that can deliver baseload power at the scale required.

U.S. energy. U.S. West Coast, Japan, and parts of Southeast Asia sit. The world uses an average of about 20 terawatts across all energy sources at any given moment. Some of the sites Endurance is evaluating lie a few dozen miles from shore, while others are a few hundred miles offshore.

Redd said the company will avoid sensitive habitats such as those near hydrothermal vents. Redd ruled out nuclear power because of long regulatory and construction timelines. He said solar and wind require batteries for 24/7 supply, and hydropower sites are largely taken.

Endurance plans to use robots for underwater work and draw on oil-and-gas industry experience with deep-sea operations. The new funding will support development of power plants amid rising demand from AI data centers, electric vehicles, and heavy industry. Redd said the goal is to support major coastal cities on the Ring of Fire.