What Baseload Capital does

Baseload Capital is a Swedish private climate investment fund, founded in 2018 and headquartered in Stockholm, that invests in and develops geothermal heat and power projects globally. The firm targets low-to-medium temperature geothermal resources that have historically been underutilized by conventional geothermal developers, deploying binary cycle power plants (Organic Rankine Cycle technology), flash steam systems, and enhanced geothermal systems at small-to-medium scale. It operates through a parent-subsidiary model: Baseload Capital Sweden AB provides capital, portfolio oversight, and a proprietary community-aligned development framework — the 'Waita Model' — under which local residents form LLCs to share in geothermal revenues, while four wholly-owned Baseload Power subsidiaries in Iceland, the United States, Japan, and Taiwan develop, build, commission, and operate the underlying plants.

The business model blends climate-fund equity returns with operational revenue from long-term power purchase agreements (PPAs) and virtual PPAs with utilities, grid operators, and large corporate energy consumers. Offtakers include Google (Taiwan data center PPA), NTT West (4.99 MW VPPA in Japan), Kyushu Electric Power (FIT for Waita plants), CPC Corporation Taiwan (MOU for Tuchang project), and individual hot spring operators such as Sansui ryokan. Investor base spans strategic corporates (Baker Hughes, Chevron Technology Ventures, Google, Ingka Investments/IKEA), climate venture capital (Breakthrough Energy Ventures), and long-horizon family offices and DFIs (Gullspång, Nefco). Go-to-market is B2B direct sales, emphasizing 24/7 baseload renewable power that complements intermittent solar and wind.

Total disclosed capital raised exceeds approximately $146 million across five rounds from 2019 to 2024, including a €53 million Series B in September 2024 led by ENGF with participation from Ingka Investments, Baker Hughes, Breakthrough Energy Ventures, Nefco, and Gullspång Invest. Operating geothermal capacity remains modest in absolute terms — Waita No. 2 (4.995 MW, commercial March 2026), Sansui (99 kW), Kópsvatn (600 kW), and Reykholt (300 kW) — but the project pipeline targets large national ambitions: 1,500 MW by 2030 in Japan and 6 GW by 2050 in Taiwan.

Name

Baseload Capital

Legal name

Baseload Capital Sweden AB

Website

https://baseloadcap.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Baseload Capital is a Swedish private climate investment fund founded in 2018 that invests in and develops geothermal heat and power projects across Iceland, the US, Japan, and Taiwan through regional operating subsidiaries serving utilities and corporate energy buyers.

Ownership category

akta.pro rank

Product category

Renewable Energy / Geothermal Power Generation

NAICS

Geothermal Electric Power Generation (221116), Electric Power Generation (22111), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Cogeneration Services & Small Power Producers (4991), Investors, Nec (6799)

akta.pro primary industry

Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development) (EUAMAEAD)

akta.pro secondary industries

Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE), Renewable Energy Infrastructure (FSAAAKAG), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB)

Keywords

• Geothermal energy development
• Renewable baseload power
• Geothermal project investment
• Binary cycle power plants
• Clean energy infrastructure

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Purchase Agreements (PPAs): Baseload Capital generates revenue through long-term power purchase agreements selling electricity from geothermal plants to utilities, grid operators, and corporate buyers. The company has secured agreements with entities like Google in Taiwan and NTT West in Japan, providing clean baseload power under virtual or direct PPAs.
2. Geothermal Project Development Services: Subsidiaries develop, build, and operate geothermal heat and power plants. Revenue comes from plant operations, electricity generation sales, and district heating supply agreements with local communities.
3. Equity and Investment Returns: As a climate investment fund, Baseload Capital earns returns through equity investments in geothermal projects and subsidiary companies, with backing from institutional investors like Breakthrough Energy Ventures, Baker Hughes, and Chevron.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Baseload Capital is a Swedish climate investment fund that invests in and develops geothermal heat and power plants globally. Through its regional subsidiaries (Baseload Power U.S., Iceland, Taiwan, and Japan), the company builds, commissions, and operates small-scale geothermal power plants using binary cycle, flash steam, and enhanced geothermal systems (EGS) technologies. It targets previously untapped low and medium temperature geothermal resources to deliver 24/7 baseload renewable power via long-term power purchase agreements with utilities, data centers, and corporate buyers.

Product overview

Baseload Capital operates as a geothermal energy investment and development company with a global portfolio managed through regional subsidiaries called 'Baseload Power' companies. These subsidiaries—Baseload Power U.S., Baseload Power Iceland, Baseload Power Taiwan, and Baseload Power Japan—build, commission, and operate geothermal heat and power plants funded by Baseload Capital. The company develops small-scale geothermal power plants (typically binary cycle or flash systems) that tap into low-to-medium temperature resources, complementing solar and wind energy with 24/7 baseload power. The portfolio includes operational plants like Waita No. 2 (4.995 MW in Japan), Sansui (99kW in Japan), Kópsvatn (600kW in Iceland), and Reykholt (300kW in Iceland), with additional projects under development. The company also produces educational content through its 'Our Hidden Powers' children's book series.

Differentiator

Problem solved

Functional benefit

Products and services

• Baseload Power U.S. Regional subsidiary developing geothermal heat and power plants in the United States, building small-scale zero-emissions binary power plants fueled by geothermal fluids to tap into the country's massive untapped geothermal resource (less than 1% of total US power production currently from geothermal).
• Baseload Power Iceland Regional subsidiary building geothermal heat and power plants for Icelandic communities, developing small-scale geothermal projects that tap into low and medium temperature resources previously underutilized. Operational power plants include Kópsvatn (600 kW), Reykholt (300 kW), and Efri-Reykir.
• Baseload Power Taiwan First and only international geothermal developer in Taiwan, developing geothermal energy projects to bring energy resilience and business opportunities to local communities, targeting Taiwan's 6 GW geothermal target by 2050. Operations include projects in Hualien County (Westlake) and Yilan County (Tuchang).
• Baseload Power Japan Regional subsidiary developing geothermal heat and power plants in Japan to support and revitalize local communities, providing clean electricity and stable hot water supply. Targets align with Japan's 1,500 MW geothermal goal by 2030 and net-zero by 2050. Operates the Waita No. 2 and Sansui plants in Kumamoto Prefecture.
• Waita No. 2 Geothermal Power Plant A 4.995 MW geothermal power plant in Kumamoto Prefecture, Japan, developed by Baseload Capital and Furusato Netsuden in collaboration with Waita-kai LLC. Demonstrates the replicable Waita community-aligned development model and supplies approximately 35 million kWh annually.
• Sansui (山翠) Geothermal Power Plant A 99 kW binary geothermal power plant in Kumamoto Prefecture, Japan, operated in collaboration with Furusato Netsuden and the Sansui hot spring ryokan. Utilizes existing hot spring wells to generate electricity while providing residual thermal energy back to the facility for bathing use.
• Our Hidden Powers: The Big Switch

Quantifiable outcome

• 10 MW initial geothermal capacity through Google partnership in Taiwan
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• CPC Corporation TaiwancoreStrategic or Co-development Partner · 17 June 2026State-owned oil and gas company partnering with Baseload Power Taiwan through MOU to jointly develop geothermal energy projects, starting with the Tuchang project in Yilan County. Covers resource evaluation, technical collaboration, due diligence, and feasibility studies.
• Baseload Power TaiwancoreStrategic or Co-development Partner · 17 June 2026Subsidiary operating in Taiwan since 2019 as the first and only international geothermal developer, completing a 5-MW geothermal plant in Japan. Focuses on the Tuchang project in Yilan County.
• Furusato NetsudencoreStrategic or Co-development Partner · 2 September 2025Strategic investment and partnership with Japanese geothermal developer Furusato Netsuden to unlock Japan's significant untapped geothermal potential (23 GW estimated capacity). Partnership scales the Waita community-based model with 7 MW operating or under construction and 30+ MW pipeline.
• Waita-kai LLCcoreStrategic or Co-development Partner · 1 January 2025Community organization in Waita area of Kumamoto Prefecture, Japan, formed by local residents to participate in geothermal revenue sharing. Key component of the Waita Model that enables community-aligned development.
• SamorkaminorOthersFederation of energy and utility companies in Iceland representing leading enterprises in electricity production and water utilization, providing industry network and expertise.
• The Geothermal Association of IcelandminorOthersIndustry association presenting work of the Icelandic geothermal industry, facilitating discussions, and strengthening cooperation between geothermal industry and various sectors of the Icelandic economy.
• JOGMECminorOthersJapan Oil, Gas and Metals National Corporation provides government support including subsidies, loan guarantees for exploration, and technical development support for geothermal energy in Japan.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Eavor Technologies: Canadian advanced geothermal developer using closed-loop systems to produce dispatchable clean power. Direct competitor in the next-generation geothermal space targeting similar baseload power applications for utilities and data centers.
• Fervo Energy: US-based enhanced geothermal systems (EGS) developer backed by Google and Breakthrough Energy Ventures, producing 24/7 carbon-free power. Closest direct competitor given shared investor base, similar technology trajectory, and competing for the same hyperscaler and utility offtake.

Broad incumbents

• Ormat Technologies: Long-established publicly-traded geothermal equipment manufacturer and IPP with operating plants across the US, Latin America, Asia, and Africa. A broader incumbent in the same category with deep operational track record but focused on conventional geothermal rather than community-aligned small-scale models.
• Chevron New Energies: Chevron's new energies division developing geothermal and other lower-carbon technologies, including an existing JV with Baseload Capital. Comparable as both an investor/partner and as a competitor pursuing oil-and-gas-to-geothermal expansion with materially larger capital base.
• Cyrq Energy: US-based geothermal power producer with operating plants across the Western US. Broader incumbent competitor in the same US geothermal generation market with established utility PPAs, though focused on conventional rather than binary/EGS systems.
• Enel Green Power: Global renewable energy IPP and developer with geothermal generation capacity in Latin America, the US, and Asia. Comparable as a broad renewable incumbent with geothermal operations, overlapping utility offtake channels but at much larger scale and across all renewables.

Emerging players

• Innargi: Denmark-based geothermal district heating developer using deep well technology to decarbonize urban heating networks. Comparable emerging player focused on geothermal heat applications with overlapping subsurface engineering capabilities but a district-heating go-to-market focus.
• GreenFire Energy: US-based geothermal developer using supercritical CO2-based closed-loop systems to produce carbon-free power. Emerging player with overlapping technology ambition around next-gen geothermal but focused on US assets rather than Baseload's multi-region community-aligned model.

Regional players

• KenGen: Kenya's state-affiliated geothermal power producer operating the Olkaria geothermal complex and exporting expertise. Regional player using comparable binary and flash geothermal technologies primarily in East Africa, providing a relevant public-market peer for valuation triangulation.
• HS Orka: Icelandic geothermal and hydro power producer operating multiple plants on the Reykjanes peninsula. Regional peer operating in Baseload's home Icelandic market with similar small-to-medium scale binary geothermal capabilities and district heating integration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@BaseloadCapital
• LinkedInlinkedin.com/company/baseload-cap
• Xx.com/baseloadcapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baseload Capital