Cyrq Energy

What Cyrq Energy does

Cyrq Energy, LLC is a privately held geothermal power producer founded in 2007 and headquartered in Salt Lake City, Utah. The company develops, constructs, and operates geothermal power plants delivering 24/7 baseload renewable electricity to investor-owned utilities, municipal utilities, and public power entities across the western United States.

Cyrq's operating portfolio comprises four active facilities totaling approximately 138.8 MW of geothermal capacity plus 10 MW of solar capacity: Hudson Ranch (49.8 MW three-stage flash plant in Salton Sea Field, CA), Patua (48 MW binary plant with 10 MWac solar hybrid in Hazen, NV), Soda Lake (26.5 MW binary plant in Fallon, NV), and Thermo 1 (14.5 MW binary plant in Minersville, UT). The company uses flash and binary cycle technologies and integrates subsurface resource evaluation, drilling, production/injection well management, and reservoir optimization. In August 2025, Cyrq divested the Blue Mountain facility (20 MW) to Ormat Technologies for $88 million as part of a five-year strategic plan to redirect capital toward greenfield project development. The website references four pipeline projects — Sierra Vista, Sunvale, Desert Springs, and Canyon Wells — with stated geographic expansion into California, Idaho, and Nevada.

Cyrq generates revenue exclusively through long-term power purchase agreements (PPAs) with utility off-takers including Salt River Project, Rocky Mountain Power, NV Energy, and municipal utilities in Sacramento, Anaheim, and the University of Utah. Distribution is direct B2B sales with no consumer-facing channel. The company employs 101-250 people across offices in Salt Lake City (headquarters), Reno (engineering and business), and its four operating plant sites. Leadership is led by CEO Mark Sudbey (appointed October 2024, 30+ years power-sector experience) and President/CFO Chip Schneider.

Name

Cyrq Energy

Legal name

Cyrq Energy, LLC

Website

https://cyrqenergy.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Cyrq Energy is a privately held geothermal power producer founded in 2007 and headquartered in Salt Lake City, Utah. It operates four geothermal power plants totaling approximately 138.8 MW across Nevada, California, and Utah, selling 24/7 baseload renewable electricity to utilities and municipal customers under long-term power purchase agreements.

Ownership category

akta.pro rank

Product category

Geothermal Power Generation

NAICS

Geothermal Electric Power Generation (221116), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE)

akta.pro secondary industries

Hybrid Geothermal Power Plants (Geothermal + Solar/Biomass/CHP) (EUACAHAH), Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

Keywords

• Geothermal power generation
• Renewable baseload energy
• Power purchase agreements
• Hybrid solar-geothermal
• Utility-scale electricity supply

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Others

Revenue model

1. Electricity Sales via PPAs: Long-term power purchase agreements (PPAs) with utility companies for baseload geothermal electricity. Cyrq sells electricity generated at its geothermal plants to utilities including Salt River Project (Hudson Ranch), Rocky Mountain Power (Soda Lake), Nevada Power Company (Blue Mountain), and municipal utilities in California and Nevada. Revenue is generated through contracted electricity sales with utility-grade reliability requirements.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Cyrq Energy develops, owns, and operates utility-scale geothermal and hybrid solar-geothermal power plants that generate 24/7, carbon-free baseload electricity. The company sells the electricity produced at its facilities directly to investor-owned utilities, municipal utilities, and large power consumers under long-term power purchase agreements, while also providing full project development, construction, and ongoing operations services across its portfolio in the western United States.

Product overview

Cyrq Energy is a geothermal power generation company operating a portfolio of geothermal power plants across the western United States. The company operates five geothermal power facilities (Hudson Ranch in California, Soda Lake and Patua in Nevada, and Thermo 1 in Utah) with a combined capacity of approximately 138.8 MW, along with 10 MW of solar capacity at Patua. The portfolio includes both flash and binary geothermal technology systems. Cyrq provides end-to-end services including project development, construction, and operations, delivering round-the-clock clean and reliable geothermal power to utility customers under long-term power purchase agreements.

Differentiator

Problem solved

Functional benefit

Products and services

• Hudson Ranch Geothermal Power Plant

Quantifiable outcome

• 100% Clean Energy Availability (24/7 baseload power)
• +1 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Fervo Energy: Next-generation enhanced geothermal systems (EGS) developer that has raised over $1B in private capital since 2021. Targets the same baseload geothermal PPA market as Cyrq but uses horizontal drilling and EGS techniques to access resources in new geographies. Represents both a competitive threat and a validation of the geothermal baseload thesis driving Cyrq's customer demand.
• Eavor Technologies: Canadian closed-loop geothermal technology developer pursuing commercial-scale geothermal baseload power. Targets utility and data-center customers seeking 24/7 clean power, mirroring Cyrq's value proposition. Differentiated technology approach but directly competes for the same long-term PPA opportunities with western US utilities.
• GreenFire Energy: California-based closed-loop and supercritical geothermal technology developer. Pursuing commercial-scale baseload geothermal projects targeting western US utilities, overlapping with Cyrq's core market and customer base, though still at earlier commercial maturity.
• Controlled Thermal Resources (CTR): Developing the Hell's Kitchen geothermal lithium and power project at the Salton Sea in California, directly overlapping Cyrq's Hudson Ranch operations. Targets both utility-scale baseload power and lithium extraction co-products, representing a strategic competitor for resources, permits, and PPAs in the same geographic region.

Direct peers

• Calpine Corporation: Together with Ormat, Calpine accounts for 69% of total US geothermal installed capacity (per 2024 data). Operates the Geysers complex in California, the largest geothermal power facility in the US. Direct competitor for geothermal baseload PPAs with western US utilities and a reference benchmark for asset valuation in the sector.
• Ormat Technologies: NYSE-listed global geothermal power leader and the dominant US geothermal operator (~50%+ of US capacity). Ormat directly competes with Cyrq in flash and binary geothermal development and is the counterparty that acquired Cyrq's Blue Mountain facility for $88M in August 2025. Closest comparable in technology, customer base (utilities via PPAs), and product offering.

Broad incumbents

• Innergex Renewable Energy: Canadian publicly traded renewable energy IPP with a diversified portfolio of hydro, wind, solar, and geothermal assets across North America. Competes with Cyrq for utility renewable PPAs in western North American markets, particularly for baseload and dispatchable renewable resources.
• Enel Green Power: Subsidiary of Enel Group and one of the world's largest renewable energy developers, with geothermal operations among its diversified renewable portfolio (wind, solar, hydro, geothermal). Competes with Cyrq for utility-scale clean PPAs in North America and globally, though geothermal is a smaller share of its mix.
• Hess Corporation (Geothermal): Independent E&P with prior geothermal operations in Indonesia and the Philippines. Represents the broader group of integrated energy companies that have historically operated geothermal assets, providing a peer benchmark for resource development capability and capital deployment decisions in the sector.

Others

• NV Energy: Investor-owned utility serving Nevada and a former Cyrq customer (purchased power from the Blue Mountain facility). Important customer/offtaker in Cyrq's home market and a key counterparty in the western US geothermal supply chain. Represents the demand-side of Cyrq's PPA business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cyrq-energy
• Xx.com/CyrqEnergy

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Cyrq Energy