GDI

What GDI does

GDI (Geothermal Development & Investment Inc.), established March 2015 in Minato-ku, Tokyo, develops, invests in, and operates geothermal power generation projects in Japan using binary (Organic Rankine Cycle) technology that converts low-to-medium temperature heat sources (91°C–350°C) — including hot spring steam/water, geothermal fluids, and industrial waste heat — into electricity. Its proprietary technology stack centers on HFO-R1233zd(E) refrigerant-based systems delivered through three authorized distribution partnerships: TICA TES70/TES120 (<75kW), TICA PC280 (280kW, over 200 units installed worldwide), and EXERGY (1–28MW, featuring Radial Outflow Turbine technology with up to 30% efficiency). The company conducts geophysical surveys (MT, micro-seismic, resistivity-IP, and SE methods) for site assessment, often in partnership with Icelandic geothermal specialists (iSOR, GEG, NTD), and operates within the GPSS Group structure.

GDI serves three primary customer segments: regional hot spring operators and municipalities who co-invest in joint-venture geothermal plants under 15+ year operating commitments; industrial/manufacturing facilities seeking to monetize low-to-medium temperature waste heat; and buyers of binary ORC generators across the <75kW to 28MW range. Confirmed operating plants total four sites — Naruko Onsen (65–75kW, 2018), Beppu Life-Tech (840kW, 2019), Sanko (280kW, 2020), and Community Power Matsunoyama Onsen (280kW, 2020) — with the latter recognized by the New Energy Foundation Chairman's Award in 2026.

Revenue is generated across four streams: (1) equity returns and operating fees from JV-owned geothermal power plants selling into Japan's ¥40/kWh, 15-year FIT scheme; (2) authorized-distributor hardware sales of EXERGY/TICA binary generators in Japan (with GPSS Engineering handling EPC and after-sales); (3) professional geophysical survey services; and (4) waste-heat and small-scale hydroelectric investments. Pricing is quote-based and not publicly disclosed. The company is privately held, capitalized at ¥28.5M paid-in (¥47M including reserve), and is scheduled to be consolidated into GPSS Business Development Co., Ltd. in August 2026 as part of a broader GPSS Group restructuring.

Name

GDI

Legal name

Geothermal Development & Investment Inc.

Website

https://chinetsu.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

GDI (Geothermal Development & Investment Inc.) is a Tokyo-based geothermal developer that invests in, builds, and operates binary-cycle geothermal and waste-heat power plants across Japan in partnership with local hot spring operators and municipalities, while distributing TICA and EXERGY ORC binary generators in the Japanese market.

Ownership category

akta.pro rank

Product category

Geothermal Energy / Renewable Power Generation

NAICS

Geothermal Electric Power Generation (221116), Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510)

akta.pro primary industry

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

akta.pro secondary industries

Geothermal Power Generation Operations & Maintenance (Plant O&M, Performance Optimization) (EUAMAEAF), Geothermal Power Plant EPC (EUAEAAAE), Geothermal Drilling & Well Construction (Production/Injection, Directional, Well Services) (EUAMAEAB), Geothermal Turbines & Power Island Equipment (IMAHAFAI)

Keywords

• Geothermal power generation
• Binary ORC generators
• Renewable energy development
• Waste heat recovery
• Hot spring energy

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Geothermal project investment and operation: GDI co-invests in and operates geothermal power generation projects jointly with local communities. The company generates returns through equity ownership and operational fees from power sales over project lifetimes of 15+ years.
2. Binary turbine import and sales (authorized distributor): GDI imports and resells EXERGY (1–28MW), PC280 (280kW), and TES70/120 (<75kW) binary generators as an authorized Japanese distributor. Revenue from equipment sales, installation, and after-sales service.
3. Geothermal resource survey services: GDI conducts geophysical surveys (MT, micro-seismic, electrical, SE methods) for geothermal site assessment. Surveys are offered as a service to identify drilling targets before full project commitment.
4. Waste heat and small hydro power generation business: GDI also invests in and operates non-geothermal renewable power projects including exhaust/waste heat power generation and small-scale hydroelectric power generation.

Go-to-market motion3 records

Distribution channels2 records

Marketing channels6 records

Core offering

GDI develops, invests in, and operates small-to-medium scale geothermal power plants in Japan using binary (ORC) technology that converts low-to-medium temperature heat sources (91°C–350°C), including hot spring thermal water and industrial waste heat, into electricity. The company is the authorized Japanese distributor for TICA (PC280 280kW, TES70/120 <75kW) and EXERGY (1–28MW) binary generators, and provides geophysical survey, drilling, engineering, construction, and 24/7 monitoring services for geothermal projects structured as community joint ventures.

Product overview

GDI (Geothermal Development & Investment Inc.) is a geothermal power generation company offering a portfolio of binary power generators and development services. The product lineup includes the PC280 (280kW) for small-scale applications, TES70/TES120 for compact installations, and EXERGY Binary Generators (1MW-28MW) for medium to large-scale operations. All products utilize Organic Rankine Cycle (ORC) technology to convert low-to-medium temperature heat sources into electrical power. The company also provides geophysical survey services for site assessment and operates geothermal power plants in partnership with local communities across Japan.

Differentiator

Problem solved

Functional benefit

Products and services

• PC280 Binary Generator 280kW binary (ORC) power generator for geothermal and waste heat applications, using HFO-R1233zd(E) refrigerant with a shell-and-tube heat exchanger for easy maintenance; operates with heat sources between 90°C–150°C and offers 7–8 month delivery. Distributed by GDI in Japan under TICA authorization, with EPC and 24/7 monitoring handled by GPSS Engineering.
• TES70/TES120 Small Binary Generators Small-scale (<75kW) binary power generation systems using plate-type heat exchangers for compact installation in narrow spaces, employing HFO-R1233zd(E) refrigerant and leveraging PC280 operational know-how with remote monitoring. Distributed by GDI in Japan under TICA authorization.
• EXERGY Binary Generators (1–28MW) Medium to large-scale binary generators (1MW–28MW per unit) with proprietary Radial Outflow Turbine technology achieving up to 30% power generation efficiency, supporting 11 different refrigerants for heat sources from 90°C to 350°C. Distributed by GDI in Japan under EXERGY authorization, with 581MW installed across 63 units globally as of January 2025.
• Geophysical Survey Services Subsurface geothermal resource assessment services using MT (magnetotelluric), microseismic, electrical (resistivity-IP), and SE survey methods to analyze underground geological structures and identify drilling targets for geothermal development. Provided to regional communities, municipalities, and industrial clients evaluating geothermal project feasibility.
• Geothermal Power Project Investment and Operation End-to-end geothermal power project development structured as community joint ventures, including project investment, co-development with local partners, ownership of operating power plants, and long-term operation (15+ year commitments) with returns from equity ownership and operational fees from power sales under Japan's ¥40/kWh FIT scheme.
• Waste Heat and Small Hydro Power Generation Investment in and operation of non-geothermal renewable power projects including exhaust/waste heat power generation (using binary ORC systems to convert industrial waste heat into electricity) and small-scale hydroelectric power generation, targeting industrial facilities and regional renewable energy needs.

Quantifiable outcome

• Up to 30% power generation efficiency (EXERGY ROT turbine), world's highest for binary generators
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• GPSS Jigyo Kaihatsu K.K. (GPSS事業開発株式会社)coreStrategic or Co-development Partner · 15 May 2026GPSS Group restructuring announced May 2026. GDI and other GPSS group companies will be integrated into a new development company 'GPSS Jigyo Kaihatsu K.K.' (GPSS Business Development Inc.) in August 2026. The consolidation aims to create a multi-source power development company serving diverse regional community needs.
• Nanjing TICA Thermal Technology Co., Ltd. (南京梯狄熱能技術有限公司)coreChannel Partner/ Reseller/ Distributor · 20 May 2020Dealer/distributor agreement signed May 2020. GDI became authorized Japanese distributor for TICA's binary generator products including PC280 (280kW) and TES70/120 (<75kW). TICA is China's largest air-conditioning manufacturer; Nanjing TICA Thermal Technology is a subsidiary dedicated to ORC technology. TICA acquired EXERGY in September 2019, enabling GDI to expand its product portfolio to include large-scale EXERGY generators (1–28MW).
• EXERGY International SrlcoreTechnology or Integration · 20 May 2020EXERGY is a world-leading binary generator manufacturer (third globally, 581MW installed, 63 units as of January 2025). Acquired by TICA Thermal in September 2019. EXERGY's proprietary Radial Outflow Turbine (ROT) technology achieves up to 30% efficiency (world's highest for binary). GDI is authorized distributor for EXERGY products (1–28MW) in Japan. Founded 2011, headquartered in Olgiate Olona (VA), Italy.
• iSOR (Iceland), GEG, NTD (Icelandic geothermal companies)coreStrategic or Co-development PartnerGDI has established partnerships with leading Icelandic geothermal companies (iSOR, GEG, and NTD) for drilling and subsurface risk management. Iceland is a global leader in geothermal technology with 30+ years of development experience. These partnerships aim to improve the success probability and profitability of drilling operations, which are the primary risk factors in geothermal development.
• Matsunoyama Onsen Godo Kaisha Manma (松之山温泉合同会社まんま)coreStrategic or Co-development PartnerJoint venture partner in the Community Power Matsunoyama Onsen project (280kW binary geothermal plant, operational December 2020). Manma represents the local Matsunoyama hot spring community. The project is operated by Matsunoyama Onsen Godo Kaisha JiEARTH (地EARTH), co-established by Manma and GDI/GPSS Group.
• Otamachi City Government (新潟県十日町市)minorStrategic or Co-development PartnerOtamachi city government participated in the Community Power Matsunoyama Onsen opening ceremony (December 2020). The city's mayor (Sekiguchi Yoshifumi) stated the project was the first to bear fruit under the city's post-earthquake renewable energy goal of powering 30% of city electricity consumption from renewable sources.
• Raifutekku Godo Kaisha / Life-Tech (ライフテック)minorStrategic or Co-development PartnerJoint venture partner for the Beppu Life-Tech geothermal power plant (840kW, operational June 2019) in Beppu City, Oita Prefecture. The project is operated by Life-Tech Godo Kaisha Beppu Onsen.
• Naruko Furusato Souzou Onsen Jigyo Godo Kaisha (鳴子ふるさと創生温泉事業合同会社)minorStrategic or Co-development PartnerJoint venture partner for the Naruko Onsen binary power plant (65–75kW, operational August 2018) in Osaki City, Miyagi Prefecture. The project involved Onsen Creator Ryokan Sugawara as the local hot spring operator.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Ormat Technologies: Global leader in binary ORC geothermal power generation with a vertically integrated model spanning equipment manufacturing, project development, and IPP ownership. Closest analog to GDI's combined developer-distributor-operator model, though at much larger scale and primarily US/International footprint.
• JFE Engineering: Japanese EPC contractor and geothermal project developer with experience in plant construction, drilling, and operator services. Comparable to GDI in providing end-to-end geothermal development capability inside Japan, and a credible competitor for community-based JVs.
• Turboden (Mitsubishi Heavy Industries Group): Leading ORC binary turbogenerator manufacturer serving geothermal, biomass, and waste heat recovery markets. Directly competes with the EXERGY/PRO280 family that GDI distributes, making it the most relevant equipment-side peer for GDI's distribution and project businesses.
• Fuji Electric: Japanese manufacturer of geothermal steam turbines and power generation equipment with deep domestic installed base and EPC capability. Competes with GDI's represented technologies on the equipment and project execution side, particularly for larger-scale flash and binary plants.
• Toshiba Energy Systems & Solutions: Major Japanese supplier of geothermal turbines, generators, and EPC services with international project track record in geothermal and hydro. Overlaps with GDI across both equipment and large-scale project development in the Japan market.

Broad incumbents

• Mitsubishi Heavy Industries: Global incumbent in geothermal turbine and EPC services with parent ownership of Turboden. Operates across power generation broadly and provides large-scale geothermal plant equipment and construction, competing indirectly via larger projects in the same ecosystem as GDI.
• IHI Corporation: Diversified Japanese heavy engineering firm with active geothermal project development and storage/heat exchange capabilities. Overlaps with GDI in geothermal operations and infrastructure investment while serving much broader industrial markets.
• Mitsubishi Corporation (Energy Business Group): Trading house with renewable energy project development and IPP investments including geothermal abroad. Potentially a strategic partner or competitor for larger-scale geothermal IPP development in Japan and Southeast Asia where GDI also operates.
• Enel Green Power (Enel Group): Global renewable IPP with significant geothermal generation across Latin America, Italy, and the US. Provides a benchmark for international geothermal business model scalability and long-duration IPP economics relevant to GDI's expansion ambitions.

Regional players

• Pertamina Geothermal Energy (PGE): Indonesia's largest geothermal IPP with multi-GW installed capacity and direct relevance as a regional Asian geothermal benchmark (Indonesia is second globally in geothermal resources). Comparable business model as a developer-operator, although PGE focuses on conventional flash steam versus GDI's binary specialization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/geothermal-development-investment-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

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 GDI