Geothermal:

2024 in review
Kate Adie, Annick Adjei, and Zoé Sulmont

February 2025
Geothermal: 2024 in review

Geothermal in 2024: top figures

+US$2 billion
+14 projects +146 planned wells government grants
14 new next-generation projects were Plans to drill 146 new geothermal wells Governments allocated > US$2 billion to
announced, including 3 commercial-scale were announced. 53 wells were due to be geothermal energy initiatives; 21% of
projects and 11 pilots. Next-generation drilled in 2024, of these, 34 were total funds were directed towards next-
geothermal expanded into new regions, spudded on schedule. The expansion of generation technologies including EGS,
including the Middle East and Asia Pacific. geothermal heating in Europe dominated AGS, and SHR.
drilling activity throughout the year.

4 countries +360 MW +US$790 million

passed legislation data centre supply raised by start-ups
The most significant activity was Two key partnerships were formed to Next-generation geothermal start-ups
demonstrated by the US and Germany; develop geothermal powered data have raised nearly US$2 billion to date
these market leading countries enacted centres: Sage Geosystems partnered from venture capital, debt financing and
several bills aimed at shortening and with Meta, and KenGen with Microsoft government grants; 41% of that amount
streamlining geothermal approval and G42. Fervo Energy confirmed plans was raised in 2024.
processes. to boost output from its EGS site in
Nevada to power Google’s data centres.
2
Geothermal: 2024 in review

Geothermal technology overview

Conventional technology exploits shallow, high heat resources; emerging technologies will unlock geothermal resources anywhere

Temperature: >150oC
EGS: Hot, dry rock is
fractured to create
Dry steam Geothermal systems Enhanced
permeability.
plant with temperatures > geothermal
370oC Superhot systems
rock Novel drilling technologies
are being developed to
overcome technical and
economic challenges of
Temperature: >100oC drilling into deep, hot rock.
Temperature: >180oC

Geothermal is
Flash steam Binary cycle paired with H2 Co-location Direct energy
Conventional
plant plant production, Emerging Novel
Topside infrastructure mineral
drilling
for heat and power technology
extraction and
production
carbon capture,
increasing the
resource value.
After high temperature
resources have been used
for power generation, hot Advanced
geothermal fluids can be Direct use AGS technology is Retrofit end AGS: Closed loop
fitted to repurpose
geothermal
used for direct use of life wells system drilled into
applications end of life oil and gas systems hot, dry rock.
wells for heat and
power production.

Temperature: <100oC Source: Wood Mackenzie Subsurface Research. Geothermal energy: the next trillion dollar low-carbon solution, December 2023.
3
Source: Wood Mackenzie Subsurface Research. Geothermal energy: the next trillion dollar low-carbon solution, December 2023.
Geothermal: 2024 in review – Projects

Next-generation geothermal projects expanded into new regions

Project announcements introduced entrants in new markets: Saudi Arabia, the Philippines and Australia

Next-generation geothermal project tracker Annual additions to next-generation geothermal

project tracker
60 Four new projects were
Three EGS projects previously failed to 14

get off the ground in Australia; Earth’s introduced to power US

military bases.
Energy is revisiting a previously

Count of projects added

50 12
explored site in South Australia and
assessing potential for geothermal
Total project count

10
40 powered data centres in Queensland.

8
30

6
“Multiple”
20 refers to
4 project
deploying
more than
10 one next-
2
generation
technology
0 0
pre-2020 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

Europe North America Oceania Africa Asia Middle East

Multiple AGS EGS Drilling Superhot Rock Energy Storage Geothermal +

Geothermal +: Geothermal heat/power production co-

located with CCS or direct mineral extraction from brines. 4
Source: Wood Mackenzie Subsurface Research
Geothermal: 2024 in review – Financing

Next-generation geothermal received nearly US$2 billion in investment to date

41% of the total investment was raised in 2024
Capital raised in the past six years
Venture capital Grant Debt financing

900

800 Investors confidence in the next-generation geothermal

sector has strengthened. Geothermal continues to
700 benefit from government support through grants.
Amount invested (US$ million)

600

500

400

300

200

100

0
2019 2020 2021 2022 2023 2024

Source: Wood Mackenzie Subsurface Research. Next-generation geothermal: assessing the market players. Note: Analysis has been updated to include Eavor’s
allocation from the Dutch SDE++ subsidy for the Tilburg AGS project, announced in 2024. The specific amount is yet to be determined, but the company could receive a
5
maximum of €154 million. CeraPhi Energy and Mazama Energy have not yet disclosed the investment amounts they have received and are therefore excluded.
Geothermal: 2024 in review – Drilling

Well announcements and drilling activity was driven by demand for low carbon
heating in Europe
53 wells were scheduled to start drilling in 2024: 34 of these were spudded and of them, 31 drilled in Europe
Well announcements Global well spuds European well spuds

140
Heating Conventional power AGS
1
EGS Research GGS
2
120 Middle East
Superhot rock
Asia
Plans to drill 146 new wells were Europe
Count of well announcements

100 31

announced in 2024; 53 of these

Spud
80 were scheduled to spud in 2024. Delayed19
34

Heating
60 EGS
In August, Reykjavik Energy
announced a tender for the drilling Conventional
40
of 35 new geothermal exploration
and production wells.

20

0
Europe Asia North Latin Africa Oceania Middle East
America America Iceland

Source: Wood Mackenzie Subsurface Research 6

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