Hello Anzu Partners community,

I’m Josh Prueher, CEO at XGS Energy, a Palo Alto, CA-based innovator in next-generation geothermal technology aiming to provide clean, round-the-clock energy everywhere, forever. Our goal is to address the root causes that have historically prevented geothermal from achieving the same scale as solar, wind, and battery storage, that the market simply has not yet addressed.

Since I joined XGS last spring, I’ve seen continued interest in geothermal across both the public and private sector. I believe the time is now for geothermal. We believe that we are particularly well positioned to lead this transition and succeed in this space because the XGS system decouples geothermal energy production from its typical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, easier permitting, and faster deployment.

In May, we announced an additional $20 million in Series A financing, bringing our total Series A to $34 million. The final close was led by Valo Ventures and VoLo Earth Ventures, and included financing from new investors B Current Impact Investment, MIH Capital, and individual inside investors, as well as additional funding from existing investor Thin Line Capital. 

This new financing builds on the $9.7 million round led by Constellation Technology Ventures earlier this year, and the $14 million Series A investment led by Anzu Partners last year. The latest financing was covered by various technology and industry publications, including Axios, Latitude Media, TechCrunch, ThinkGeoEnergy, and The Driller, and as well as newsletters like the Fortune TermSheet and Axios Pro Climate Deals. 

Our growing investor and partner network reflects the commercial promise and finance-ability of our technology, as well as the potential to contribute to a clean, reliable, and affordable electricity grid. Our more than $40 million in total financing to date will support XGS’ first commercial-scale prototype project in California later this year and accelerate our global project pipeline as we look at other geographies in the US Southwest.

In preparation for our prototype, XGS is actively performing subsurface testing at a facility in central Texas, pictured here.

This crucial operation has allowed us to evaluate the effectiveness of existing oil and gas tools and methods for deploying our technology in a field environment. By putting these tools to the test, we’re gaining valuable insights to optimize the installation process for our groundbreaking technology. This effort has also advanced XGS into the elite handful of geothermal startups that are putting real steel in the ground.

We’re looking forward to sharing results from our prototype project and are excited to propel XGS into its next stage of growth. We’re grateful for the support from our investors, including the Anzu team, and hope you’ll follow along as we bring our next-generation geothermal technology to market and strive to make the global deployment of terawatt-scale geothermal heat and power a reality.

Best,

Josh Prueher, CEO at XGS Energy

PORTFOLIO COMPANY UPDATES

South 8 Received a Strategic Investment from Porsche Ventures

South 8 Technologies, the developer of LiGas®, a liquefied gas electrolyte for advanced lithium-ion batteries, announced that Porsche Ventures, the venture capital arm of the sports car manufacturer, Porsche AG, is its newest strategic investor. Porsche Ventures joins existing investors Anzu Partners, LG Technology Ventures, Lockheed Martin Ventures, Taiyo Nippon Sanso, and Foothill Ventures.

“Porsche Ventures is an exceptional addition to our investor syndicate. As the venture capital arm of Porsche, they are keenly in tune with the battery imperatives for next-generation EVs and hybrids,” said Tom Stepien, South 8’s CEO. “With more frequent harsh weather events around the globe, it is increasingly obvious that we need a battery that is optimized for reliable energy performance in extreme climates.”

This investment was covered by TechCrunch, MSN Gadgets Insiders, Global Corporate Venturing, EV Engineering and Infrastructure, Batteries News, and more.

InterVenn Biosciences’ Research was Recognized as a Poster of Distinction at Digestive Disease Week 

InterVenn Biosciences, a life sciences company pioneering glycoproteomics, received the “Poster of Distinction” award at Digestive Disease Week 2024 in Washington, D.C. for its collaboration on a DEI project with the Morehouse School of Medicine entitled “The Church Study,” which aims to remove barriers from colorectal cancer screening.

ANZU PARTNERS UPDATES

Upcoming Events

Anzu representatives will be attending the following events in the coming weeks: 

June & July

• GCVI London – June 24-26 in London 
• Sensors Converge – June 24-26 in Santa Clara
• SemiCon West – July 9-11 in San Francisco

Please reach out to info@anzupartners.com if you’re interested in meeting with us at any of these events.

Welcome to Anzu

Madi Casey, Talent Associate

Madi is Anzu’s newest Associate on the Talent team based out of the San Diego office. She will be working to recruit scientists and engineers across the portfolio, with a focus on our life sciences companies. Prior to Anzu, Madi held recruiting roles at AWS and Verista, where she was a Life Sciences Recruiter. Madi graduated from the University of North Carolina at Chapel Hill.

ADDITIONAL ANZU & PC MEDIA COVERAGE

• Niron Magnetics was named as an honorable mention in Fast Company’s 2024 World Changing Ideas list. 
• EnCharge AI was featured in stories from MIT Technology Review and Bloomberg on increased investments in AI chips and the future of the industry. 
• OTI Lumionics was mentioned in an article on transparent displays from CNET. 
• NUBURU CEO Brian Knaley was interviewed by Laser Focus World on the company’s trajectory and his perspectives on the industry. 

CAREER OPPORTUNITIES

Anzu Partners and our portfolio companies are hiring

Browse the open roles here and learn more about joining our amazing teams.

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ABOUT ANZU PARTNERS

Anzu Partners is an investment firm that focuses on industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep expertise in business development, market positioning, intellectual property, global connectivity, and operations. For more information, please visit https://anzupartners. com/.