Endurance Energy raises $54M to tap geothermal power from undersea volcanoes
Endurance Energy Inc., a Seattle startup building generators that tap heat from undersea volcanoes, revealed today that it has raised $54 million in new funding to advance its plans for offshore power plants as energy demand surges.
Founded in 2024 by Andrew Redd, a former SpaceX engineer, Endurance is going after a geothermal source its rivals have mostly so far left alone: volcanoes on the seabed.
Geothermal developers drill thousands of feet down to find rock hot enough to run a plant and the best sites are mostly in remote areas, far from where the power is needed. Endurance is betting on the ocean. At certain points on the seafloor, tectonic plates split apart and magma heats the water to 728 degrees Fahrenheit. Those are the spots it plans to drill.
Redd, who worked on the Dragon and Starship programs at SpaceX, argues that pace of development sets the company apart. “Our SpaceX heritage enables a pace of development that is unprecedented for new energy projects,” he said in a LinkedIn post announcing the round.
