The All Aboard Coalition, launched last year, co-invests alongside its venture capital partners, matching their checks when at least three members join a deal (see, “All Aboard Coalition mobilizes co-investments in climate tech as federal funding falls”).

The coalition has made its first investment in a $115 million financing round for Salt Lake City-based Zanskar, a geothermal power explorer and developer. Zanskar’s AI leverages geological maps, satellite data, thermal readings and other sources to identify promising geothermal sites and speed development.

“We started Zanskar with the belief that AI would have as profound an impact on geothermal cost and scalability as modern drilling technologies have,” said Zanskar’s Carl Hoiland.

All Aboard co-invested in the Series C round alongside six coalition members, including Lowercarbon Capital, Obvious Ventures, Union Square Ventures and Spring Lane Capital. The investors first met the Zanskar team at the 2024All Aboard conference, according to Jason Scott of Spring Lane, which led Zanskar’s round. “We were able to see the company present, agree on general financing terms, meet existing investors and recruit new investors to the financing syndicate.”

Ticket size

The All Aboard Coalition includes more than two dozen of the world’s leading climate-tech investors, including Breakthrough Energy Ventures, GenZero and Energy Impact Partners. All Aboard committed $10 million to the Zanskar deal, alongside coalition members writing checks of at least $5 million each.

All Aboard’s Stan Miranda told Impactalpha the fund has reached a $100million first close, backed mostly by family offices “with some expertise on investing in the energy transition space.” As it looks to close the fund this summer, All Aboard is targeting pension funds in California, Canada and Europe’s Nordic region.

Commercialization

Zanskar’s AI is helping “identify where best to drill to discover economically-viable geothermal heat,” Miranda said. “Rather than backing a company that’s just drilling so many holes a year, we’re backing a technology that can be sold to any and all geothermal development companies.”
Zanskar’s new financing, which brings its total equity raised to $180 million, included Munich Re Ventures, StepStone Group, Carica Sustainable Investments and Susquehanna Sustainable Investments.

Heating up

Investors are rallying around geothermal’s potential to power energy-hungry AI data centers. Unlike intermittent renewables such as wind and solar, geothermal can deliver round-the-clock power without relying on storage.

“Enhanced geothermal systems are well-positioned to deliver for hyperscalers, who want clean firm power for their AI computing needs,” said Jonathan Goldberg of Carbon Direct Capital, which alongside Ormat Technologies the $97 million Series B financing round of Sage Geosystems to commercialize its ‘pressure geothermal’ technology. The Houston-based company engineers reservoirs in hot, dry rock formations deep underground to generate carbon-free power and heat.
“Pressure geothermal is designed to be commercial, scalable and deployable almost anywhere,” said Sage’s Cindy Taff. That includes locations outside traditional geothermal hotspots.

Sage is planning to launch its first pressure geothermal facility at a power plant owned by Reno, Nevada-based Ormat, which manufactures, operates and sells geothermal power plants. Sage also has a commercial agreement with Meta to deliver up to 150 Megawatts of geothermal energy at a location east of the US Rocky Mountains to support the buildout of its data centers. Major AI hyperscalers like Google and Microsoft have formed similar agreements with Geothermal could cost-effectively meet nearly two-thirds of projected demand growth by the early 2030s, according to New York-based research firm Rhodium Group.

Other investors in Sage’s Series B round include the UC Berkeley Foundation’s Climate Solutions Fund, SiteGround Capital and Abilene Partners.

Roodgally Senatus, ImpactAlpha

January 27, 2026

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