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Alternative Assets  + Real Assets  + Real Estate  + VC  |  October 12, 2023
Bedrock Energy Raises $8.5M to Decarbonize CRE
Joe Palmisano
By: Joe Palmisano

Bedrock Energy Raises $8.5M to Decarbonize CRE

Bedrock Energy, a tech startup that designs, constructs, and delivers geothermal heating and cooling systems, announced $8.5 million in seed capital led by Wireframe Ventures, with participation from Overture Climate VC, and Long Journey Ventures, among others.

The funding will be used to accelerate manufacturing and deployment of technologies that improve the economics of all-electric geothermal HVAC systems, helping real estate properties achieve net zero operations.

Bedrock Energy is developing a technology stack that combines autonomous drilling and advanced subsurface modeling. The approach triples the speed and space-efficiency of geothermal projects, according to the company, making it possible to install geothermal HVAC systems in dense, urban locations.

The technology includes sensors that validate real-time construction accuracy, allowing real estate properties to decarbonize with double-digit internal rates of return and payback periods of under five years.

“A huge swath of commercial and industrial real estate can now benefit economically from carbon-free geothermal HVAC due to Bedrock’s unparalleled speed, cost, compactness, and reliability—making adoption a logical business and sustainability decision,” said Joselyn Lai, co-founder and CEO of Bedrock Energy.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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