Endurance Energy raises $54 million to harness energy from the ocean floor

Former SpaceX engineer Andrew Redd has shifted his focus from space technology to massive energy sources on the ocean floor. His startup, Endurance Energy, has raised $54 million in Series A funding to implement a project utilizing geothermal energy from the seabed. This investment round, led by Founders Fund, was supported by 72 Ventures, Construct Capital, and other major funds. This is reported by Techcrunch.com .

Drawing on his experience working on Dragon and Starship projects at SpaceX, Redd is proposing a completely new approach to the renewable energy problem. According to him, the future energy source must not only be eco-friendly but also capable of providing stable baseload power 24/7. This is particularly important for meeting the growing needs of AI data centers, electric vehicles, and heavy industry.

Currently, geothermal energy accounts for only 0.4% of total U.S. energy consumption. While other startups like Fervo and Zanskar are conducting deep drilling on land, Endurance Energy is focusing on heat sources on the ocean floor. This method allows for the generation of massive amounts of electricity closer to densely populated areas.

The Endurance Energy team currently consists of 21 employees, more than half of whom are former SpaceX engineers. Additionally, the company's VP of Engineering previously worked at the fusion startup Helion Energy. The new funds will help the company develop its first power plant project capable of generating terawatts of energy from the ocean floor.