SALT LAKE CITY — Zanskar, the first AI-native geothermal energy company, announced the closing of $40 million in a Development Capital Facility, co-led by Just Climate and Spring Lane Capital, with additional capital committed by Tierra Adentro Growth Capital.
This Development Capital Facility is among the first ever structured for early-stage geothermal development, drawing on the best practices from the renewables and natural resource sectors. The financing establishes a revolving development credit facility designed to accelerate project development across Zanskar’s growing portfolio. The non-recourse facility covers key pre-construction activities, bridging projects to traditional bank project financing, and is structured to upsize to $100M as the portfolio scales.
For a sector that has long struggled to secure non-dilutive development capital, the deal is a watershed moment. It strengthens Zanskar’s ability to commercialize its pipeline of naturally-occurring geothermal systems and sets a scalable financing precedent for greenfield geothermal as a recognized asset class across the U.S.
“Zanskar has successfully transitioned from a pure geothermal explorer and operator to pioneering the financial infrastructure the entire industry needs to scale. This facility unlocks the critical bottleneck of early-stage project financing,” said Carl Hoiland, CEO and Co-founder of Zanskar. “We are deeply appreciative of our partners, Just Climate and Spring Lane Capital, whose innovation and commitment have not only validated our business model but have created a blueprint for accelerating a significant expansion of dispatchable, clean geothermal energy in the U.S.”
Diego D’Sola, Vice President of Finance at Zanskar, added: “The geothermal industry has been stagnant for decades and lacking the right financial structures. We believe this facility charts a cost-of-capital trajectory that will put geothermal on par with other mature energy asset classes.”
Zanskar has assembled one of the industry’s leading portfolios of greenfield geothermal projects under development and will use the project financing to rapidly build multiple geothermal power plants across the U.S. Zanskar is working towards delivering gigawatts of clean, firm power to American homes and businesses, and will create hundreds of jobs as it embarks on this historic geothermal development campaign.
“Zanskar has built a differentiated, AI-powered exploration platform that improves drilling success rates and lowers development costs. It has secured a substantial acreage with considerable resource potential. We are pleased to partner with Zanskar on this flexible, purposefully constructed Development Capital Facility which is designed to grow as the company accelerates the delivery of large-scale, dispatchable clean baseload power in a market experiencing rapidly increasing electricity demand,” said Natalia Simakina, Managing Director at Just Climate.
“Spring Lane is excited to follow on our Series C investment in Zanskar by co-leading this groundbreaking geothermal industry development capital facility,” said Jason Scott, Partner and Entrepreneur in Residence, Spring Lane Capital. “We were happy to develop this capital solution with Generation’s Just Climate and believe that it creates a path for not only Zanksar but other geothermal developers and operators to scale this crucial source of clean, firm power at a time of rising energy demand and volatile supply and prices. Spring Lane believes that a key to helping support companies like Zanskar is identifying, structuring, and financing project capital needs off balance sheet to accelerate the growth of their businesses.”
This announcement follows Zanskar’s recent $115 million Series C raise in January 2026, which has since been expanded with an additional investment from Just Climate. With two discovery sites in Nevada announced last year, and the landmark Lightning Dock project in New Mexico already providing energy to utility customers, Zanskar is poised to deliver clean, firm geothermal energy at a time of high demand.
About Zanskar
Zanskar is the first AI-native geothermal energy company using AI to transform how we find, assess, and deliver geothermal energy. Combining artificial intelligence, modern drilling, and computational geoscience, Zanskar is expanding the frontier of American geothermal discovery, unlocking value from hidden, forgotten, or underutilized geothermal fields. Following the turnaround of Lightning Dock in New Mexico, now the site of the most productive pumped geothermal well in the United States, and record-breaking discoveries at Pumpernickel and Big Blind in Nevada², Zanskar is showing that geothermal can be predictable, profitable, and massively scalable. Zanskar is actively deploying this model across a growing portfolio of newly discovered or overlooked sites to develop, build, own, and operate high-grade geothermal assets as a foundational component of the modern grid. Learn more: zanskar.com.
About Just Climate
Established by Generation Investment Management, Just Climate is a specialist investment business focused on scaling solutions for the highest-emitting, most off-track sectors of the economy. The challenge of achieving a net-zero world and addressing climate-related risk is huge, urgent and needs tremendous mobilisation of capital. Just Climate’s mission is to establish climate-led investing as a capital allocation imperative for institutional investors globally. For more information, please visit us at justclimate.com.
About Spring Lane
Spring Lane Capital is an investment firm based in Boston, MA and Montreal, QC, deploying tailored project finance and corporate equity across the “missing-middle” in sustainable real assets. We invest in sectors where decentralized, low‑carbon assets are scaling fast including energy, transportation, waste to value, food and agriculture. We are a team of builders and operators—not just investors—bringing the technical expertise and hands-on partnership needed to scale the sustainable infrastructure of tomorrow and deliver long-term value. For more information, please visit us at www.springlanecapital.com.
About Tierra Adentro Growth Capital
Tierra Adentro Growth Capital (TAGC) is a newly launched investment platform providing strategic capital for next generation infrastructure. A generalist infrastructure firm, TAGC aims to meet American reindustrialization needs through innovative growth capital solutions across advanced manufacturing, digital infrastructure, and advanced energy—with a particular focus on geothermal power. The firm leverages decades of experience in infrastructure finance to develop innovative funding models. Learn more: TAGrowth.com.
