Endurance Energy, founded by SpaceX alumni Andrew Redd, has raised $54 million to develop ocean-based geothermal power plants. The company plans to tap into the vast geothermal resources available at the ocean floor, particularly around the Ring of Fire.
Redd, who previously worked on Dragon and Starship at SpaceX, believes that geothermal energy is the only deployable, baseload renewable energy source. He estimates that there are around 6 terawatts of geothermal potential that could be developed in the next five to 10 years.
The new funding will allow Endurance Energy to develop its plans for power plants, which will be used to support major coastal cities on the Ring of Fire. The company faces several challenges, including operating underwater and dealing with corrosive saltwater, but Redd is confident that these hurdles can be overcome.
