Us Geothermal Leaders

As the U.S. speeds up its shift toward renewable energy sources, geothermal companies are playing an increasingly vital role in delivering sustainable solutions for heating, cooling, and power generation. These pioneering innovators are at the forefront of the clean energy revolution, harnessing the Earth’s natural heat to provide efficient and environmentally friendly alternatives. This article shines a spotlight on the top 10 geothermal companies that are making significant strides in the U.S., each contributing uniquely to a greener future and transforming the energy sector.

Tax Credits and Federal Incentives to Create New Opportunities

Interest in geothermal systems has increased dramatically with the expansion of federal tax subsidies. A 30% federal tax credit is available for commercial Geothermal Heat Pump (GHP) installations through December 31, 2032; it drops to 26% in 2033 and 22% in 2034. Businesses find geothermal investments more appealing as a result of these incentives, which lower upfront costs.

About 20 trillion British Thermal Units (BTUs) of geothermal energy were used by the commercial sector in the U.S. in 2023, making up a portion of the nearly 120 trillion BTUs utilized nationwide. This significant use highlights the contribution of geothermal energy to business energy requirements.

Geothermal projects are becoming more feasible and efficient due to recent technology developments. A commitment to increasing geothermal capacity is shown by the U.S. government's approval of large geothermal projects, such the Fervo Cape Geothermal Power Project in Utah, which has the potential to generate up to 2 GW of electricity.

Top 10 Commercial Geothermal Companies in the U.S.

1. Ormat Technologies, Inc.

Ormat Technologies, headquartered in Reno, Nevada, is the largest U.S. geothermal player with over 1,100 MW of renewable energy generation capacity. Pioneers in enhanced geothermal systems, they extended their U.S. portfolio with new projects in Nevada in April 2024. With 24 power plants and US$ 380 Mn annual revenue from geothermal operations, Ormat is a leader in binary power plants.

2. Calpine Corporation

Calpine, headquartered in Houston, Texas, is a leading player in the U.S. natural gas market and geothermal energy, producing 725 MW of geothermal power from its California Geysers. With a sustainability-focused approach, Calpine invested US$ 200 Mn in geothermal expansion in April 2024, supplying 725,000 homes.

3. Energy Development Corporation (EDC)

EDC, headquartered in Pasadena, California, is a key expert in commercial-scale high temperature heat pump systems with over 200 installations across the U.S. In 2024, it introduced green financing solutions to promote renewable heating and cooling, reducing energy costs and CO2 emissions.

4. Berkshire Hathaway Energy Renewables

Des Moines, Iowa-based Berkshire Hathaway has increased its investments in geothermal, focusing on California and Nevada. In February 2024, it acquired two California-based geothermal plants, extending its renewable energy portfolio. Key features include multiple facilities in Western states and a strong focus on research and development activities.

5. Terra-Gen Power

Terra-Gen, headquartered in San Diego, California, is boosting sustainable energy projects with over 300 MW of geothermal capacity, incorporating unique drilling and extraction technologies in Nevada, aiming for a cleaner, more efficient energy future.

6. Cyrq Energy

Cyrq Energy, based in Salt Lake City, Utah, is a leading environmentally conscious company that operates sustainable geothermal plants in the Western U.S. It implemented innovative cooling technology in 2024 to reduce environmental impact and improve power efficiency.

7. Northern Power Systems

Northern Power Systems, a Vermont-based company primarily known for wind power, has extended into geothermal and hybrid renewable energy systems, introducing district heating solutions for commercial and residential buildings in 2023.

8. U.S. Geothermal Inc.

U.S. Geothermal, acquired in 2023, is a key player in mid-sized geothermal projects, headquartered in Boise, Idaho. It expanded its three operating power plants in Idaho, increasing total capacity by 15 MW in 2024. Key operations include strategic development projects in Idaho.

9. Controlled Thermal Resources

Controlled Thermal Resources, based in Imperial Valley, California, is a pioneer in lithium extraction and geothermal power generation, with its Hell's Kitchen Project, launched in 2024, aiming to revolutionize clean energy production and mineral extraction.

10. EnergySource

EnergySource, a pioneer in geothermal development in the Salton Sea region, partnered with Tesla in March 2024 to implement high-efficiency energy storage systems. This showcased its role in the future of renewable energy development through mineral recovery integration and novel power plant technology.

Key Companies to Focus on Developing a Sustainable and Energy-efficient Future

In the U.S., several companies are embracing a heartfelt commitment to building a sustainable and energy-efficient future. This shift is largely inspired by the rising demand for clean energy and the support from government incentives. With developments in geothermal systems, smart grid sensor technology, and responsible mineral extraction, the industry is making strides toward harnessing clean, renewable power. These efforts not only pave the way for a healthier planet but also hold the promise of a brighter, more hopeful future for the U.S.