Baseload Capital

About Baseload Capital

Baseload Capital, a Swedish investment firm founded in 2018, operates as a specialized financial entity dedicated to accelerating the global deployment of geothermal heat and power. The company was established by Alexander Helling, who identified a significant opportunity in developing low-to-medium temperature geothermal resources that had been previously overlooked. Helling, the current CEO, brings over two decades of experience in international project finance, while COO Pernilla Wihlborg contributes a strong background in business development and clean technology, having previously worked at Ericsson and Climeon.

The firm's business model is centered on de-risking and funding geothermal projects through a combination of early-stage capital, equity, and debt financing. It establishes and works through local subsidiary companies, known as Baseload Power, in key markets such as Iceland, Japan, Taiwan, and the United States. These subsidiaries manage project sourcing, development, permitting, and operations, transforming geothermal resources into commercially viable power plants. This structure allows Baseload Capital to function as the parent investment vehicle, handling financing and market research, while the local entities execute on the ground. Revenue is generated through the sale of electricity to consumers and corporate clients via Power Purchase Agreements (PPAs).

Baseload Capital targets the development of a largely untapped renewable energy source, focusing on providing stable, 24/7 baseload power that complements intermittent sources like solar and wind. The company and its partners develop small-to-medium scale plants, typically from 600kW to 30 MW, that harness the Earth's natural heat for electricity, heating, and cooling. A significant milestone was the signing of a corporate PPA with Google in Taiwan to supply 10 MW of geothermal power for its data centers, a deal expected to double the country's geothermal capacity. The firm has attracted substantial backing from prominent investors, including Breakthrough Energy Ventures (founded by Bill Gates), Chevron Technology Ventures, Baker Hughes, and Ingka Investments (IKEA Group), securing significant funding through multiple rounds to commercialize its project portfolio.