This funding enables us to transition from prototype to full-stack systems and scale our offshore operational capability. Alongside Founders Fund, we are excited to welcome new investment from Felicis, Voyager Ventures, Riot Ventures, and Construct Capital, as well as continued support from Point72 Ventures, First Round Capital, and Ascend. We are grateful to our team, partners, and investors for their continued trust in our mission of building a more reliable, sustainable energy future.

Most of the world's baseload power still comes from burning fossil fuel, and demand is about to climb sharply as AI and re-industrialization come online. For many coastal regions around the Pacific, offshore geothermal is a completely untapped source of firm, clean power, abundant enough to displace imported diesel and carry baseload at multi-GW scale. Mating a generator to an over 300°C drilled well, holding it on the seafloor for years at a time at depth and pressure, and recovering it for service is hard, but none of it requires new physics. The drilling, turbines, and subsea hardware all exist in adjacent industries, and Endurance is integrating them into a single unit you can deploy, operate, and recover on the seafloor.

Our SpaceX heritage enables a pace of development that is unprecedented for new energy projects. In just the past year, we've completed four prototype deployments to deep sea volcanic systems at depths up to 3,300 meters and hydrothermal temperatures up to 386°C, and we're on track to deploy our 100kW 'Adelie' generator to the Juan de Fuca ridge this Fall. Adelie is our first end-to-end system: drilling, generation, and offtake in a single deployable unit, powering a co-located subsea compute module and connected to shore via fiber optic cable. We build, deploy, learn from real-ocean conditions, and turn the hardware around faster every cycle, with a line of sight to delivering power to the grid in the next two years.

We've gathered a team in Seattle, on the north Lake Union waterfront, where we will load seafloor drills and generators directly onto the vessels that carry them to sea. Leadership has scaled multi-billion dollar businesses (Nathan Rodland), built cutting edge energy projects (Nicholas Lima), and implemented national energy policy (Jennifer Kenyon,). The relentless drive to produce power and make a real, large scale impact permeates every aspect of our day to day. We're hiring across mechanical, electrical, subsea, controls, operations, and business development. If you want to work on a well-capitalized, world-changing energy project with a profoundly kind and talented team operating at full-tilt, apply now: https://lnkd.in/gXCsY8jz