EarthGrid Public Benefit Corporation, a Richmond, CA-based plasma boring technology and infrastructure development company, raised $30m in seed funding.
The $30m includes more than $3 million from a crowdfunding on NetCapital where 1,514 individuals invested between $100 to $165,000. This brings the total equity raised by EarthGrid to approximately $50m since its inception in 2016.
The company intends to use the funds to enhance the production of Tunnel Boring Robots (TBRs) which utilize a series of plasma-powered torches to break down geologic structures. The TBRs will be used to create a network of new underground transmission lines across the United States.
Led by Troy Helming, CEO, EarthGrid PBC has developed proprietary plasma tunnel-boring technology poised to increase the capacity to transmit electricity across the country to power America’s clean energy transition. In addition to expanding electricity capacity, the project will also enhance the safety, security and reliability of grid infrastructure, housing critical infrastructure underground to avoid natural disasters that have repeatedly devastated grid operations and caused crippling power outages across the country.
In addition to the funding announcement, the company also secured a binding term sheet with a prominent institutional investor to lead significant financing in early 2024. EarthGrid also expects to be announcing several projects including a major joint venture that will generate multiple years of revenue.
