SpaceX alumni raise $54M to harvest geothermal power from the ocean floor

The startup, founded last year, is betting on the geological activity of tectonic plates spreading apart beneath the ocean. By positioning power plants near these zones, the team intends to harness heat directly from the crust. This approach bypasses the limitations of land-based geothermal projects, which often require drilling miles deep into the Earth or are restricted to specific, already-claimed geographic locations.

Redd has assembled a team of 21 employees, including 11 former SpaceX colleagues and veterans from fusion startup Helion Energy. The company plans to leverage existing oil and gas offshore drilling technologies to manage the harsh, corrosive underwater environment. While the engineering challenge involves deep-sea robotics and pressure-hardened infrastructure, the potential scale is vast. Redd estimates that the Ring of Fire could offer up to 6 terawatts of capacity—a significant portion of the 20 terawatts currently consumed globally at any moment. The funding round was led by Founders Fund, with backing from 72 Ventures, Construct Capital, Felicis Ventures, First Round Capital, Riot Ventures, and Voyager Ventures.