XGS Energy

CEO Josh Prueher leads the company and its capital allocation, working with a multidisciplinary leadership team including CTO Axel-Pierre Bois and COO Ghazal Izadi. The board includes experienced energy and finance figures such as former Baker Hughes CEO Martin Craighead and former Intel CEO Craig Barrett, who provide strategic oversight. Investment decisions are shaped by project development milestones and offtake agreements rather than a fund-based allocation model.

XGS develops its own geothermal projects from the ground up, using its proprietary closed-loop technology. The company identifies potential sites through geoscience analysis, then leases or permits land for drilling. In 2024, it acquired Capuano Engineering, a drilling firm with over 350 geothermal wells drilled globally, giving XGS integrated development and drilling capability.

XGS Energy is an operating company developing geothermal power projects, not a family office or venture firm. It does not manage external LP capital in a fund structure. Its backers include institutional and strategic investors represented on its board, such as Anzu Partners and VoLo Earth Ventures, as well as individuals like former SAMA investment head Khalid Alsweilem.

XGS focuses on early-stage project development, from resource assessment and permitting through drilling and construction to long-term power generation. It targets offtake agreements with corporate and utility buyers rather than selling projects at the development stage. The firm's projects are capital-intensive and require project financing, which CFO Richard Chong specializes in structuring.

XGS Energy focuses exclusively on geothermal power generation. It does not invest in solar, wind, energy storage (as a standalone asset class), oil and gas, or other renewable technologies. The company's technology is designed for baseload electricity, not intermittent sources.

XGS Energy acquired Capuano Engineering in 2024. Capuano continues to operate under its own brand as a subsidiary, providing conventional and next-generation geothermal drilling services. Its founder, Lou Capuano Jr., serves as XGS's Vice President of Drilling and brings deep expertise from over 350 global geothermal wells drilled (per firm website).

XGS Energy does not publicly disclose any philanthropic or charitable foundations separate from its operating business. Its board includes figures with public service backgrounds — such as former U.S. Secretary of the Navy Ray Mabus — but the firm itself is purely a commercial geothermal developer.