# XGS Energy

XGS Energy is an other based in Palo Alto, United States.

## Overview

- **Organization type:** other
- **Headquarters:** Palo Alto, United States
- **Region:** North America
- **Address:** 2479 East Bayshore Road, Suite 210, Palo Alto, CA 94303, United States
- **Assets under management:** Undisclosed
- **Website:** www.xgsenergy.com
- **LinkedIn:** https://www.linkedin.com/company/xgs-energy

## Regulatory record

- **Reports private funds:** No

## About

XGS Energy is a geothermal energy company founded and headquartered in Palo Alto, CA. Our proprietary heat harvesting technology and closed-loop well architecture enable global deployment of terawatt-scale geothermal heat and power.

## Sectors

- ClimateTech
- Energy Transition & Renewables
- Infrastructure

## Offices

- 820 Gessner Road, Suite 1145, Houston, TX 77024, United States

## People

- Josh Prueher — Chief Executive Officer
- Ghazal Izadi, Ph.D. — Chief Operating Officer
- Axel-Pierre Bois, Ph.D. — Chief Technology Officer
- Lucy Darago, Ph.D. — Chief Commercial Officer
- Richard Chong — Chief Financial Officer

## Questions

### Who runs investment decisions at 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.

### How does XGS Energy source proprietary deal flow?

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.

### What investment stages does XGS Energy typically target?

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.

### Which sectors does XGS Energy explicitly avoid?

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.

### How is XGS Energy related to Capuano Engineering?

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).

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Last updated: 2026-06-03T20:00:00.000Z

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