XGS Energy Selected by U.S. Department of Energy to Advance Next-Generation Geothermal Development in New Mexico

XGS Energy, Inc. (“XGS”), a developer of next-generation geothermal power systems, today announced it has been selected by the U.S. Department of Energy (DOE) for federal funding to support the drilling of a deep vertical appraisal well in New Mexico, advancing development of the state’s next-generation geothermal resources. Working with Baker Hughes, New Mexico Tech, and Sandia National Laboratories, XGS will use the project to generate critical subsurface data, reduce development uncertainty, and accelerate its plan to deliver reliable, around-the-clock geothermal power to New Mexico’s grid.