XGS is the third geothermal startup to raise cash this year, as the industry looks to overcome drilling costs and geography.

Statkraft has contributed to a series B round for Aira, which is tackling a heat pump market CEO Martin Lewerth believes can reach €150bn in size every year.

Oil and gas conglomerate Aramco Oil Company has injected an extra $4bn into Aramco Ventures to further push development in disruptive technologies.

Abhishek Shukla has been promoted from partner of enterprise, infrastructure and deep tech investments to managing director at Prosperity7 Ventures.

Laurel Buckner will be the vice president of ventures at BHP Ventures where she will lead investments in the decarbonisation and green energy sectors.

After serving a year as the head of corporate venture capital at Thai energy company Banpu, Smittipon Srethapramote has started a new position as CEO of Banpu's subsidiary, Banpu Next.

Olli Parkkonen will now serve as the manager of startup investments where he will manage Fortum's M&A projects and startup piloting initiatives.

AI and quantum, as well as long-term, large-scale energy storage are trends at the top of energy investors' minds for 2024. Exits, less so.

It is no surprise to see genAI on this list, but semiconductors, EVs, green steel and batteries also featured heavily this year.

Stellarators are emerging as one of the most backable fusion technologies, and investors say the first pilot reactors could be working by the end of the decade.