Foley Represents TDK Ventures as Investor in Series A Funding for Rodatherm Energy

Foley & Lardner LLP represented TDK Ventures as an investor in the $38 million Series A funding round for Rodatherm Energy Corporation, a Salt Lake City-based geothermal startup. Evok Innovations led the round and additional investors included Toyota Ventures, TechEnergy Ventures, MCJ, Active Impact Investors, Renewal Funds, Grantham Foundation, and Giga Investments. Rodatherm will use the proceeds to build its first pilot system in Utah.

Rodatherm Energy is a privately held geothermal power-generation company with a primary focus on the Great Basin region in the western United States. Their patented advanced geothermal system is a fully pressurized and cased closed-loop system, analogous to a heat pump, that uses a novel working fluid and targets sedimentary basins with high natural convection. The system has a targeted operating life span of multiple decades, does not use fresh water, and has a small energy dense surface footprint.

TDK Ventures invests in startups to bolster innovation in materials science, energy/power, and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly owned subsidiary of TDK Corporation, the corporate venture company’s vision is to propel the digital and energy transformations of segments such as robotics and industrial, next-generation transportation, mixed reality, and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. 

The Foley team was led by partners Louis Lehot and Lyman Thai and included associates Wesley Choi and Rachel Horowitz.