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German climate tech startup Factor2 Energy has raised $9.1 million in seed funding to develop its innovative geothermal technology that utilizes carbon dioxide (CO2) as a working fluid instead of water. The funding, led by At One Ventures, reflects growing confidence in Factor2's capability to decarbonize power generation and enhance geothermal resource access.

The technology promises to generate more electricity than traditional systems while enabling geothermal development in previously unviable locations. Factor2 plans to build a pilot power plant to showcase the scalability of its approach.