Underground Ventures

Underground Ventures (UGV) is a Copenhagen-based technology investment firm founded in 2024, focused exclusively on geothermal energy technology. It describes itself as a technology investment firm rather than a traditional VC fund, deploying $40M across a small number of early-stage startups. UGV invests in the enabling technologies ('picks and shovels') of the geothermal value chain — including siting and characterization, drilling and rock destruction, well design, reservoir engineering, and power production/surface systems — across all resource models (EGS, AGS, SHR, conventional hydrothermal). It does not invest in project developers or operators. The firm invests at Pre-Seed through Series A, with initial checks of $500K–$2M, and reserves capital for follow-on. It leads, co-leads, or follows depending on round dynamics. UGV has no geographic restrictions but past investments are concentrated in North America and Europe. Founders can reach the team directly at hello@ugv.co.