Endurance Energy, a startup founded by former SpaceX engineer Andrew Redd, has raised $54 million in Series A funding to develop geothermal power plants that tap into vast energy resources beneath the ocean floor.

The funding round was led by Founders Fund and included participation from Ascend, Construct Capital, Felicis Ventures, First Round Capital, Point72 Ventures, Riot Ventures, and Voyager Ventures.

Founded in 2025, Endurance Energy is focused on harnessing geothermal energy located along the Pacific Ocean’s Ring of Fire, where tectonic plate activity allows magma to rise closer to the Earth’s surface. The company believes these resources could provide large amounts of renewable baseload power to coastal regions.

Redd, who previously worked on SpaceX’s Dragon and Starship programs, founded the company after seeking a transformative approach to renewable energy. Since launching the business, Endurance has expanded to 25 employees, including 12 former SpaceX staff members. Its vice president of engineering previously worked at fusion startup Helion Energy.

Unlike many geothermal companies that require drilling thousands of feet inland, Endurance plans to develop projects offshore. The company intends to leverage technologies and expertise developed by the oil and gas industry to overcome challenges associated with underwater operations, including corrosion and high pressure.

According to Redd, geothermal power offers a combination of renewable generation, continuous availability, and scalability that other clean energy sources struggle to match. He estimates that roughly 6 terawatts of geothermal capacity could be developed around the Ring of Fire over the next five to ten years. For comparison, global energy consumption averages about 20 terawatts at any given time.

The new capital will support development efforts as electricity demand increases due to the growth of AI data centers, electric vehicles, and industrial applications.