Torsten Kolind (UGV): Can Geothermal Scale Beyond Iceland?

Torsten Kolind (UGV): Can Geothermal Scale Beyond Iceland?

Author: Hugo Rauch April 7, 2026 Duration: 51:44

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🌊 Drilling the Future, Can Geothermal Power Everything?

From 0.01% to 8%, what it takes to unlock next-gen geothermal at scale.

We’re joined by Torsten Kolind, Co-founder of Underground Ventures, a specialist VC fund backing next-generation geothermal technologies.

In this episode, we dive into why geothermal, one of the most reliable and abundant energy sources, remains almost invisible today, and unpack what it really takes to turn a niche resource into a global energy backbone.

In our conversation, we covered:

→ Why geothermal is still ~0.014% of global energy, and what’s holding it back

→ The breakthrough behind “next-gen geothermal”

→ How oil & gas infrastructure could be repurposed to scale geothermal globally

→ Why geothermal might not compete with solar and wind, but complement them

→ The rise of companies like Fervo, and what their success unlocks

→ Europe vs US: heat vs power, and diverging market dynamics

→ Why drilling, flow control, and steam conversion are the real bottlenecks

→ The “super hot rock” opportunity, and how 400°C could 10x efficiency

→ Why Underground Ventures is betting on picks & shovels, not power plants

→ What’s still missing in the geothermal stack, and where founders should build

Let’s go underground!



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Hugo Rauch hosts New Wave, a podcast that lives at the intersection of business ambition and scientific reality. This isn't about distant predictions or abstract science; it's a grounded exploration of the technologies and companies being built right now to address our environmental future. Each episode focuses on the practical journey, dissecting the models, the breakthroughs, and the hard decisions that define the climate tech landscape. You'll hear from founders, researchers, and investors who are actively shaping this space, getting into the specifics of what works, what doesn't, and why. The conversations move beyond hype to examine the tangible mechanics of creating viable solutions, from energy storage and sustainable materials to carbon removal and regenerative agriculture. It’s for anyone who thinks about the climate challenge not just as a crisis, but as a complex and urgent field of innovation. By tuning into this podcast, you gain a clearer understanding of the economic forces and scientific principles driving the next generation of environmental solutions. New Wave connects the dots between the lab, the boardroom, and the impact we need to see in the world, offering a sober yet optimistic look at where substantive progress is truly being made.
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