Darcy Solutions

Higher Education · Natural Resources
$15.5Mtotal raised · 8 rounds on record
$15Mlatest round · Venture round · Jul 2026 · 3 mo ago
2backers · Aligned Climate Capital, Moderne Ventures
$3.1Mgrants · 6 grants · CORDIS

Overview

More capacity. Less land. Lower costs. Darcy's groundwater-based geothermal systems are built for commercial buildings across the U.S. Start with a free site assessment.

Funding and backers

Total raised
$15.5M
8 rounds on record
Latest round
$15M
Venture round · Jul 2026 · 3 mo ago
Team
51-200
employees, estimated range
Grants
$3.1M
6 grants · CORDIS
Backers
2
Aligned Climate Capital, Moderne Ventures
The money's age
Fresh money
3 months since the last round · not hiring
Momentum
35/100
in the news, fresh money
Last sign of life
this month
a posting or a news item
The story so fareach stage dated by its source: the company's releases, the press, registers, filings
Aug 11 New executive Dan King, Executive Officer · SEC Form D Jul 31 Raised a round Venture round $15M · SEC Form D Aug 14, 2024 Won a grant $502k · CORDIS Sep 15, 2022 Won a grant $995k · CORDIS Aug 23, 2021 Won a grant $1.1M · CORDIS Jun 29, 2020 Won a grant $200k · CORDIS Jun 18, 2020 Won a grant $99k · CORDIS Dec 2, 2019 Won a grant $225k · CORDIS 2018 Founded
Funding rounds
RoundDateAmountInvestorsSource
Venture round Jul 2026 $15M — SEC Form D
Grant Aug 2024 $502k — CORDIS
Grant Sep 2022 $995k — CORDIS
Grant Aug 2021 $1.1M — CORDIS
Grant Jun 2020 $200k — CORDIS
Grant Jun 2020 $99k — CORDIS
Venture round Dec 2019 $525k — SEC Form D
Grant Dec 2019 $225k — CORDIS
Registers and programsofficial lists and records that name the company
Legal entity Darcy Solutions, Inc. SEC Form D
Founders and leadersfrom filings, registers and the company's site
Larson BrianExecutive Officer, DirectorSEC Form D
Randolph JimmyExecutive Officer, DirectorSEC Form D
Andy GustafsonExecutive OfficerSEC Form D
Frederick SteinerExecutive Officer, DirectorSEC Form D
Kathy JenningsExecutive OfficerSEC Form D
Spencer IngaldsonExecutive OfficerSEC Form D
Backed byfrom the funds' portfolios and accelerator catalogs
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Financials

Total raised
$18.6M
Latest round
Venture - Series Unknown
Funding rounds
8
Funding rounds
Round Announced Amount
Venture - Series Unknown 2026 $15M Details
Grant 2024 $502k Details
Grant 2022 $995k Details
Grant 2021 $1.1M Details
Grant 2020 $200k Details
Grant 2020 $99k Details
Venture - Series Unknown 2019 $525k Details
Grant 2019 $225k Details

People

Larson Brian
Executive Officer, Director
Randolph Jimmy
Executive Officer, Director
Andy Gustafson
Executive Officer
Frederick Steiner
Executive Officer, Director
Kathy Jennings
Executive Officer
Spencer Ingaldson
Executive Officer
Dan King
Executive Officer
Jimmy Randolph
Executive Officer
Andrew Steiner
Executive Officer, Director
James Rubin
Director
Names and roles come from public filings, company registers and the company's own site. Is this you? Correct or remove · How we handle this data

Connections

List
Graph
Found in company registers, site code, DNS and hiring. Each connection shows how sure we are and the evidence, with its source and date.
Shared investors2
17 portfolio companies: XGS Energy, UtilityAPI, HCP Infrastructure and 14 more
61 portfolio companies: GC AI, Buildcheck, Getdenzen and 58 more

News

Blog 9 days ago
How Geothermal Well Testing Works: From Desktop Study to Design Well
Designing a commercial geothermal system that performs as intended requires direct measurement of the subsurface conditions at the specific site where that system will be built. At Darcy, the path from initial site interest to final system design runs thr
Read more
Report
Blog 1 month ago
Darcy's Q3 2026 Recap: Site Visits, Events, and Industry News
The third quarter of 2026 was a busy one for Darcy. From active construction sites in Minneapolis to conference stages in Dublin, our team spent the summer putting in the work to advance geothermal across the country and beyond. Here's a look at what we w
Read more
Report
Blog 1 month ago
What Makes a Location Good for Geothermal? A Guide to Geology, Aquifers, and Site Viability
Before a geothermal system is designed, timelines are laid out, or wells are drilled, every Darcy project typically begins with the same foundational question: Does this location have the geology to support geothermal? It is the most important question in
Read more
Report
Blog 2 months ago
Groundwater-Based vs. Closed-Loop Geothermal: What's the Difference and Why It Matters
When evaluating the viability of commercial geothermal for your site, understanding which type of system will work best is key to shaping the entire project, from well count and project footprint to upfront cost and long-term performance. The two primary
Read more
Report
Blog 2 months ago
Geothermal for Schools and Universities: A Smarter Investment for Campus Energy
Educational facilities occupy a unique position in the commercial geothermal market. School buildings are typically owned and operated by public entities with long planning horizons, substantial energy budgets, and real accountability to the communities t
Read more
Report
Blog 3 months ago
What to Expect During a Commercial Geothermal Installation: A Project Timeline Overview
For facility managers, project managers, and building owners evaluating geothermal for the first time, common questions at the outset typically center around what the process looks like, how long each stage takes, and how much disruption they should prepa
Read more
Report
Blog 3 months ago
Meet Darcy's 2026 Intern Class
As the summer is coming to an end and back-to-school season is rapidly approaching, Darcy would like to take a moment to thank our wonderful interns from 2026! With the company forming out of the University of Minnesota, we remain committed to supporting
Read more
Report
Blog 3 months ago
Geothermal for Healthcare Facilities: Energy Reliability, Cost Control, and Sustainability
Healthcare facilities operate in a category of their own when it comes to building systems. A hospital or major clinic is never fully off, running 24 hours a day, 365 days a year, with patient comfort, clinical outcomes, and regulatory compliance all dire
Read more
Report
Blog 4 months ago
How Geothermal HVAC Supports Sustainability Goals and ESG Reporting
For organizations with serious sustainability commitments, the buildings they occupy are one of the most significant variables in the equation. Commercial and institutional buildings account for roughly 18% of total U.S. primary energy consumption and are
Read more
Report
Blog 4 months ago
What Is Commercial Geothermal Heating and Cooling? A Plain-English Explainer
The ground beneath your feet is one of the most reliable sources of energy on the planet. Regardless of what's happening at the surface, whether Minnesota winter or Texas summer, the earth just a few hundred feet down maintains a remarkably stable tempera
Read more
Report

Offices

Where the company hires and what each office is for
Cities
2
Hiring now
0
Countries
1
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Headquarters Builds here Office with open vacancies No open vacancies right now Tap a pin for the office
Saint Paul United States
HQ
New Brighton United States
Regional office
Contact
1950 Old Hwy 8 NW, New Brighton, MN 55112
company site