XGS Energy, Inc. (XGS), a developer of next-generation geothermal power systems, today announced the appointment of Richard Chong as Chief Financial Officer. Richard brings over 25 years of energy finance leadership, spanning public and private equity and credit, project finance, and strategic planning.
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Richard Chong, Chief Financial Officer, XGS Energy
Richard joins XGS from Calpine Corporation, one of the largest independent power producers in the United States, where he served in financial leadership for nearly two decades, including most recently as Vice President of Finance. At Calpine, he led all aspects of project finance and was instrumental in creating and managing Calpine’s multi-billion-dollar capital structure. This includes leading the $2.25 billion project financing of the Geysers, the world’s largest geothermal power complex.
“The geothermal industry has struggled to access efficient, low-cost project finance due to the historical unpredictability of asset performance. XGS has demonstrated that its technology solves that challenge, and Richard brings the financial leadership and capabilities to finance that solution at mega-scale,” said Mano Nazar, XGS Board Director and former Chief Nuclear Officer of NextEra. “Richard’s world-class geothermal project finance experience and deep capital markets relationships will be instrumental in delivering XGS’s growth objectives.”
“XGS Energy is executing on a multi-gigawatt commercial pipeline, and I am thrilled to be joining the team,” said Richard Chong. “The combination of our proven, reliable technology, surging market demand for clean, firm power, and a clear path to project-level cash flows is a strong foundation for a compelling financing platform. I look forward to applying the experience I’ve built over two decades in energy finance to help XGS deliver clean, reliable power to customers and unlock the massive development opportunity ahead for next-generation geothermal.”
XGS’s first project is a 150 MW geothermal facility in New Mexico, which will deliver clean, round-the-clock electricity to the Public Service Company of New Mexico’s (PNM) grid in support of Meta’s data center operations.
About XGS Energy
XGS Energy provides Clean, Round-the-Clock Energy Everywhere, Forever. XGS’s proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere there is hot rock. The XGS system decouples geothermal energy production from its historical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, easier permitting, and faster deployment. XGS’s scalable, financeable geothermal energy approach is supported by leading investors globally including Aligned Climate Capital, Anzu Partners, BlueScopeX, B Current Impact Investment, ClearSky, ClimateIC, Constellation Technology Ventures, H&P, MIH Capital, Thin Line Capital, Valo Ventures, VoLo Earth Ventures, and WovenEarth Ventures. Learn more and explore our open roles at https://www.xgsenergy.com.
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