Geothermal: The Unexpected Solution for Speed to Power

In this episode, Madelyn O’Farrell talks with Mike Matson, Co-Founder and CEO of Birch Geothermal, about his journey from the US Navy and academia through oil and gas, carbon capture, and consulting at BCG to founding Birch. They unpack what Enhanced Geothermal Systems (EGS) are, why Birch is “rooted in speed,” and how geothermal can scale quickly to meet soaring power demand from data centers and AI infrastructure. Mike explains geothermal’s rare bipartisan appeal, the strong market signal from Fervo’s recent IPO, and how 80–90% of oil and gas subsurface skills transfer directly into geothermal. They also explore what must go right for geothermal to move from a rounding error to a meaningful share of the US power mix over the next decade, and where the biggest “picks and shovels” investment opportunities lie across drilling, subsurface design, monitoring, and modular power systems. Highlights from their conversation include: Mike’s Journey from Navy Service to Academia and Teaching (0:41) Midlife Rowing Expedition and Move into Drilling Operations (2:55) Shift from Oil and Gas to Carbon Capture and Clean Energy (3:42) Joining BCG and Discovering a Thesis Around Geothermal (4:31) Why Geothermal Has Unique Bipartisan Support in Politics (6:08) Market Signal from Fervo’s Landmark IPO and Debt Financing (10:36) Why the Mountain West Is Ground Zero for Early EGS Projects (13:55) How Oil and Gas Skills Transfer 80–90% into Geothermal Roles (16:27) Birch’s Thesis: Scaling Geothermal without a Green Premium (19:55) AI, Data Centers, and the 10-Year Outlook for Geothermal in the US Mix (23:19) Picks and Shovels Opportunities Across Drilling, Subsurface, and ORC Systems (25:51) Final Thoughts and Takeaways (29:37) Dynamo Ventures is a venture firm backing founders upgrading the physical economy. As intelligence moves into critical infrastructure and technology collides with physics, industry is entering a new era of transformation - the industrial renaissance. Born from the dirt and grit of supply chains and shaped by operations, not spreadsheets, Dynamo focuses on the complex realities of building in the real world. We invest in companies transforming infrastructure, manufacturing, logistics, transportation, and the systems that power global commerce. Dynamo works closely with founders who combine ambition with a bias to action, bringing a builder mindset to venture capital through deep operational insight, systematic pressure-testing and hands-on partnership. Our purpose is simple: to back the relentless shaping the industrial renaissance. Learn more at www.dynamo.vc.