Europe’s energy system is under severe threat. Highly dependent on imported fossil fuels, the EU has paid tens of billions of added costs since the start of the US-Iran war. Its centralised energy infrastructure is ageing and easy to target. And fragmented energy markets mean technologies struggle to scale across the continent. Europe must reinforce its security by transitioning to an electrified, decentralised system that is based on clean homegrown energy. One such energy source is next-generation geothermal, which could cost-effectively replace 42% of the EU’s coal and gas-fired generation, according to think tank Ember.
In this episode of Time to Scale, our host Jules Besnainou meets Vice-President of the European Parliament Martin Hojsík and Torsten Kolind, Managing Partner at Underground Ventures, the world’s first venture capital firm dedicated to investing in geothermal technologies. Together, they discuss the potential of next-generation geothermal energy for Europe’s security, the current barriers to scaling this highly promising innovation technology, and what is needed to overcome them.
(02:01) Introducing Vice-President Martin Hojsík and Torsten Kolind
(02:56) Europe’s energy security challenge
(07:49) The potential of next-generation geothermal
(26:17) Barriers to scaling next-generation geothermal in Europe
(43:44) Launch of the Geothermal Working Group in the European Parliament’s Cleantech Friendship Group
👤Vice-President Martin Hojsík’s Instagram and LinkedIn
👤Torsten Kolind’s LinkedIn
📄Ember report (February 2026): “Hot stuff: geothermal energy in Europe”
📄IEA report (December 2024): “The Future of Geothermal Energy”
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