Rodatherm Energy , a new geothermal startup, emerged from stealth Monday with $38 million in funding and a plan to build a pilot plan in Utah.

The startup differentiates itself by plumbing its boreholes with a closed loop, likely made of steel, that’s filled with a refrigerant. That contrasts with other enhanced geothermal companies, which tend to use water to transport heat from deep within the Earth.

The Series A round was led by Evok Innovations with participation from Active Impact Investments, Giga Investments, Grantham Foundation for the Protection of the Environment, MCJ, TDK Ventures, Tech Energy Ventures, and Toyota Ventures.

Rodatherm faces stiff competition with an established field of players, including Fervo Energy, Sage Geosystems, XGS Energy, and Quaise.

Fervo is consid

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