Fervo Energy
Assembly Line
🏴 Fervo Energy Raises $244 Million to Accelerate Deployment of Next-Generation Geothermal
Fervo Energy, the leader in next-generation geothermal development, announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas. This financing will unlock Fervo’s next phase of growth, deploying proven technology adapted from the oil and gas industry at scale to deliver commercially viable 24/7 carbon-free energy. Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries also joined the round alongside existing investors Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures.
Since its last fundraise, Fervo has successfully brought its first commercial project online, establishing Fervo’s system as the most productive enhanced geothermal system (EGS) in history. Fervo has also begun drilling at Cape Station, a 400 MW project in Beaver County, Utah. Early drilling results show reduced drilling times and lower costs that significantly exceed Department of Energy expectations for EGS. The fundraise will support Fervo’s continued operations at Cape Station, which will begin delivering clean electricity to the grid in 2026.
Energy Startup Says It Has Achieved Geothermal Tech Breakthrough
In a landmark step for enhanced geothermal technology’s potential as a dependable carbon-free energy source, startup Fervo Energy has completed a performance demonstration of its commercial pilot.
The Houston-based company wrapped up a full-scale, 30-day well test at its Project Red site in northern Nevada, which was able to generate 3.5 megawatts of electricity, according to a company statement. (One megawatt can power roughly 750 homes at once.) Project Red will connect to the grid later this year and power Google’s data centers and infrastructure throughout Nevada. It’s a part of the corporate agreement between the startup and Alphabet Inc.’s Google to develop enhanced geothermal systems.