Fervo Energy, a Houston, TX-based geothermal power company, raised $138M in funding.
The round was led by DCVC with participation form CPP Investments, Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, Prelude Ventures, Capricorn Technology Impact Fund, Breakthrough Energy Ventures, Congruent Ventures, 3X5 Partners, Helmerich & Payne, and Elemental Excelerator.
Led by CEO Tim Latimer, Fervo Energy provides 24/7 carbon-free energy through development of next-generation geothermal power plants. Innovations include technologies such as advanced computational models, horizontal drilling, and distributed fiber optic sensing that have been developed with partners including Schlumberger, ARPA-E, and the Lawrence Berkeley National Lab. Last year, the company announced a corporate agreement to develop geothermal, a project to power Google’s data centers in Nevada. Recently, Fervo also signed a 40 MW power purchase agreement with East Bay Community Energy, a leading California clean energy provider.
The company intends to use the funds to complete power plants in both Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, New Mexico, and internationally.
FinSMEs
23/08/2022