Fervo Energy, a Houston, TX-based geothermal development company, raised $244M in funding.
The round was led by Devon 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.
The company intends to use the funds to enhance its 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.
Led by CEO Tim Latimer, Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. It works to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. Geothermal has a major role to play in the future electric grid, and Fervo’s advancements in drilling and subsurface analytics bring a suite of technology to make geothermal cost competitive and globally scalable.
Since its last fundraise, the company has brought its first commercial project online. Fervo has also begun drilling at Cape Station, a 400 MW project in Beaver County, Utah. The fundraise will support continued operations at Cape Station, which will begin delivering clean electricity to the grid in 2026.
Commenting on the news, Tim Latimer said: “Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”
FinSMEs
29/02/2024