This round of 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.
"Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand," Tim Latimer, Fervo CEO and co-founder, 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."
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 400MW project in Beaver County, Utah. Early drilling results show reduced drilling times and lower costs that significantly exceed Department of Energy expectations for EGS.
"Fervo's approach to geothermal development leverages leading-edge subsurface, drilling, and completions expertise and techniques Devon has been honing for decades," David Harris, chief corporate development officer and executive vice president at Devon, said. "We look forward to deepening our partnership with Fervo to capture the full value of Fervo's first-mover advantage in geothermal and the adjacencies to Devon's core business."
The fundraise will support Fervo's continued operations at Cape Station, which will begin delivering clean electricity to the grid in 2026.
"The energy trilemma is one of the defining global challenges of our time; how can we generate power that is affordable, reliable, and clean," John Arnold, founder of Centaurus Capital and co-chair of Arnold Ventures, said. "Fervo has transformed geothermal into a scalable carbon-free resource ready to meet the moment."
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