Geothermal Power Rising: Fervo Energy Secures Major Funding Boost
March 1, 2024, 4:31 am
Location: United States, Texas, Houston
Employees: 11-50
Founded date: 2017
Total raised: $410M
Fervo Energy, a geothermal energy developer based in Houston, is making waves with a $221 million funding raise. This startup is tapping into the earth's hot rock energy potential using drilling tech from the oil and gas industry. Geothermal power only made up 0.4% of U.S. electricity generation in 2022, but that's changing fast as tech giants eye it for clean, constant energy for data centers.
Fervo has already secured $138.5 million of its $221 million target, with investors showing strong interest since late 2023. This funding round follows a successful $138 million Series C in 2022, with big names like DCVC and the Canadian Pension Plan Investment Board backing the company.
CEO Tim Latimer is tight-lipped about the latest developments, but Fervo is already working on a 5-MW site in Nevada for Google and a 40 MW project for East Bay Community Energy in California. The company's innovative approach to geothermal power is gaining traction, with plans to deliver 24/7 carbon-free energy at scale.
In a surprising turn of events, Fervo Energy raised an even larger sum of $244 million just two days later. Devon Energy led this round, with a diverse group of investors joining in to support Fervo's mission of delivering commercially viable carbon-free energy. CEO Tim Latimer is confident in the company's technology and pricing competitiveness, with plans to bring a 400 MW project online in Utah by 2026.
Fervo Energy's success story is a testament to the growing interest in geothermal power as a sustainable energy source. With innovative drilling techniques and a focus on scalability, Fervo is poised to play a key role in the future of clean energy production.
Fervo has already secured $138.5 million of its $221 million target, with investors showing strong interest since late 2023. This funding round follows a successful $138 million Series C in 2022, with big names like DCVC and the Canadian Pension Plan Investment Board backing the company.
CEO Tim Latimer is tight-lipped about the latest developments, but Fervo is already working on a 5-MW site in Nevada for Google and a 40 MW project for East Bay Community Energy in California. The company's innovative approach to geothermal power is gaining traction, with plans to deliver 24/7 carbon-free energy at scale.
In a surprising turn of events, Fervo Energy raised an even larger sum of $244 million just two days later. Devon Energy led this round, with a diverse group of investors joining in to support Fervo's mission of delivering commercially viable carbon-free energy. CEO Tim Latimer is confident in the company's technology and pricing competitiveness, with plans to bring a 400 MW project online in Utah by 2026.
Fervo Energy's success story is a testament to the growing interest in geothermal power as a sustainable energy source. With innovative drilling techniques and a focus on scalability, Fervo is poised to play a key role in the future of clean energy production.