Fervo Energy Raises $138 Million

Fervo has adapted innovations pioneered by the oil and gas industry, such as horizontal drilling and distributed fiber optic sensing, to make reservoirs of hot rock that exist beneath the earth’s surface into practical, economically viable, clean sources of energy.

The new funding helps Fervo complete power plants in both Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, New Mexico, and internationally.

“Power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices,” said Tim Latimer, CEO of Fervo. “Our mission is to meet that growing demand by putting gigawatts of 24/7 carbon-free energy on the grid. This latest investment enables us to execute on those ambitious plans.”

Last year, Fervo announced the world’s first 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.

According to the U.S. Department of Energy, geothermal holds the potential to power tens of millions of American homes and businesses. “Fervo is the right company at the right time,” said Matt Trevithick, Partner at DCVC. “The United States needs 200 GW of reliable clean power to achieve a zero-carbon electricity grid. Fervo is poised to make geothermal as important as solar and wind to our energy future.”