Clean Energy | March 4, 2024

Fervo Energy gets $244 million to meet demand for clean energy with geothermal

Andrea Riquier
ImpactAlpha Editor

Andrea Riquier

Impactalpha, March 4 — The techniques used for oil fracking also can be used to harness geothermal energy, a steadier, more consistent source of energy than wind and solar that doesn’t require storage.

Houston-based Fervo has begun drilling at Cape Station, a 400-megawatt project in Beaver County, Utah. The company’s latest round of funding was backed by Elemental Excelerator, Galvanize Climate Solutions, Impact Science Ventures, Congruent Ventures, Capricorn’s Technology Impact Fund and other investors.

“Demand for around the clock energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” said Fervo’s Tim Latimer

New electricity source

The new capital will support operations at Cape Station, which is expected to deliver clean electricity to the grid in 2026. “Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast,” said Latimer.

Fervo raised $138 million in a Series C round in 2022 to build geothermal power plants in several western states and around the world. The company partnered with Google in 2021 to develop a plant in Nevada.