Fervo Energy, the leader in geothermal power, has raised $138 million in new funding led by DCVC to build, own, and operate 24/7 carbon-free power plants.
Fervo Energy 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.
Fervo Energy will use the new funding to 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 signed a 40 MW power purchase agreement with East Bay Community Energy, a leading California clean energy provider.
Other new investors included Canada Pension Plan Investment Board (CPP Investments), Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures.
The round also saw strong participation from existing investors such as Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures, Congruent Ventures, 3X5 Partners, Helmerich & Payne, and Elemental Excelerator.