- Fervo Energy raises $138 million for geothermal power facilities.
- Fervo Energy also entered into a 40-MW geothermal PPA.
In a funding round managed by investment firm DCVC, US geothermal project developer Fervo Energy revealed that it had raised $138 million to help finance the construction of geothermal power facilities.
For use in creating geothermal projects, Fervo claims to have modified ideas from the oil and gas sector, such as horizontal drilling and distributed fibre optic sensing. The additional funds will make it possible to finish the Nevada and Utah plants and evaluate new projects in California, Idaho, Oregon, Colorado, New Mexico, and other countries.
According to the chief executive, Tim Latimer the geothermal energy capacity will be connected to the grid, who said that the new investment would enable the company to carry out its ambitious plans to fulfil the rising need for dependable energy sources.
The world’s first corporate agreement to create a new geothermal energy plant was signed by Fervo and Google in the spring of 2021. With East Bay Community Energy (EBCE), a community choice aggregator in California, the company also entered into a 40-MW geothermal power purchase agreement (PPA) a year later.
The Grantham Foundation for the Protection of the Environment, Liberty Energy, Macquarie, Impact Science Ventures, and Prelude Ventures, in addition to the existing investors Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures, Congruent Ventures, 3X5 Partners, Helmerich & Payne, and Elemental Excelerator, supported Fervo in addition to DCVC.