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Fervo Energy has raised US$ 462 million in an oversubscribed Series E round. This is one of the biggest private investments in geothermal energy recently. It shows a strong move toward reliable, clean power solutions to meet the U.S.’s growing energy demands. B Capital, a global investment firm, led this round. Investors think advanced geothermal technologies will be crucial for a strong, decarbonized electricity system.
The new funding will speed up construction of Fervo’s Cape Station in Beaver County, Utah. It will also support early development for more projects in its growing national pipeline. Cape Station will start delivering 100 megawatts of clean power in 2026. By 2028, its total capacity is expected to hit 500 megawatts. Once finished, it will be the world’s largest next-gen geothermal facility. This will show that enhanced geothermal systems can work commercially on a large scale.
Cape Station is moving forward quickly. Drilling speeds are getting better, and each well shows improved efficiency. Fervo stands out in geothermal innovation. They use advanced drilling, fiber-optic sensing, and subsurface modeling. These techniques come from the oil and gas industry. They show how to access geothermal resources that used to seem unreachable. Utilities, hyperscalers, and industrials are seeing huge load growth. This is driven by AI, electrification, and domestic manufacturing. Fervo’s 24/7 carbon-free power is becoming a key part of America’s energy mix.
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Tim Latimer, CEO and Co-Founder of Fervo Energy, stressed the need to speed up deployment. He pointed out that US power markets face a historic time with high demand and not enough supply. Latimer says the Series E financing helps the company shift from tech breakthroughs to commercial operations. This will help build the clean power fleet needed in the next decade.
B Capital General Partner Jeff Johnson agreed, saying enhanced geothermal is a top solution for 24/7 energy needs. He pointed out that AI and electrification are increasing pressure on grid operators. Both need stable, zero-emission power sources. Johnson expressed great confidence in Fervo’s technical skills and execution. He noted that the company is leading the way for a new era of clean, affordable, and reliable electricity.
The Series E round attracted a mix of new and returning investors. This shows a growing recognition of geothermal energy’s importance. New investors are AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co., Dr. Kris Singh from Holtec International, and Tesla co-founder JB Straubel. Their involvement adds to the ongoing backing from current institutional and strategic investors. These are Breakthrough Energy Ventures, CPP Investments, Devon Energy, Mitsubishi Heavy Industries, and Marunouchi Innovation Partners. The round builds on Centaurus Capital’s recent US$ 75 million investment. This funding will support Phase I construction at Cape Station.
Geothermal energy is gaining momentum. This marks a key turning point for the US energy transition. Solar and wind are key to renewable energy, but their unpredictability strains grid stability. Batteries offer short-term support. They can’t yet deliver the multi-hour or multi-day power needed for large-scale electrification. Enhanced geothermal provides steady, reliable, carbon-free power. This is exactly what we need to support renewables and replace old thermal plants.
Fervo’s latest funding positions it as a leader in geothermal energy. This shows that geothermal can move beyond niche uses and become a key part of America’s clean energy future. As Cape Station expands and new projects begin, Fervo can help meet the growing electricity demand with the limited power supply. This offers a scalable way to achieve 24/7 carbon-free power nationwide.
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