• Funding Boost: Fervo Energy secured $255 million in equity and debt to scale its geothermal power projects.
• Market Leadership: New investments reinforce Fervo’s position as a leader in meeting 24/7 carbon-free energy demand.
• Milestone Project: Cape Station, Fervo’s 2 GW project, will begin generating electricity by 2026.

Fervo Energy, a pioneer in next-generation geothermal energy, announced $255 million in new funding to accelerate the deployment of its enhanced geothermal systems (EGS) projects. The funding includes $135 million in corporate equity, led by Capricorn’s Technology Impact Fund II, with participation from major investors like Breakthrough Energy Ventures, CalSTRS, and CPP Investments.

CEO Tim Latimer highlighted the rising demand for clean, firm power:

“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade.”

Strategic Investment:

In addition to equity, Fervo secured $120 million in debt financing from Mercuria to bolster liquidity for EGS projects. Brian Falik, Mercuria’s Group Chief Investment Officer, underscored Fervo’s execution strength:

“Their EGS approach is cost-effective, commercially viable, and already being deployed at scale.”

Related Article: Google, Fervo Partnership Brings Carbon-Free Energy to Nevada

Looking Ahead:

Fervo’s Cape Station project, permitted for up to 2 GW, is set to begin operations in 2026. This project marks a significant milestone in the company’s growth strategy. Latimer hinted at further developments:

“As Fervo continues to meet and surpass its development milestones, expect additional exciting updates in the near future.”

This funding positions Fervo to meet surging clean energy demand driven by trends like AI and data infrastructure expansion, reinforcing its commitment to providing scalable carbon-free power solutions.

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