Leader in next-gen geothermal development, Fervo Energy recently announced that it has secured US$255mn in funding which comprises both opportunistic corporate equity and new debt financing.
As it continus to build the world's largest enhanced geothermal systems (EGS) power development, the company welcomes new investment and steady support from distinguished investors including Breakthrough Energy Ventures, CalSTRS, and Congruent Ventures among others. Besides corporate equity, Fervo also received a US$120mn credit letter and term loan facility from Mercuria. Being one of the world’s largest independent energy and commodity groups, Mercuria aims to meet the growing demand for clean and firm power by providing additional liquidity for Fervo to speed up the deployment of EGS projects across the US.
“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,” said Fervo CEO and co-Founder, Tim Latimer. “Investors recognise that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”
Fervo's first greenfield development, Cape Station has been fully allowed up to 2 GW and is all set to begin electricity generation in 2026.