Last month, Fervo Energy closed its oversubscribed US$462mn Series E funding round, led by new investor B Capital, reflecting strong market confidence in the company’s opportunity to make geothermal energy a cornerstone of the 24/7 power future.
The financing will accelerate Fervo’s growth, namely in supporting the continued build of Cape Station and the early development of several other projects. The Series E financing round included participation from a coalition of new and returning investors.
Cape Station, located in Beaver County, Utah, will begin delivering 100MW of clean power to the grid imminently, with an additional 400MW online by 2028. The project is expected to be the largest next-gen geothermal development in the world.
“Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it,” said Tim Latimer, CEO and Co-Founder of Fervo Energy.
“The funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond. We’re building the clean, firm power fleet the next decade requires, and we’re doing it now.”
Jeff Johnson, General Partner at B Capital, commented, “Fervo is setting the pace for the next era of clean, affordable and reliable power in the US. With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver.
“We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”