Latest News

• Region: North America
• Topics: Geothermal
• Date: 7th April 2026

Turboden America LLC, subsidiary of Turboden S.p.A is set to supply Organic Rankine cycle (ORC) turbines to Fervo Energy for up to 35 GeoBlocks – Fervo’s standardised 50 MW ORC power plants – totalling 1.7GW of carbon-free, dispatchable power capacity, under a three-year framework agreement.

Turboden’s ORC turbines convert heat into power without increasing fuel consumption, water use, or CO2 emissions. The agreement expands the US-based supply chain for Turboden’s proprietary ORC turbine design, shortening lead times and thereby potentially boosting the supply of geothermal power to meet rising demand. The framework agreement also establishes delivery timelines that are expected to enable faster project execution and support supply chain resilience as Fervo, a leader in next-generation geothermal development, scales. It builds on an earlier agreement to supply ORC units for three 50 MW GeoBlocks at Fervo’s enhanced Cape Station geothermal development in Utah. The companies are currently in the advanced commissioning stage of the Phase I project at Cape Station, with startup expected later this year.

With the framework agreement, Fervo sees Turboden as a dependable long-term supplier as it looks to rely on ORC technology as a core component of its projects. Both companies plan to strengthen system performance by learning from deployment experience. The agreement positions Turboden and Fervo to deliver fast tracked projects to address the rapidly growing demand from data centres for geothermal energy.

“Over the past two years, we have built a constructive strategic relationship with Fervo, and this framework agreement reflects a mutual commitment to continued and expanded collaboration. Geothermal energy will be essential in stabilising a strained power grid with clean, firm energy, and Fervo has shown strong leadership in advancing the sector,” said Paolo Bertuzzi, president Turboden America LLC and CEO Turboden S.p.A. “With this announcement, we are prepared to scale delivery in the U.S. market and add megawatts of new generation wherever and however they are required.”

“Expanding our work with Mitsubishi Heavy Industries is a key step in scaling geothermal to meet rising U.S. power demand,” said Tim Latimer, CEO and co-founder of Fervo Energy. “By combining Turboden’s proven ORC technology with the global capabilities of Mitsubishi Heavy Industries, we are strengthening the supply chain needed to build geothermal at scale. This collaboration will play a central role as we continue to develop at Cape Station and beyond and bring reliable, 24/7 carbon-free energy to the grid.”

• Region: Europe
• Topics: Geothermal
• Date: 2nd April 2026

In a further sign of an improvement to financing conditions within the geothermal sector, Arverne Group has announced plans for a €33mn fundraiser via a bond issue.

The French geothermal company, listed on Euronext Paris, said in a statement that the issue would be open to existing shareholders including Bpifrance, Eiffel Essentiel, Ademe Investissement and Crédit Mutuel Equity.

The bond issue is significant in that it highlights growing investor confidence and interest across the broader geothermal sector.

Financing remains one of the biggest barriers to large-scale deployment, both within Europe and internationally.

The fund-raising issue also marks the first step of Arverne Group’s new ‘Dual Flow’ industrial and commercial roadmap through to 2033 in which it aims to accelerate business growth.

Its aggressive roadmap include first production and sales of heating and cooling in 2027 and first production and sales of geothermal lithium in 2028.

Looking ahead to 2031-2033, it aims to see around 4 TWh/year generated annually in France from deep geothermal energy, together with 27,000 metric tons of lithium carbonate annually — enough to power 800,000 electric vehicles using Arverne geothermal lithium.

Much of that will hinge on the company’s 2026 agenda, the first year of implementation of the Dual Flow plan.

This includes: a target of securing long-term contracts worth €400mn; drilling to be completed for the first doublet in the Lithium de France project and commissioning of the Direct Lithium Extraction (DLE) demonstration plant; continuing to reduce environmental impact as an innovative and responsible operator; and funding the group's industrial and commercial expansion.

In essence, the group aims to strengthen geothermal energy’s role in France’s energy mix and secure Europe’s supply of geothermal lithium, according to Pierre Brossollet, Arverne’s Founder and CEO.

“With a portfolio of nearly one hundred projects in France and major advances in the Lithium de France project, Arverne expects a significant acceleration from 2026 onward, with the signing of €400mn in long‑term contracts,” he said.

Brossollet also outlined his belief in the financial viability of the company and industry.

“The business models we are developing, with EBITDA margins above 50% and multi‑decade contracts, will generate secured revenues and recurring cash flows,” he added.

“Arverne Group is now at the dawn of a major value‑creation cycle.”

• Region: Europe
• Topics: Geothermal
• Date: 1st April 2026

DrillHeat, a specialist in the decarbonisation of buildings through shallow geothermal energy, has completed its 100th installation, carried out near Clermont-Ferrand, France, for biotechnology company Greentech.

• Region: North America
• Topics: Geothermal
• Date: 31st March 2026

Banco Bilbao Vizcaya Argentaria (BBVA) has outlined its thoughts on geothermal’s “remarkable transformative potential” in a statement following its participation in the recent groundbreaking Cape Phase I project financing in the USA.

The Spanish multinational financial services group played a key role as Coordinator Lead Arranger and Hedging Coordinator in the financing of the project, which is being developed by Fervo Energy in Beaver County, Utah.

BBVA noted that the project marks a milestone in the commercial-scale deployment of next-generation geothermal in the country.

“Next-generation geothermal technologies are demonstrating remarkable transformative potential,” said Miguel Peña, responsible for project finance at BBVA in the United States and Canada.

“Their ability to scale commercially will be critical to strengthening the renewable energy mix by providing firm and reliable generation that complements intermittent sources such as solar and wind.”

The deal also flags BBVA’s capabilities across the energy sector more broadly and reinforces its presence as a leading project financier in the US market, according to Peña.

“Our commitment as a financial institution is to help innovative cleantech projects be structured and developed with a long-term perspective, facilitating their access to the market,” he said.

Developer Fervo Energy announced earlier in March the successful close of US$421mn in non-recourse debt financing for the Cape Phase I project, calling it a ‘first of a kind’ and an indication of the bankability of enhanced geothermal systems (EGS).

Other major commercial banks and insitutions involved in the project financing include Barclays, HSBC, MUFG, RBC Capital Markets and Société Générale.

All have a wealth of experience as lenders to energy and infrastructure projects globally.

The involvement of such major lenders signals growing investor confidence in geothermal as part of the energy transition, both in the USA, and more broadly across the globe.

BBVA noted that its participation in the Cape Phase I financing “further consolidates its role as a strategic financial partner to the cleantech ecosystem” and “reinforces its position as one of the leading institutions in the financing of innovative energy projects in the United States.”

The bank added that it intended to continue to promote the development of next-generation infrastructure and accelerate the transition to a low-carbon economy.

• Region: North America
• Topics: Geothermal
• Date: 30th March 2026

The Nevis Island Administration is advancing towards the next phase of its geothermal development following discussions with Iceland Drilling Company to finalise a contract for exploratory drilling.

• Region: North America
• Topics: Geothermal
• Date: 27th March 2026

The Organisation of Eastern Caribbean States Commission has continued to provide technical assistance to the Government of Saint Lucia to support the development of drafting instructions for a Geothermal Energy Development Bill.

• Region: Europe
• Topics: Geothermal
• Date: 25th March 2026

Denmark’s Green Therma ApS and Germany’s Geothermie Rupertiwinkel GmbH (GTR) have signed a Letter of Intent (LoI) to explore the feasibility of deploying a closed-loop geothermal heat solution in the Rupertiwinkel geothermal area in Bavaria.

“This collaboration represents an exciting opportunity to demonstrate how closed-loop geothermal technology can unlock reliable geothermal heat with lower geological risk,” said Jørgen Peter Rasmussen, CEO of Green Therma.

The two sides will evaluate the potential application of Green Therma’s Heat4Ever technology, a closed-loop geothermal system designed to extract geothermal heat while minimising the geological risks typically associated with conventional hydrothermal geothermal projects.

The initial phase will focus on a feasibility assessment, including geological analysis, heat demand evaluation, and a preliminary design of a Heat4Ever geothermal plant.

If successful, the project could form the basis for future development of a geothermal heat supply supporting industrial and district heating demands in the region, one of Germany’s wealthiest areas.

“We see strong potential in combining our geothermal development ambitions with Green Therma’s innovative Heat4Ever solution to help deliver sustainable heat for the region,” added Anthony Hawkins, Managing Director of Geothermie Rupertiwinkel GmbH.

Earlier in March, Green Therma also signed an LoI with SWK Stadtwerke Kaiserslautern Versorgungs-AG to assess the deployment of closed-loop geothermal heat in Kaiserslautern.

This project aims to evaluate how Green Therma’s Heat4Ever solution can supply geothermal heat into SWK’s 105-km district heating network as part of SWK’s ambition to achieve carbon-neutral heat by 2045.

In February, ZeroGeo Energy GmbH announced the purchase of GTR and its plans for a green energy hub in Kirchanschöring, Bavaria, consisting of a geothermal heating and cooling and/or power development, plus a battery energy storage system.

• Region: North America
• Topics: Geothermal
• Date: 25th March 2026

XGS Energy, a developer of next-generation geothermal power systems, is teaming up with energy technology company Baker Hughes to advance XGS’s planned 150-megawatt geothermal project in New Mexico.

• Region: Europe
• Topics: Geothermal
• Date: 24th March 2026

Expro is ready to deliver well testing services for the Schleidberg well in Vulcan Energy’s significant Lionheart Project.

• Region: North America
• Topics: Geothermal
• Date: 23rd March 2026

A major energy modernisation scheme involving the use of geothermal has been completed at a US Army base in Louisiana.

Corvias, which partners with the Department of War and higher education institutions on infrastructure and energy resiliency challenges, said in a statement that the project would support the military housing community at Fort Polk, converting 3,600 homes to high-efficiency ground source heat pump (GSHP) technology.

It also continues a trend in the roll-out and adoption of geothermal energy for use in military bases and installations elsewhere in the US.

“Energy modernisation is a key part of our long-term partnership with the US Army and reflects our commitment to listening to residents and delivering tangible improvements that matter in their daily lives,” said Kolby Stobbe, senior vice president, property operations at Corvias.

“At Fort Polk, we’ve delivered a community-wide transformation that increases resident comfort and strengthens long-term housing performance and resilience.”

The project replaces legacy HVAC systems with geothermal heating and cooling for more consistent indoor comfort, quieter operation, and improved efficiency, the statement noted.It also builds on prior energy enhancements at the site, including advanced metering and optimised hot water systems.

The upgrades are expected to reduce annual electricity consumption across Fort Polk’s military family housing community by 30%, generating more than US$2.6mn in annual utility and operational cost savings.

The Corvias statement added that the milestone is part of a US$92mn investment in infrastructure improvements to the Fort Polk military family housing community, which also includes renovation, roof replacement and structural improvement works.

“As one of Corvias’ long-standing public-private housing partnerships with the US Army, the Fort Polk military family housing partnership demonstrates how sustained reinvestment can elevate the resident experience while also driving local economic impact,” the Corvias statement added.

“Together, these improvements transform legacy U.S. Army housing into refreshed, modern neighbourhoods that better reflect the expectations of today’s service members and their families.”

• Region: North America
• Topics: Geothermal
• Date: 20th March 2026

Fervo Energy, developer, owner, and operator of next-generation geothermal assets, has announced the successful close of  US$421mn in non-recourse debt financing for the first phase of its Cape Station development, a considerable achievement for a “first of a kind” project and an indication of the bankability of enhanced geothermal systems (EGS) as the demand for clean power continues to rise.

• Region: Asia Pacific
• Topics: Geothermal
• Date: 19th March 2026

A geothermal exploration initiative in Whakatᾱne, led by the University of Auckland, has secured $3mn from the Government’s Regional Infrastructure Fund for the drilling of exploratory temperature-gradient wells to better understand the resources lying within the area.