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Cape Station in Beaver County, Utah, site of Furbo Energy’s planned 400MW geothermal project (Source: Business Wire)
Fervo Energy has raised $244 million in a new funding round led by Devon Energy to support a next-generation geothermal project in Cape Station, Utah.
Fervo Energy has raised $244 million in a new funding round to support the company’s next-generation geothermal development efforts. The new funding round is led by shale oil and gas pioneer Devon Energy and adds to a previous $10 million strategic investment.
The funding round also included participation from Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, and existing investors Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich also participated in the round. & Payne, Impact Science Ventures.
The new funding will support Fervo’s operations at Cape Station, which is expected to deliver clean electricity to the grid by 2026.
Since the last round of funding, Fervo has successfully brought its first commercial project online, establishing Fervo’s system as the most productive enhanced geothermal system (EGS) in history. Furbo has also begun drilling at Cape Station, a 400MW project in Beaver County, Utah. Initial drilling results demonstrate reduced drilling times and costs that significantly exceed the Department of Energy’s expectations for EGS.
“The demand for 24-hour clean energy has never been greater, and Next Generation Geothermal is uniquely positioned to meet this demand.” Tim Latimer, Fervo CEO and co-founder said: “Our technology is completely de-risked, our pricing is already competitive, and our pipeline of resources is vast. With this investment, Fervo will turn geothermal into a 24/7 carbon-free energy production company. It allows me to stay centered.”
“Farbo’s approach to geothermal development leverages cutting-edge underground, drilling and completions expertise and technology that Devon has honed over decades.” said David Harris, Devon’s Chief Development Officer and Executive Vice President. “We look forward to deepening our partnership with Fervo and maximizing the value of Fervo’s first-mover advantage in geothermal and adjacency to our core business in Devon.”
“The energy trilemma is one of the defining global challenges of our time: How can we generate affordable, reliable, and clean electricity?” John Arnold, founder of Centaurus Capital and co-chairman of Arnold Ventures, said: “Fervo has turned geothermal into a scalable, carbon-free resource that can respond in the moment.”
In a separate statement, Mitsubishi Heavy Industries (MHI) said it is making the investment in Fervo as part of its collaboration and investment in partners that develop innovative technologies that contribute to building a decarbonized society. A notable advantage of Fervo’s technology is power availability. This is important for industrial facilities and addresses the intermittent gap between solar and wind power.
Source: Fervo Energy and Mitsubishi Heavy Industries
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