The year of enhanced geothermal’s rise

Lisa Martine Jenkins | Source: Latitude Media | Posted 12/21/2024

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The growing demand for 24/7 carbon-free power made people take enhanced geothermal seriously in 2024 — and companies like Fervo benefitted.

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Fervo, a next-generation geothermal company, announced the successful fundraising of $255 million, with $135 million in corporate equity and $120 million in letter of credit and term loan facility provided by Capricorn's Technology Impact Fund II and Mercuria, respectively. This marks the second major fundraising effort of the company in a year, following the $244 million raised in the previous round led by Devon Energy. The funds will be used to accelerate Fervo's scale-up and support its projects, including a 2-gigawatt greenfield development in Utah, with electricity generation expected to begin in 2026.

The surge in demand for clean, firm power has boosted interest in geothermal energy, with companies like Fervo and Sage Geosystems drawing significant investments and attention. Industry players, including tech giants like Google and Meta, are exploring partnerships and investment opportunities in the geothermal sector to support sustainable energy solutions. Amid a changing regulatory landscape and increasing need for clean energy, geothermal startups are attracting renewed interest from venture capitalists, indicating a positive outlook for the industry's growth and innovation in the coming years.

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The year of enhanced geothermal’s rise

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