Fervo Energy nabs $255M to deploy carbon-free geothermal power

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Fervo Energy recently secured $255 million in funding to advance its geothermal power projects in the U.S. The company aims to build the largest enhanced geothermal systems to meet the increasing demand for clean and reliable energy. With $135 million in equity funding led by Capricorn Investment Group and additional support from Breakthrough Energy Ventures, as well as $120 million in debt financing from Mercuria, Fervo Energy is well-positioned to continue its innovative approach to harnessing geothermal energy.

Using proprietary technology, Fervo Energy drills horizontally into geothermal reservoirs to access multiple wells from a single location, reducing surface footprint and drilling risks. The company's first major project in Utah, set to generate up to 2 GW of power, is approved and scheduled to begin operation in 2026. This investment in geothermal energy aligns with the growing need for carbon-free energy, as geothermal power production emits significantly less carbon dioxide compared to traditional fossil fuel plants, making it a crucial component of the renewable energy mix.