Fervo Energy, a next-generation geothermal energy startup, has raised USD 138 million in a Series C funding round led by DCVC. The company plans to use the new proceeds to build, own, and operate 24/7 carbon-free power plants. This includes completing power plants in Nevada and Utah as well as evaluating new projects in California, Idaho, Oregon, Colorado, New Mexico, and internationally.

Other new investors who participated in the round included the Canada Pension Plan Investment Board (CPP Investments), Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures. The round also saw strong participation from existing investors such as Capricorn's Technology Impact Fund, Breakthrough Energy Ventures, Congruent Ventures, 3X5 Partners, Helmerich & Payne, and Elemental Excelerator.

Founded in 2017, Fervo offers a range of proprietary solutions to increase productivity and lower the cost of geothermal power generation. Fervo incorporates proven technologies from the oil and gas industry, such as horizontal drilling and distributed fiber optic sensing, in geothermal applications. Fervo’s technology enables the development of geothermal projects in areas that would have been previously uneconomical.