Fervo Energy, a next-generation geothermal energy startup, has reported plans to raise USD 221 million in equity funding. So far, the company has secured USD 138.5 million of the total amount, bringing the company's total funding to USD 325.5 million.

Fervo did not disclose how it intends to use the capital. However, earlier this month, the company reported the completion of a horizontal well in Utah in 21 days, a 70% reduction from the first well the company drilled in 2022. The project also cost half of the first, coming to USD 21 million per well.

Analyst QuickTake: Fervo Energy last received funding earlier in February 2024 , when the company received USD 25 million from the Department of Energy to advance geothermal energy technology. Fervo intended to use the funds for its first utility-scale project in Utah, which was known as Cape Station.  The 400 MW project will develop 90 MW capacity by 2026 and 310 MW by 2028. Prior to this, in November 2023 , the company began operations at its geothermal power plant in Nevada and started to supply electricity to Google’s data centers in the state.