Fervo Energy, a next-generation geothermal energy startup, has raised USD 244 million in a funding round led by Devon Energy. This brings the company's total funds to USD 431 million.
Fervo intends to use the funds to scale its technology commercially.
Other participants in the round included new investors such as Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries, as well as existing investors Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures.
Analyst QuickTake: This fundraise follows Fervo's earlier report this month of plans to raise USD 221 million in equity funding. Prior to this, in February 2024 , 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, known as "Cape Station."
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