Fervo Energy, a leader in next-generation geothermal energy development, has announced $255 million in new funding to advance the world’s largest enhanced geothermal systems (EGS) project. The funding includes $135 million in corporate equity led by Capricorn’s Technology Impact Fund II, alongside investments from Breakthrough Energy Ventures, CalSTRS, CPP Investments, and others.

Additionally, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, one of the largest independent energy and commodity groups. This financing will accelerate deployment of EGS projects across the U.S.

“Demand for 24/7 carbon-free energy is at an all-time high,” said Tim Latimer, CEO and Co-Founder of Fervo Energy. “Investors recognize that Fervo’s ability to scale quickly is vital as energy demand surges.”

The company’s first major project, Cape Station, is fully permitted for up to 2 GW of electricity generation and will commence operations in 2026. Brian Falik, Group Chief Investment Officer of Mercuria, highlighted the importance of Fervo’s EGS approach, calling it “cost-effective, commercially viable, and scalable.”

Fervo Energy aims to transform geothermal into a cost-competitive, globally scalable solution for clean energy.

Source: fervoenergy.com