Fervo Energy Raises $462 Million to Accelerate Geothermal Development, Utah
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Fervo Energy has closed its oversubscribed $462 million series E funding round, led by new investor B Capital. This significant financing reflects strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future.
The financing will accelerate Fervo’s growth, supporting the continued buildout of Cape Station and early development of several other projects across its expanding pipeline. Located in Beaver County, Utah, Cape Station will begin delivering 100 megawatts (MW) of firm clean power to the grid beginning in 2026, with an additional 400 MW online by 2028 for a total of 500 MW. Cape Station is expected to be the largest next-generation geothermal development in the world. Construction is progressing rapidly, demonstrating best-in-class operational performance with drilling times decreasing and efficiencies improving with each new well.
“Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it,” said Tim Latimer, CEO and co-founder of Fervo Energy.
“This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond. We’re building the clean, firm power fleet the next decade requires, and we’re doing it now,” added Latimer.
“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S. With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver,” said Jeff Johnson, general partner at B Capital.
“We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality,” added Johnson.
With the U.S. power market facing a critical inflection point defined by rapidly accelerating demand coupled with insufficient power generation, there is a generational opportunity for new sources of energy. Fueled by this new financing and its track record of execution, Fervo is well positioned to provide firm, clean energy at a meaningful scale to the grid.
Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. The company’s key advancements in drilling and subsurface analytics make geothermal cost competitive and globally scalable.
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