Fervo Energy, a Houston, TX-based geothermal development company, raised additional $255M in funding.
The funding comprised both opportunistic corporate equity and new debt financing.
led the corporate equity round.
The $135m equity round was led by Capricorn’s Technology Impact Fund II, with participation from Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures. In addition to corporate equity, Fervo secured a $120m letter of credit and term loan facility from Mercuria.
The company intends to use the funds to expand its development efforts.
Led by CEO Tim Latimer, Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Its advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost-competitive and globally scalable.
Fervo’s first greenfield development, Cape Station, is now fully permitted up to 2 GW and will begin generating electricity in 2026.
FinSMEs
19/12/2024