Fervo Energy, a company specializing in next-generation geothermal development, has secured $255 million in new funding and capital availability as it continues to build the world’s largest enhanced geothermal systems (EGS) power development.
The announced funding comprises both opportunistic corporate equity and new debt financing.
Capricorn’s Technology Impact Fund II led the $135 million corporate equity round. Fervo said it welcomed new investment and continued support from a suite of high-caliber investors, including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria and Sabanci Climate Ventures.
“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” said Tim Latimer, CEO and co-founder of Fervo. “Investors recogniz
