Fervo raises $462M to power the grid’s zero-carbon future

When we led Fervo’s Series C in 2022, it was because we believed enhanced geothermal could become a cornerstone of ²⁴⁄₇ carbon-free power and this was the team to make it happen. Today, that conviction is being validated at scale. Fervo has just closed an over­sub­scribed $462 million Series E, which DCVC supported — a milestone that reflects how far the company has come and how urgently the market needs what it’s building. See Wall Street Journal coverage here. 

U.S. electricity demand is rising after a decade of slow growth, driven by AI data centers, EVs, and industrial elec­tri­fi­ca­tion. Wind and solar are essential but inter­mit­tent. The grid urgently needs firm, around-the-clock clean power. Fervo delivers it by adapting horizontal drilling and fiber-optic sensing techniques from the oil and gas industry, turning low-perme­ability rock into productive geothermal reservoirs almost anywhere there’s accessible heat. In 2023, Fervo built the most productive enhanced geothermal system, supplying ²⁴⁄₇ carbon-free power to the grid that powers Google’s data centers in Nevada.

Now, Fervo is building at a scale that matters. Its next facility, Cape Station in Utah, will deliver 100 MW of firm clean power starting in 2026, scaling to 500 MW by 2028, making it the largest second-generation geothermal project in the world. Construc­tion is progressing rapidly, with drilling times and costs improving with each new well. All 500 MW are already fully contracted.

Enhanced geothermal is ready for prime time, and Fervo — backed by a broad coalition of investors who share its vision — is proving it. We’re proud to continue supporting the team as they build the clean, firm generation capacity that will power America’s industrial renaissance.