The $10 million strategic investment underscores Devon’s confidence in the growth of the geothermal industry and Fervo’s winning approach.
HOUSTON and OKLAHOMA CITY, April 18, 2023 – Fervo Energy (“Fervo”), the next-generation leader in geothermal technology, today announced a $10 million strategic investment from Devon Energy Corporation (NYSE: DVN). The investment initiates a partnership between two technical leaders and applies Devon’s 50-plus years of innovation in oil and gas to Fervo’s advanced geothermal capabilities.
Fervo is the first geothermal company to successfully drill and complete a horizontal well pair for commercial geothermal production – leveraging technologies, skills and processes pioneered by Devon for oil and gas production.
“We are thrilled to have Devon as a partner,” said Tim Latimer, co-founder and CEO of Fervo. “Devon is a technology leader with historic and unparalleled expertise in drilling and completing wells. We expect this partnership will help unlock further potential for geothermal as the primary 24⁄7 renewable energy source.”
Fervo applies horizontal drilling, multi-stage well completion, and distributed fiber optic sensing to geothermal reservoir development, delivering higher reliability on projects. Fervo’s approach makes geothermal power accessible in far more places than before and dramatically increases its potential as a widespread energy source.
“We are excited about this partnership with Fervo, an innovator and leader in the enhanced geothermal space,” said David Harris, Chief Corporate Development Officer and Executive Vice President at Devon. “This investment is a good match for Devon’s new energy ventures strategy.”
About Fervo Energy
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. Geothermal has a major role to play in the future electric grid, and Fervo’s key advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost competitive. For more information, please visit www.fervoenergy.com.
About Devon Energy Corporation
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.