Fervo Energy is Accelerating Geothermal Development and Meeting Surging Energy Demand with Clean, Firm Power

Fervo Energy, delivering 24/7 carbon-free geothermal energy, led by Tim Latimer, Jack Norbeck, PhD, David Ulrey, Christian Gradl, Sarah Jewett, and others, has announced the closing of its oversubscribed $462 million Series E funding round, led by new investor B Capital, with participation from new investors, including AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co., Dr. Kris Singh (Founder of Holtec International), and JB Straubel. They are joined by returning investors, including Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Centaurus Capital, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Echelon, Galvanize, Impact Science Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, and Sabanci Climate Ventures.

The financing underscores strong market confidence in Fervo’s role in making geothermal a cornerstone of 24/7 carbon-free power. It will accelerate the company’s growth, advancing the construction of Cape Station and supporting early development of other projects in its expanding pipeline.

Cape Station in Beaver County, Utah, will deliver 100 MW of firm clean power starting in 2026, scaling to 500 MW by 2028, positioning it as the world’s largest next-generation geothermal project. Construction is moving quickly, with drilling times falling and efficiencies improving with each successive well.

With U.S. power markets at a critical inflection point, marked by surging demand and limited new generation, there is a generational need for scalable, clean energy. Backed by fresh financing and a strong execution record, Fervo is positioned to deliver firm, carbon-free power at a meaningful scale.

“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.”

“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” said Jeff Johnson, General Partner at B Capital. “With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and enhanced geothermal energy is uniquely suited to deliver. We’re proud to back a team with the technical depth and execution capability to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”

This investment follows Centaurus Capital’s recent $75 million preferred equity commitment to support the construction of Cape Station Phase I, with the firm also participating in the Series E round.