Fervo Energy has secured a $462 million Series E round to accelerate the commercial buildout of its next-generation geothermal portfolio, marking one of the largest private financings in the geothermal sector. New investor B Capital led the oversubscribed round. And it included participation from a broad base of new and returning investors, reflecting rising market confidence in Fervo’s ability to deliver large-scale, around-the-clock carbon-free power.
The new capital will primarily support the continued development of Cape Station, Fervo’s flagship project in Beaver County, Utah. Cape Station is scheduled to supply an initial 100 megawatts of firm clean power to the grid in 2026, with an additional 400 megawatts expected by 2028. With 500 megawatts planned in total, the development is positioned to become the largest next-generation geothermal facility globally. Construction progress has been steady, with improvements in drilling speeds and operational efficiencies reported across successive wells.
Fervo stated that the United States energy market is entering a crucial period in which data center growth, electrification, and overall demand are outpacing the development of reliable clean generation. The company believes this creates a generational opening for geothermal energy to become a core contributor of uninterrupted, carbon-free power. This Series E round follows Centaurus Capital’s recent $75 million preferred equity commitment to Phase I of Cape Station, which also included participation from Centaurus in the new round.
The investor group included new participants such as AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co., Dr. Kris Singh, and JB Straubel. Returning investors included 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.
Fervo continues to position its technology as a breakthrough in cost-competitive, scalable geothermal development that can operate continuously. The company applies advanced drilling techniques and subsurface analytics to unlock geothermal resources that were previously inaccessible or uneconomical. According to Fervo, these innovations will be central to enabling the United States grid to meet surging demand while cutting emissions.
KEY QUOTES:
“Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it. 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.”
Tim Latimer, CEO and Co-Founder of Fervo Energy
“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S. With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”
Jeff Johnson, General Partner at B Capital
