Fervo Energy: Geothermal Development Company Raises $244 Million

By Amit Chowdhry • Mar 4, 2024

Fervo Energy, a leader in next-generation geothermal development, announced that it had raised $244 million in new funding led by Devon Energy, a shale oil and gas pioneer. And this funding will unlock Fervo’s next phase of growth, deploying proven technology adapted from the oil and gas industry at scale to deliver commercially viable 24/7 carbon-free energy.

Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries also joined the round along with existing investors Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures.

Since the latest funding round, Fervo successfully brought its first commercial project online, establishing Fervo’s system as the most productive enhanced geothermal system (EGS) in history. And Fervo has also begun drilling at Cape Station, a 400 MW project in Beaver County, Utah. Early drilling results show reduced drilling times and lower costs significantly exceeding Department of Energy’s expectations for EGS.

The funding will support Fervo’s continued operations at Cape Station, which will begin delivering clean electricity to the grid in 2026.

Goldman Sachs & Co. LLC acted as an exclusive placement agent to Fervo Energy. Vinson & Elkins LLP acted as Fervo Energy’s legal advisor.


“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand. Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”

– Tim Latimer, Fervo CEO and Co-Founder

“Fervo’s approach to geothermal development leverages leading-edge subsurface, drilling, and completions expertise and techniques Devon has been honing for decades. We look forward to deepening our partnership with Fervo to capture the full value of Fervo’s first-mover advantage in geothermal and the adjacencies to Devon’s core business.”

– David Harris, Chief Corporate Development Officer and Executive Vice President at Devon

“The energy trilemma is one of the defining global challenges of our time; how can we generate power that is affordable, reliable, and clean. Fervo has transformed geothermal into a scalable carbon-free resource ready to meet the moment.”

– John Arnold, Founder of Centaurus Capital and Co-Chair of Arnold Ventures