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Fervo Energy Raises $244 Million to Accelerate Deployment of Next-Generation Geothermal

Retrieved on: 
Thursday, February 29, 2024
Alternative Energy, Energy, Other Energy, Goldman Sachs, Commander-in-Chief, Africa (Royal Navy), Arnold Ventures LLC, Vinson & Elkins, Growth, Mitsubishi Heavy Industries, EGS, Entrepreneurship, History, Electricity, Heart, Devon Energy, Ministry of Energy, Partnership, Renewable energy

Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas.

Key Points: 
  • Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas.
  • “Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” said Tim Latimer, Fervo CEO and Co-Founder.
  • “Fervo has transformed geothermal into a scalable carbon-free resource ready to meet the moment.”
    Goldman Sachs & Co. LLC acted as exclusive placement agent to Fervo Energy.
  • Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power.

Fervo Energy Drilling Results Show Rapid Advancement of Geothermal Performance

Retrieved on: 
Monday, February 12, 2024
Alternative Energy, Energy, Utilities, Oil, Gas, Commander-in-Chief, Africa (Royal Navy), Technology transfer, EGS, ExxonMobil, Learning, Entrepreneurship, Life, ROP, Private sector, PDC, Texas A&M University, DOE, Devon Energy, Former, Renewable energy

Today at the Stanford Geothermal Workshop, Fervo Energy (“Fervo”) published early drilling results from its Cape Station project that exceed the Department of Energy’s (DOE) expectations for enhanced geothermal systems (EGS).

Key Points: 
  • Today at the Stanford Geothermal Workshop, Fervo Energy (“Fervo”) published early drilling results from its Cape Station project that exceed the Department of Energy’s (DOE) expectations for enhanced geothermal systems (EGS).
  • These results substantiate the rapid learning underway in the geothermal industry and signal readiness for continued commercialization.
  • Fervo has consistently reduced drilling times and costs in horizontal, high-temperature, deep granite drilling.
  • “Since its inception, Fervo has looked to bring a manufacturing mentality to enhanced geothermal development, building a highly repeatable drilling process that allows for continuous improvement and, as a result, lower costs,” said Tim Latimer, Fervo Energy CEO and Co-Founder.

Fervo Energy Breaks Ground on the World’s Largest Next-gen Geothermal Project

Retrieved on: 
Monday, September 25, 2023
Other Energy, Utilities, Sustainability, Environment, Alternative Energy, Energy, Environmental Health, Green Technology, Environmental impact assessment, National Environmental Policy Act, Commander-in-Chief, Africa (Royal Navy), EA, Ministry of home affairs, Data collection, Environmental health, Multimedia, Research, Carbon, History, Government, Mineral, BLM, National Environmental Engineering Research Institute, Devon Energy, Helmerich & Payne, Growth, Entrepreneurship, Uinta Basin, Safety, Geothermal energy, Renewable energy, Fast food

Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today held a groundbreaking ceremony to mark the start of its exploration drilling campaign at Cape Station, a next-generation geothermal energy project set to deliver 400 MW of 24/7 carbon-free electricity.

Key Points: 
  • Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today held a groundbreaking ceremony to mark the start of its exploration drilling campaign at Cape Station, a next-generation geothermal energy project set to deliver 400 MW of 24/7 carbon-free electricity.
  • Geothermal innovations like those pioneered by Fervo will play a critical role in extending Utah’s energy leadership for generations to come.”
    Earlier this year, Fervo announced breakthrough result of its commercial pilot project, Project Red.
  • “Beaver County, Utah is the perfect place to deploy our next-generation geothermal technology,” said Tim Latimer, Fervo Energy CEO and Co-Founder.
  • Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power.