(Credit: Fervo Energy)

Fervo Energy announced that it has raised $244 million in new funding led by Devon Energy, meant to enable Fervo’s next phase of growth, deploying technology adapted from the oil and gas industry at scale.

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

“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. “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.”

Since its last fundraise, Fervo has brought its first commercial project online, and also began drilling at Cape Station, a 400 MW project in Beaver County, Utah. Fervo says early drilling results show reduced drilling times and lower costs that exceed Department of Energy expectations for EGS.

“Fervo’s approach to geothermal development leverages leading-edge subsurface, drilling, and completions expertise and techniques Devon has been honing for decades,” said David Harris, Chief Corporate Development Officer and Executive Vice President at Devon. “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.”

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

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