Technology startup Fervo Energy has secured investments of $28 million from a group of investors, and strengthens technology partnership on its tailored geothermal drilling solution.
In a release shared today, U.S.-based Fervo Energy, an advanced geothermal energy development company, today announced the close of a $28 million Series B financing to continue the company’s mission of applying transformative geothermal technology to address climate change.
Fervo Energy has developed a suite of proprietary solutions to increase the productivity and lower the cost of geothermal power generation.
Fervo’s technology enables development of geothermal in many resources that were previously uneconomic, dramatically increasing the resource potential for geothermal around the world.
Fervo has been funded by the Department of Energy Geothermal Technology Office and ARPA-E to advance work with partners including Schlumberger, Rice University, and the Berkeley Lab.
Most recently, Fervo was awarded a grant from the Utah Field Observatory for Research in Geothermal Energy to develop new drilling and production techniques for novel well orientations.
“Achieving a fully decarbonized electric grid is a significant challenge, and we need resources to complement wind, solar, and batteries to decarbonize the most challenging hours of the year,” said Carmichael Roberts of BEV. “Geothermal energy can play that role, and Fervo’s technology solutions will help rapidly scale new geothermal resources.”