The need to transition rapidly away from carbon based energy sources is beyond urgent, and Fervo Energy’s mission of using transformative geothermal technology as an energy source is a method with high growth potential.
A key advantage of geothermal technology over other sources such as wind and solar is the fact that it is a continuous source of energy.
“Geothermal power has been around for decades and with the right technology, can make 100% carbon free energy a reality around the world. This round of funding will enable the growth we need to reach that goal.” The funding round was led by Capricorn Investment group and also included existing investors such as Breakthrough Energy Ventures, 3X5 Partners, Congruent Ventures, and Elemental Excelerator.
In a statement, Ion Yadigaroglu of Capricorn Investment Group said, “We’ve long been believers in geothermal energy but have waited until we’ve seen the right technology and team to drive innovation in the sector. Fervo’s technology capabilities and the partnerships they’ve created with leading research organizations make them the clear leader in the new wave of geothermal.” To begin with, Fervo Energy will be using the new financing to expand its operations in western United States, where there is already a history of using naturally occurring geysers and steam jets as a geothermal source of energy.
“Geothermal energy can play that role, and Fervo’s technology solutions will help rapidly scale new geothermal resources.”