Articles from Fervo Energy

Fervo Energy, a leader in next-generation geothermal development, has announced the successful completion of an appraisal drilling campaign at a new greenfield geothermal site, Project Blanford, located in Millard County, Utah. The drilling results confirm resource temperatures above 555°F at approximately 11,200 feet deep, exceeding the requirements for commercial viability. Drilled in under 11 days, the vertical appraisal well marks the hottest well drilled in company history, further de-risking and expanding Fervo’s industry-leading pipeline of enhanced geothermal projects.

Fervo Energy, the leader in geothermal energy development, today announced the closing of its oversubscribed $462 million Series E funding round, led by new investor B Capital, a global multi-stage investment firm. This significant financing reflects strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future.

Fervo Energy today announced the launch of the Geothermal Sustainable Development Pact, a new framework establishing best-in-class standards for how geothermal projects are planned, built, and operated. The Pact includes 37 specific commitments across six pillars: community engagement, workforce development, land use, water conservation and well integrity, induced seismicity, and emissions.

Fervo Energy (“Fervo”), the market leader in commercial enhanced geothermal systems (“EGS”) deployment, today announced it has successfully secured $206 million of additional capital required to continue the advancement of Cape Station, the world’s largest EGS development. This milestone underscores Fervo’s record-breaking progress in commercializing firm, carbon-free geothermal energy at scale.

Fervo Energy today announced the successful drilling and logging of its Sugarloaf appraisal well, an operational achievement that demonstrates the rapid advancement and scalability of enhanced geothermal systems (“EGS”). The well was drilled to a true vertical depth of 15,765 feet and is projected to reach a bottomhole temperature of 520 °F after full thermal equilibration. Fervo completed the Sugarloaf well in just 16 drilling days, representing a 79% reduction in drilling time compared to the US Department of Energy baseline for ultradeep geothermal wells.

Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced the execution of a 15-year power purchase agreement with Shell Energy North America (US), L.P. (“Shell Energy”) for 31 MW of 24/7 carbon-free geothermal power (the “Agreement”). Shell Energy will use the power purchased under the Agreement to serve its retail load customers beginning in 2026.

Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has secured $255 million in new funding and capital availability as it continues to build the world’s largest enhanced geothermal systems (“EGS”) power development. The announced funding comprises both opportunistic corporate equity and new debt financing.

Fervo Energy (“Fervo”), the leader in next-generation geothermal development, along with Southern Utah University (SUU), an institution known for its personalized approach to learning, and Elemental Impact (“Elemental”), a non-profit investing platform that invests in climate companies and projects with deep local impact, today announced the launch of a geothermal apprenticeship program to help oil and gas workers and Southwest Utah residents join the rapidly growing enhanced geothermal industry. The first-of-a-kind geothermal apprenticeship program advances labor momentum spurred by the Inflation Reduction Act.

Fervo Energy (“Fervo”), the leader in next-generation geothermal energy, today held its second annual Technology Day, announcing a suite of both technical and commercial breakthroughs. In the last year, Fervo drilled 15 wells at Cape Station, achieved record-breaking commercial flow rates at the site’s first well test, and secured a $100 million construction loan from X-Caliber Rural Capital to accelerate its operations.

Fervo Energy (“Fervo”), the leader in next-generation geothermal energy, announced today the execution of two power purchase agreements (PPAs) totaling 320 MW with Southern California Edison (SCE), one of the nation’s largest utilities. The 15-year agreements for 24/7 carbon-free geothermal energy will provide reliable, clean, and affordable power for the equivalent of 350,000 homes across Southern California and support SCE’s vision to help California transition to a cleaner energy future.

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. This financing 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.

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 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. Cape Station will begin delivering around-the-clock, clean power to the grid in 2026 and reach full scale production in 2028.

Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today announced that it has successfully completed the well test at its full-scale commercial pilot, Project Red, in northern Nevada. In conjunction with the announcement, Fervo is hosting research and industry partners for the inaugural Fervo Energy Technology Day tomorrow, July 19, in Houston to present findings from the project and explain their implications for accelerating the deployment of next-generation geothermal power.

Fervo Energy (“Fervo”), the next-generation leader in geothermal technology, today announced a $10 million strategic investment from Devon Energy Corporation (NYSE: DVN). The investment initiates a partnership between two technical leaders and applies Devon’s 50-plus years of innovation in oil and gas to Fervo’s advanced geothermal capabilities.

Fervo Energy, the leader in next-generation geothermal power, today announced that it will design and engineer a fully integrated geothermal and direct air capture (DAC) facility, with support from the Chan Zuckerberg Initiative (CZI).

Today, Fervo Energy announced the execution of a 20 MW power purchase agreement to provide 24/7 carbon-free geothermal power to a group of nine California-based community choice aggregators (CCAs). The 15-year contract will provide clean energy to households across Southern California.

Fervo Energy and Clean Power Alliance (CPA) are pleased to announce the execution of a 33 MW power purchase agreement (PPA) that will provide 24/7 carbon-free geothermal power to CPA, a community-driven, locally operated Southern California electricity provider. The 15-year contract will provide non-weather dependent, clean renewable energy to CPA’s 32 member communities across both Los Angeles and Ventura counties, encompassing more than three million residential and commercial customers.

Fervo Energy, the leader in next-generation geothermal power, today announced that it had raised $138 million in new funding led by DCVC to build, own, and operate 24/7 carbon-free power plants.