Fervo Energy, a geothermal energy pioneer, has secured $206 million in funding to advance its massive Cape Station project in Utah—set to become the largest enhanced geothermal power plant globally.
The initial 100MW phase is expected online next year, with an additional 400MW to follow in 2028.
A new era of clean, reliable power
Enhanced geothermal taps into deeper, hotter reservoirs than traditional systems, making it a compelling 24/7 clean energy source—particularly attractive to AI data centers and industries seeking reliable, emissions-free power. Fervo Energy recently completed its deepest and hottest well to date, reaching 15,765 feet and an expected temperature of 520°F.
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Capital commitments from high-profile backers
Breakthrough Energy Catalyst, part of Bill Gates’ clean tech fund, led the round with $100M in preferred equity. Mercuria added $60M, building on a previous $120M facility, while X-Caliber Rural Capital contributed $45.6M in bridge debt. The latest funding follows $244M raised in February 2024 and $255M in December 2023.
A turning point for geothermal
With growing investor confidence, enhanced geothermal appears to be emerging from the “valley of death” that plagues many clean tech innovations. Fervo Energy’s rapid drilling milestones and expanding capital base suggest that the technology is ready for commercial scale, potentially reshaping how the world powers next-gen industries.
