Capricorn’s Technology Impact Fund II led the $135 million corporate equity round. Fervo is excited to welcome new investment and continued support from a suite of high-caliber investors, including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.
“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” said Fervo CEO and Co-Founder Tim Latimer. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”
In addition to corporate equity, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, one of the world’s largest independent energy and commodity groups. The facility will provide additional liquidity for Fervo to accelerate the deployment of EGS projects across the U.S. as it seeks to meet skyrocketing demand for clean, firm power.
“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” said Brian Falik, Group Chief Investment Officer of Mercuria. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”
Fervo’s first greenfield development, Cape Station, is now fully permitted up to 2 GW and will begin generating electricity in 2026. This project is just a first step. As Fervo continues to meet and surpass its stated development milestones, expect additional exciting updates in the near future.
