COMPANY INFO
Fervo Energy is the actual company name. It was founded in 2017. The founders include Tim Latimer, who is the CEO and co-founder, and Jack Norbeck, PhD, who is the CTO and co-founder. The company has about 146 employees as of 2025. Its website is https://fervoenergy.com. Fervo Energy operates in the Energy Infrastructure industry. The company develops next-generation geothermal power projects leveraging innovation in geoscience to accelerate the clean energy transition, providing carbon-free energy and playing a major role in the future electric grid. It aims to increase productivity and scalability of energy for its clients through advanced geothermal technology.
Fervo Energy is a leading innovator in the Energy Infrastructure industry, founded in 2017 by Tim Latimer (CEO) and Jack Norbeck, PhD (CTO). Headquartered in Houston, Texas, with additional offices in Colorado, California, Nevada, and Utah, Fervo Energy develops next-generation geothermal power projects. The company leverages advanced geoscience and drilling techniques to accelerate the clean energy transition, providing 24/7 carbon-free electricity to support a reliable and sustainable grid. With about 146 employees as of 2025, Fervo Energy is at the forefront of making geothermal energy scalable and commercially viable.
Fervo Energy funding has been substantial, reflecting strong investor confidence in its mission and technology. To date, Fervo Energy has raised a total of $676 million across 12 funding rounds. The company's funding strategy emphasizes partnerships with strategic corporate investors, venture capital, and project finance partners. Notable milestones include a major Series D round and significant project financing for its Cape Station geothermal plant in Utah. Fervo's funding approach has enabled rapid technology development, large-scale geothermal deployments, and advancement toward becoming a major player in carbon-free energy production.
This project financing round included $100 million in project-level preferred equity from Breakthrough Energy Catalyst, a $60 million upsized loan from Mercuria, and $45.6 million in bridge debt from X-Caliber Rural Capital. The funds are dedicated to building the largest enhanced geothermal power plant in Utah (Cape Station Phase I), aiming to scale up clean energy production and accelerate commercial deployment.
This Series D round consisted of $135 million in corporate equity led by Capricorn's Technology Impact Fund II and $120 million in debt financing from Mercuria. The purpose of this funding was to accelerate the deployment of enhanced geothermal systems (EGS) projects in the United States, supporting Fervo Energy’s growth and technology commercialization.
Led by Devon Energy, this Series D round aimed to unlock the next phase of growth by deploying proven geothermal technology adapted from the oil and gas industry. It specifically supported continued operations at the Cape Station geothermal project and expanded Fervo Energy’s capacity for delivering 24/7 carbon-free energy.
The Series A funding provided Fervo Energy with initial capital to develop and commercialize its technology. This round supported early-stage product development and laid the groundwork for future growth and larger funding rounds.
A renowned tech entrepreneur and philanthropist, Bill Gates invests in climate innovation through Breakthrough Energy Ventures and Breakthrough Energy Catalyst. His support helps Fervo Energy commercialize next-generation geothermal technology and accelerate global decarbonization.
CalSTRS is one of the largest public pension funds in the United States. As an institutional investor, CalSTRS brings significant capital resources and a focus on long-term sustainability to Fervo Energy funding rounds, supporting their clean energy initiatives.
A major North American energy company, Devon Energy led a critical Series D investment in Fervo Energy. Their partnership brings industry expertise and reinforces the adaptation of proven oil and gas technology for geothermal applications.
Founded by Tom Steyer and Katie Hall, Galvanize Climate Solutions is a climate investment platform that focuses on innovative companies reducing greenhouse gas emissions. Their investment in Fervo Energy aligns with their goal to scale cutting-edge clean energy solutions.
A leading philanthropist and investor, John Arnold supports ventures focused on energy transition and climate change. His backing of Fervo Energy signals robust confidence in geothermal’s role in a clean energy future.
A private-public partnership launched by Bill Gates, Breakthrough Energy Catalyst provides catalytic capital to scalable climate technologies. Their project-level equity enables Fervo Energy to construct large-scale commercial geothermal facilities.
Mercuria is a global energy and commodities group, providing both equity and structured debt financing to Fervo Energy. As a key financial partner, Mercuria's involvement strengthens the company's capacity to scale its projects.
XRC facilitated bridge debt financing for Fervo Energy’s project development, supporting the rapid construction and expansion of the Cape Station geothermal plant in Utah.
Capricorn’s Technology Impact Fund II led Fervo's most recent corporate equity round, supporting the company’s growth strategy in advanced geothermal systems.
A leading climate tech fund led by Bill Gates, Breakthrough Energy Ventures provides venture capital to Fervo Energy, supporting their research, development, and scaling up of clean energy solutions.
An early-stage venture capital firm investing in sustainable technology startups, Congruent Ventures has supported key Fervo Energy funding rounds, backing its innovative geothermal solutions.
The Canada Pension Plan Investment Board is one of the world’s largest retirement funds. Their investment in Fervo Energy demonstrates broader institutional support for the geothermal industry and long-term infrastructure plays.
Data Collective DCVC is a deep tech venture capital fund known for backing innovative startups. Their commitment to Fervo Energy investors underscores the scalability and technical strength of Fervo’s geothermal approach.
As the investment arm of Liberty Mutual Insurance, their involvement in Fervo Energy funding rounds highlights the attractiveness of clean energy infrastructure for stable, long-term capital allocation.
Sabanci Climate Ventures is dedicated to accelerating the deployment of clean energy technologies, joining Fervo Energy’s investor group to foster innovation in the geothermal sector.
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