Devon Energy led a funding round for Fervo Energy to put to use oil and gas technology and techniques to scale geothermal energy. (Source: Shutterstock)
Geothermal company Fervo Energy has raised $244 million in its latest funding round led by Devon Energy, according to a Feb. 29 news release.
The funds will finance the geothermal company’s next phase of growth as it puts to use oil and gas technology and techniques to scale geothermal energy.
“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” said Fervo CEO Tim Latimer. “Our technology is fully derisked, our pricing is already competitive and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”
Devon Energy was joined in the funding round with investments from companies that included Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria and Mitsubishi Heavy Industries, the release states.
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