Geothermal power startup Fervo Energy announced today that it has raised $138 million, with proceeds aimed at helping the company to build, own and operate 24/7 carbon-free power plants.

Founded in 2017, Fervo Energy focuses on the development of geothermal projects to deliver carbon-free energy. The company uses techniques such as horizontal drilling and distributed fiber optic sensing to make reservoirs of hot rock that exist beneath the earth’s surface into clean energy sources. The new funding will enable the company to complete power plants in Nevada and Utah, and evaluate new ones in Idaho, Oregon, Colorado, New Mexico, and internationally.

Tim Latimer, CEO of Fervo, said:

“Power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices. Our mission is to meet that growing demand by putting gigawatts of 24/7 carbon-free energy on the grid. This latest investment enables us to execute on those ambitious plans.”

The funding was led by venture capital firm DCVC and was joined by other new investors CPP Investments, Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures, as well as existing investors Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures, Congruent Ventures, 3X5 Partners, Helmerich & Payne, and Elemental Excelerator.

Matt Trevithick, Partner at DCVC, said:

“The United States needs 200 GW of reliable clean power to achieve a zero-carbon electricity grid. Fervo is poised to make geothermal as important as solar and wind to our energy future.”

Bruce Hogg, Managing Director and Head of Sustainable Energies at CPP Investments, added:

“Fervo represents a compelling opportunity to invest in a company that is working to unlock the potential of geothermal energy to provide clean, reliable energy at a sustainable price point. Fervo fits well into our strategy as we expand our portfolio of renewable assets in support of the global energy transition.”

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