Fervo Energy Raises $462 Million Series E to Accelerate Geothermal Development and Meet Surging Energy Demand with Clean, Firm Power

Oversubscribed Series E Round Led by B Capital to Support Flagship Cape Station Development and Advance Delivery of 24/7 Carbon-Free Power at Scale

HOUSTON--(BUSINESS WIRE)--Fervo Energy, the leader in geothermal energy development, today announced the closing of its oversubscribed $462 million Series E funding round, led by new investor B Capital, a global multi-stage investment firm. This significant financing reflects strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future.

The financing will accelerate Fervo’s growth, supporting the continued buildout of Cape Station and early development of several other projects across its expanding pipeline. Located in Beaver County, Utah, Cape Station will begin delivering 100 megawatts (MW) of firm clean power to the grid beginning in 2026, with an additional 400 MW online by 2028 for a total of 500 MW. Cape Station is expected to be the largest next-generation geothermal development in the world. Construction is progressing rapidly, demonstrating best-in-class operational performance with drilling times decreasing and efficiencies improving with each new well.

With the U.S. power market facing a critical inflection point defined by rapidly accelerating demand coupled with insufficient power generation, there is a generational opportunity for new sources of energy. Fueled by this new financing and its track record of execution, Fervo is well positioned to provide firm, clean energy at a meaningful scale to the grid.

“Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it,” said Tim Latimer, CEO and Co-Founder of Fervo Energy. “This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond. We’re building the clean, firm power fleet the next decade requires, and we’re doing it now.”

“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” said Jeff Johnson, General Partner at B Capital. “With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”

About the Series E Financing

Fervo continues to attract top-tier investors who share its vision to transform geothermal energy into a scalable, zero-emission resource that operates around the clock.

The round included participation from a broad coalition of new and returning investors. In addition to B Capital, new investors joining this round include AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co., Dr. Kris Singh (Founder of Holtec International), and JB Straubel. They are joined by returning investors including Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Centaurus Capital, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Echelon, Galvanize, Impact Science Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, and Sabanci Climate Ventures.

This investment builds on Centaurus Capital’s recent $75 million preferred equity commitment to support construction of Cape Station Phase I, with Centaurus also participating in the Series E round.

About Fervo Energy

Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. The company’s key advancements in drilling and subsurface analytics make geothermal cost competitive and globally scalable. For more information, visit www.fervoenergy.com.