Fervo nabs $462M to complete massive next-gen geothermal project
Summary
billion overall since as it develops what could become the worlds largest enhanced geothermal system in Utah.Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S., Jeff Johnson, general partner at B Capital, said in a news release.The Series E funding comes as Fervo reportedly prepares to become a publicly traded company, which would let it raise even more capital for its ambitious projects. When asked about a potential , Fervo said only that the company is focused on executing our development plan in an email to Canary Media. We have a lot of capital needs going forward to fuel our planned growth and will be tapping a lot of different opportunities to make that happen.Fervo is part of a burgeoning movement in the U.S. and globally to unleash geothermal energy in many more places.The carbon-free energy from deep underground is available around the clock, but it represents only about . Todays geothermal plants rely on naturally occurring reservoirs of hot water and steam to spin their turbines and generate power, which are available in a limited number of places.Fervos approach involves creating its own reservoirs by fracturing hot rocks and pumping them full of water. The company uses the same horizontal drilling techniques and fiber-optic sensing tools as the oil and gas industry in an effort to reach deeper wells and hotter sources than is possible with conventional geothermal technology.Its flagship development, Cape Station, is well underway in Beaver County, Utah.