Skip to main content

Fervo Energy Secures $224 Million to Revolutionize Geothermal Energy

Fervo Energy Secures $244 Million to Revolutionize Geothermal Energy



Houston, TX (February 29, 2024)

By :Robert Buluma

Fervo Energy, the trailblazer in next-generation geothermal development, has recently announced a significant milestone in its journey – securing a whopping $244 million in new funding. Spearheaded by Devon Energy, a prominent figure in the realm of shale oil and gas, this investment marks a pivotal moment for Fervo Energy and the future of sustainable energy production.


The infusion of capital will empower Fervo Energy to accelerate the deployment of its cutting-edge technology, which draws upon proven methodologies from the oil and gas sector, to establish commercially viable 24/7 carbon-free energy solutions. With sustainability at the forefront of global concerns, Fervo's innovative approach comes at a crucial time, offering a promising alternative to traditional energy sources.


Joining Devon Energy in this groundbreaking funding round are several esteemed partners, including Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries. These collaborators, alongside existing investors such as Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures, reflect the widespread recognition of Fervo's potential to reshape the energy landscape.


According to Tim Latimer, CEO and Co-Founder of Fervo Energy, "The demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand." Latimer highlights Fervo's fully derisked technology, competitive pricing, and expansive resource pipeline as key factors driving the company's success and market viability.


One of Fervo's recent achievements includes the successful launch of its first commercial project, solidifying its position as the leader in enhanced geothermal system (EGS) technology. This milestone not only demonstrates the scalability and efficacy of Fervo's solutions but also underscores its commitment to delivering tangible results in the pursuit of sustainable energy production.

To Read More on how Fervo Energy is an oligarch in Geothermal read this article Fervo Energy Drilling Breakthrough  

As the world grapples with the urgent need to mitigate climate change and transition towards renewable energy sources, Fervo Energy's endeavors offer a beacon of hope. By harnessing the Earth's natural heat through innovative geothermal technologies, Fervo is poised to catalyze a paradigm shift in the energy sector, paving the way for a cleaner, greener future.


Source:Alphaxioms

Comments

Hot Topics

Quaise Energy Breaks Ground in Geothermal Innovation with Millimeter-Wave Drilling

A groundbreaking milestone has just been achieved in the geothermal world.  Quaise Energy a bold energy tech startup, is turning heads by drilling through granite—not with traditional bits, but with powerful millimeter-wave energy.  By :  Robert Buluma This disruptive technology could unlock near-unlimited geothermal power deep beneath the Earth’s surface. 💡 The Power Beneath Our Feet Beneath the Earth's crust lies a massive source of heat—superhot rock that, if harnessed, could power the planet many times over. The challenge? It's buried miles deep in unforgiving conditions where traditional drill bits melt, wear down, or fail completely. Enter  Quaise Energy revolutionary solution: vaporizing rock with directed energy. ⚙️ How It Works Instead of grinding rock with steel,  Quaise uses millimeter-wave energy—essentially high-powered microwaves. These waves are delivered through a special pipe to the rock face, where they instantly melt or vaporize hard mater...

🔥Geothermal Gold Rush: BLM New Mexico Opens Land Nominations for 2026 Lease Sale🔥

Santa Fe, New Mexico – In an exciting move for the geothermal industry, the  Bureau of land Management (BLM) New Mexico State Office is officially welcoming nominations for geothermal leasing ahead of its upcoming lease sale, expected to take place in March 2026 . By : Robert Buluma If you’ve been eyeing geothermal development opportunities, the clock is ticking— all nominations must be submitted by September 25, 2025 . ⚡ Why This Matters Geothermal energy is a game-changer. It's clean, renewable, and offers reliable baseload power—something wind and solar can’t always guarantee. As climate action intensifies and demand for sustainable power surges, tapping into the Earth’s heat is becoming one of the most promising frontiers in the American West. The BLM plays a pivotal role in this transformation, managing 245 million acres of public lands and 700 million acres of subsurface mineral estates across the country, making them a key player in the geothermal energy boom. Geothermal...

Meta and XGS Energy Partner on 150 MW Geothermal Power Project in New Mexico

Meta and XGS Energy Partner on 150 MW Geothermal Power Project in New Mexico A Game-Changer for AI, Clean Energy, and the Future By Robert Buluma – Alphaxioms Energy Blog In a bold move that signals the future of energy and technology convergence, XGS Energy and Meta Platforms, Inc. have announced a groundbreaking agreement to develop 150 megawatts (MW) of next-generation geothermal energy in New Mexico. This partnership not only promises to reshape the state's energy landscape but also underscores the growing demand for sustainable, round-the-clock power to fuel the age of artificial intelligence (AI) and data-driven economies. Clean Power Without Water – XGS’s Unique Edge At the heart of this partnership lies XGS Energy’s proprietary solid-state geothermal technology. Unlike traditional geothermal systems that rely heavily on water and specific geological conditions, XGS’s innovation enables electricity production from hot, dry rock  with zero operating water use. This water-inde...

Teverra Teams Up with Dutch Innovators to Revolutionize Long-Duration Energy Storage

By:  Robert Buluma In a groundbreaking move that promises to reshape the future of clean energy, Teverra , a trailblazer in subsurface energy solutions, has partnered with Dutch powerhouses IF Technology and DTESS to accelerate the global rollout of ResStor™—a revolutionary long-duration energy storage system.  This strategic collaboration aims to push the boundaries of renewable integration, industrial decarbonization, and sustainable data center cooling. At the core of this initiative is ResStor, Teverra proprietary Reservoir Thermal Energy Storage platform. Capable of storing thermal energy for several months with outstanding efficiency, ResStor is tailored for both seasonal and daily cycling, allowing precise, on-demand delivery of heat or power. This opens the door for consistent, carbon-free energy across sectors, regardless of intermittency in renewable sources like solar or wind. But the real game-changer lies in Cold-ResStor—a specialized application targeting the dat...

Indonesia’s Geothermal Power Surge: Barito Renewables Unleashes Five Game-Changing Projects

A New Chapter in Indonesia’s Energy Future Has Begun. By:  Robert Buluma In a historic move that signals Indonesia’s unwavering commitment to a greener future, PT Barito Renewables Energy Tbk (BREN) has pulled the curtain back on five cutting-edge geothermal power projects under its subsidiary, Star Energy Geothermal . The inauguration, which took place virtually on June 26, 2025 , was no ordinary milestone—it was presided over by none other than President Prabowo Subianto himself, underscoring the national importance of this initiative. Set in the lush geothermal landscapes of Salak and Wayang Windu in West Java , these projects aren’t just about generating electricity—they’re about igniting transformation. 🔋 A USD 365 Million Bet on Green Power Barito Renewables is putting its money where its mission is, investing USD 365 million to inject an additional 112 MW into Indonesia’s energy mix. This expansion is expected to create over 3,300 jobs , supercharging local econom...

"Steam, Scandals, and Stalled Megawatts: KenGen’s Court Battle Over Olkaria VII Consultancy"

Power, Politics, and Procurement: Inside KenGen’s Legal Battle Over Olkaria VII Geothermal Consultancy By  Robert Buluma In a dramatic twist that’s shaken Kenya’s energy sector, the Kenya Electricity Generating Company (KenGen) is locked in a legal showdown over the consultancy tender for its highly anticipated Olkaria VII geothermal power plant. The project, aimed at injecting 80 megawatts of clean energy into the national grid, now faces turbulence—not from the underground steam chambers of Hell’s Gate, but from boardrooms and courtrooms. 🔍 What’s the Fuss About? At the heart of this high-stakes battle is a €18.16 million consultancy tender awarded to Italy’s ELC Electroconsult SPA . The catch? Their bid was over Sh200 million higher than that of the next technically qualified firm. The Public Procurement Administrative Review Board (PPARB), Kenya’s watchdog for public tenders, wasn’t impressed. In a June 2025 ruling, PPARB annulled the award, citing procedural irregularities, ...

🔥 Geothermal Gold Beneath the Lion City: Singapore Uncovers Surprising Heat Power in Sembawang

When you think of Singapore, what comes to mind? Skyscrapers. Tech. Food. Green innovation. But now, add one more surprising trait to the list: geothermal powerhouse . By:  Robert Buluma That’s right beneath the city-state’s highly urbanized northern district lies a blazing opportunity that could redefine Singapore’s energy story. In a recent announcement that’s set the clean energy world abuzz, scientists from NTU Singapore and TUMCREATE revealed astonishing findings from a joint geothermal drilling project. At just 1.76 km underground in Sembawang , temperatures have soared to a jaw-dropping 122°C —a record-breaker for the region, and far higher than the 70°C earlier recorded at a shallower depth in Admiralty. This isn't just hot news. It’s a revolutionary discovery that could reshape how one of the world's most densely populated nations powers its future. 🌋 A Hidden Furnace Below the Urban Jungle This project—backed by Singapore’s National Research Foundation (NRF) and th...

PGEO's Geothermal Ambition Ignites: Lumut Balai Unit 2 Nears Full Power by June 2025

PGEO's Geothermal Ambition Ignites: Lumut Balai Unit 2 Nears Full Power by June 2025 By  Alphaxioms | June 18, 2025 In the heart of Sumatra’s steamy rainforest, a silent revolution is unfolding one that doesn't spew smoke or roar with turbines, but hums with the promise of a greener tomorrow. PT Pertamina Geothermal Energy Tbk (PGEO) is racing against time to power up its PLTP Lumut Balai Unit 2 , and with the first successful synchronization to PLN’s grid, the countdown to full commercial operation by June 2025 has officially begun. ⚡ The Beginning of a Brighter, Cleaner Era On June 16, 2025, PGEO achieved a crucial milestone: initial synchronization of Lumut Balai Unit 2 at 10% capacity (around 5.5 MW) of its total 55 MW output. What may sound like a small step was, in fact, the spark igniting a larger geothermal ambition. This step not only marks the start of transmitting electricity into the national grid, but it is also a powerful symbol of Indonesia’s forward march t...

Teverra Powers Up Rico: A $200K Boost to Colorado’s Geothermal Future

By Robert Buluma | Alphaxioms Blog | July 8, 2025 From Fossil Fuels to the Earth’s Furnace—Rico is Rising Nestled in the mountainous beauty of southwest Colorado, the historic town of Rico is about to become a shining example of how geothermal innovation can power a resilient, carbon-free future. Thanks to a $200,000 grant from the Colorado Energy Office, awarded under the state’s groundbreaking Geothermal Energy Grant Program, Teverra is setting the stage for a transformative shift in how rural communities heat their homes. 🔥 A Groundbreaking Project with Groundbreaking Heat Teverra, headquartered in Atlanta, is no stranger to subsurface energy innovation. But the Rico Heat Network Project might just be one of its most impactful endeavors yet. The company plans to deploy cutting-edge subsurface analysis, thermal modeling, and engineering expertise to develop a direct-use geothermal system that will sustainably heat and cool buildings across the town. This isn’t just a pilot—it’s a pr...

Exergy ORC to Revamp Ribeira Grande Geothermal Power Plant in the Azores

In a landmark move for clean energy in the Azores, Exergy ORC has secured a contract to revamp the Ribeira Grande geothermal power plant on São Miguel Island.  By :  Robert Buluma This pivotal project is being undertaken in collaboration with EDA Renováveis, and it marks Exergy's second geothermal venture in the region—reinforcing its commitment to advancing the energy transition during what is now widely regarded as the "Geothermal Decade." A Tailor-Made Solution for a Sustainable Future As part of the modernization, two outdated geothermal units will be replaced with a state-of-the-art, 5 MW Organic Rankine Cycle (ORC) system. This advanced solution has been specifically designed to enhance the performance and efficiency of the Ribeira Grande plant, utilizing geothermal resources more effectively and sustainably. The goal is not just to boost energy output, but to support São Miguel’s broader ambition: to run entirely on renewable energy. With the integration of Exergy...