"Enhanced geothermal startup Fervo Energy has raised $462 million to complete its first large-scale power plant and begin development on several others as it races to provide electricity to a power-hungry grid. The new funds will help the company continue work on its 500-megawatt Cape Station power plant in Utah while starting development on several others, Sara Jewett, senior vice president of strategy at Fervo, told TechCrunch."
"Fervo has targeted 2026 to bring the first phase of Cape Station online, and Jewett confirmed that it will be "mechanically complete" this year. "It's very real and very tangible." The new round comes six months after the startup announced a $206 million financing package, including loans and project-level preferred equity, for Cape Station. Last year, Fervo raised nearly $500 million in equity and debt."
Fervo Energy secured $462 million to complete its first large-scale enhanced geothermal power plant and to begin development on several additional projects. The financing will support work on the 500-megawatt Cape Station in Utah and seed other developments, with the round led by B Capital and including investors such as Centaurus Capital and Google. Fervo has an existing agreement to supply Google data centers. The company aims to bring Cape Station's first phase online by 2026 and expects mechanical completion this year. Enhanced geothermal interest has risen due to data center demand, favorable policy, and use of oil-and-gas drilling techniques.
Read at TechCrunch
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