Fervo Energy, a leading developer of enhanced geothermal power plants, has secured $206 million in financing to continue work on its Cape Station project in Utah. The startup aims to build the world’s largest enhanced geothermal power plant when it comes online next year, producing 100 megawatts of electricity.
The project is gaining traction due to the increasing demand for clean energy sources. Enhanced geothermal technology harnesses heat from beneath the Earth’s surface, providing 24/7 power without emissions. This makes it an attractive option for AI data centers and other industries looking for reliable and sustainable energy solutions.
Fervo recently announced that it has drilled its deepest well to date, reaching a depth of 15,765 feet in just 16 days. The temperature at the bottom of the well is expected to stabilize at around 520°F. This achievement marks a significant milestone in geothermal power plant development and demonstrates Fervo’s commitment to innovation.
The financing announcement includes $100 million in project-level preferred equity from Breakthrough Energy Catalyst, a project finance arm of Bill Gates’ Breakthrough Energy group. Mercuria provided an additional $60 million, while X-Caliber Rural Capital contributed $45.6 million in bridge debt financing.
Fervo’s fundraising efforts have been ongoing, with the company recently securing $244 million and another $255 million in December. This increased investment is a sign that investors believe enhanced geothermal technology has passed through the “commercial valley of death” and is ready for widespread adoption.
Source: https://techcrunch.com/2025/06/11/fervo-energy-lands-206m-in-financing-to-build-massive-geothermal-power-plant