Fervo Energy just secured $462M in funding to prove enhanced geothermal is the “clean firm” power source Big Tech has been waiting for. (TechCrunch)
The round was led by B Capital but notably included Google, cementing the tech giant’s commitment to the tech (Fervo and Google already have a data center supply deal).
The cash will fund the completion of the 500 MW Cape Station in Utah, which Fervo says will be “mechanically complete” this year and online in 2026—a lightning-fast timeline for a major infrastructure project.
Fervo is expediting timelines by borrowing fracking tech to drill faster. They’ve cut drilling times from a month down to just 16 days, a critical efficiency gain in a space where drilling accounts for roughly half the cost of a well.