Fervo Energy
About Fervo Energy
Fervo Energy is a Energy Transition startup based in Houston, TX that has raised $1.1B in venture capital across 4 funding rounds since 2017. The company reached Series E stage in July 2022 with a $138M round led by Macquarie Capital at a $308M valuation. Fervo Energy's investor base includes 20 institutional funds, with B Capital Group leading the most recent equity round.
Fervo Energy develops next-generation enhanced geothermal systems (EGS) that deliver firm, 24/7 carbon-free electricity. The company applies horizontal drilling and distributed fiber optic sensing — technologies proven in oil and gas — to geothermal development, making it cost-competitive and globally scalable. Founded in Houston in 2017 by CEO Tim Latimer and CTO Jack Norbeck, Fervo is building Cape Station in Beaver County, Utah, designed to reach 500 MW of geothermal capacity by 2028 and be the largest next-generation geothermal project in the world. The company has raised approximately $1.5 billion in total funding and is targeting a $6.5 billion valuation in a planned IPO.
Fervo Energy Funding Rounds Timeline
4 rounds · $1.1B raised · since 2017
| Round | Date | Amount | Valuation | Lead investor | Co-investors |
|---|---|---|---|---|---|
| Series C | July 2022 | $138M | $308M | Macquarie Capital | Grantham Foundation, Congruent Ventures, CPP Investments, DCVC, Impact Science Ventures, Prelude Ventures |
| Growth Equity | February 2024 | $244M | — | Devon Energy | Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Congruent Ventures, DCVC, Impact Science Ventures |
| Series D | December 2024 | $255M | — | Capricorn Investment Group | Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, Sabanci Climate Ventures |
| Series E | December 2025 | $462M | — | B Capital Group | Google, Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Impact Science Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Sabanci Climate Ventures, AllianceBernstein, Atacama Ventures, Mitsui & Co |
Investors in Fervo Energy
20 institutional investors across 4 rounds
Lead investors
Co-investors
Recent news about Fervo Energy
Questions about Fervo Energy
How much has Fervo Energy raised?
Fervo Energy has raised $1.1B across 4 funding rounds since 2017.
Who are the investors of Fervo Energy?
Fervo Energy's investors include B Capital Group, Capricorn Investment Group, Devon Energy, Macquarie Capital, Breakthrough Energy Ventures, Google, DCVC, CPP Investments, Congruent Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Impact Science Ventures, Prelude Ventures, Galvanize Climate Solutions, Mercuria, Mitsubishi Heavy Industries, Sabanci Climate Ventures, AllianceBernstein, Atacama Ventures, Mitsui & Co.
When was Fervo Energy's last funding round?
Fervo Energy's most recent round was a $138M Series C in July 2022, led by Macquarie Capital.
What is Fervo Energy's valuation?
Fervo Energy reached a $6.5B valuation (unicorn status) with its Series C round in July 2022.
Where is Fervo Energy headquartered?
Fervo Energy is headquartered in Houston, TX, and was founded in 2017 by Tim Latimer, Jack Norbeck.