Fervo Energy

Fervo Energy announced that it has raised $244 million in new funding led by Devon Energy, meant to enable Fervo’s next phase of growth, deploying technology adapted from the oil and gas industry at scale.

Fervo Energy claims 70% reduction in geothermal drilling time

Fervo began its drilling campaign at Cape Station, its 400 MW project in southwest Utah, in June 2023 and over the last six months has drilled one vertical and six horizontal wells there, while it says it reduced drilling times from well to well as learnings accelerated.

Mark Zuckerberg initiative backs geothermal-based DAC project

The funding from CZI is expected to help Fervo leverage geothermal resources.