Geothermal company Fervo Energy has raised $244 million in its latest funding round led by Devon Energy, according to a Feb. 29 news release.
The funds will finance the geothermal company’s next phase of growth as it puts to use oil and gas technology and techniques to scale geothermal energy.
“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” said Fervo CEO Tim Latimer. “Our technology is fully derisked, our pricing is already competitive and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”
Devon Energy was joined in the funding round with investments from companies that included Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria and Mitsubishi Heavy Industries, the release states.
RELATED
Oil, Gas Drilling Tech Transfer Boosts Fervo’s Geothermal Prowess
Recommended Reading
APA Corp. Sells $700MM in Non-core Permian, Eagle Ford Assets
2024-05-20 - APA Corp. and subsidiary Apache are selling more than $700 million in non-core assets in the Permian Basin and Eagle Ford Shale—part of a plan to reduce debt after a $4.5 billion acquisition of Callon Petroleum.
Seadrill Sells Three Jackups for $338MM to Gulf Drilling International
2024-05-17 - Seadrill Ltd. is also selling its 50% equity interest in the joint venture that operates the rigs offshore Qatar.
Could Crescent, SilverBow Buy More in South Texas After $2.1B Deal?
2024-05-17 - The combination of Crescent Energy and SilverBow Resources will yield one of the Eagle Ford’s top producers—and the pro forma E&P could look to gobble up more acreage in South Texas after closing.
Permian Powerhouse: Apache Doubles Down on Core Assets After Callon Acquisition
2024-05-16 - Apache CEO John Christmann detailed plans for the Permian Basin and Suriname during the SUPER DUG Conference & Expo.
OEP Completes Acquisition of TechnipFMC’s Measurement Solutions Business
2024-03-27 - One Equity Partners said TechnipFMC’s measurement solutions business will be rebranded as Guidant and specialize in measurement technology, automation solutions and global systems.