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Fervo Energy
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 | |
 Drilling rig at Cape Station in Milford, Utah. | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2017 |
| Founders | Tim Latimer and Dr. Jack Norbeck |
| Headquarters | Houston, Texas, U.S. |
| Products | |
| Website | fervoenergy |
Fervo Energy is a geothermal company based in Houston, Texas, that generates electricity through enhanced geothermal systems (EGS). Fervo Energy was co-founded in 2017 by CEO Tim Latimer, a mechanical engineer who worked as a drilling engineer at BHP until 2015, and CTO Jack Norbeck.[1][2]
In 2023, Fervo Energy announced that its first commercial pilot geothermal plant, Project Red, was successful in generating three megawatt of baseload power and consistently maintained flow rates of 60 litres (16 US gal) per second. It is also developing Cape Station, the company's first multi-phased greenfield geothermal development.
Financing
[edit]In 2021, Fervo Energy signed a 115 megawatt power purchase agreement with NV Energy to supply carbon-free baseload electricity for Google's data centers in Nevada. The agreement was enabled through NV Energy’s Clean Transition Tariff, which was described as a first-of-its-kind rate structure to support carbon-free energy investment.[3][4]
Fervo Energy has been backed by over $1.5 billion in equity, debt and grant funding. In November 2025, Fervo Energy received $462 million of Series E funding, led by B Capital, with participation from returning investors including Breakthrough Energy, Centaurus Capital, and Congruent Ventures, among others.[5]
Fervo Energy has supported the development of Cape Station through long-term power purchase agreements. The company has announced agreements to supply carbon-free baseload electricity from Cape Station customers, including Southern California Edison (SCE), Clean Power Alliance (CPA), as well as other offtakers. In April 2025, Fervo announced that it has contracted to sell 31 megawatts of power to Shell Energy North America.[6][7]
Projects & developments
[edit]Project Red
[edit]On July 18, 2023, Fervo Energy announced the completion of its first geothermal plant in Nevada.[8] Known as Project Red, it was the first use of horizontal wells in an EGS system and was designed to demonstrate the technical and commercial viability of adapting horizontal drilling techniques for geothermal development.[9] The two wells attained a true vertical depth of 8,000 feet (2,400 m), with horizontal laterals extending roughly 3,250 feet (990 m). The geothermal gradient measured approximately 75°C per kilometer and the plant attained flow rates of up to 63 litres (17 US gal) per second and generated 3.5 megawatt of baseload electricity.[2]
Cape Station development
[edit]
On September 25, 2023, Fervo held its groundbreaking ceremony for its Cape Station development outside Milford, Utah. Fervo estimates that the plant has the potential to generate up to 500 megawatts of electrical power with permits allowing to scale up to 2 gigawatts. Lateral well lengths were proposed to be increased to beyond 10,000 feet (3,000 m).[2][10] Drilling was conducted in hard metasedimentary and igneous formations.
Cape Station is expected to come online by 2026 and later add 400 megawatts of capacity.[11]
Upcoming projects
[edit]
The Corsac Station Enhanced Geothermal Project is a planned project in northern Nevada, supported by a 115 megawatt power purchase agreement with NV Energy to serve Google's Nevada data center operations.[12]
References
[edit]- ^ "The U.S. Shale Revolution". The Strauss Center. Retrieved 2024-02-16.
- ^ a b c Norbeck, Jack Hunter; Latimer, Timothy (2023-07-18). "Commercial-Scale Demonstration of a First-of-a-Kind Enhanced Geothermal System". eartharxiv.org (preprint submitted to EarthArXiv). Retrieved 2024-04-08.
- ^ "Fervo Energy Announces Technology Breakthrough in Next-Generation Geothermal - Fervo Energy". fervoenergy.com. 2023-07-18. Retrieved 2024-02-16.
- ^ Terrell, Michael (November 28, 2023). "A first-of-its-kind geothermal project is now operational". The Keyword. Google.
- ^ "Fervo Energy Raises $462 Million Series E to Accelerate Geothermal Development and Meet Surging Energy Demand with Clean, Firm Power". fervoenergy.com. 2025-12-10. Retrieved 2026-02-12.
- ^ Roth, Sammy (2024-06-25). "Column: Good news for 100% clean energy. Geothermal has finally arrived". Los Angeles Times. Retrieved 2024-06-27.
- ^ "Column:Fervo Energy Announces 31 MW Power Purchase Agreement with Shell Energy". Fervo Energy. 2025-04-15. Retrieved 2026-02-17.
- ^ Clifford, Catherine (2023-07-18). "Fervo Energy hits milestone in using oil drilling technology to tap geothermal energy". CNBC. Retrieved 2024-03-21.
- ^ "America's first 'enhanced' geothermal plant just got up and running". Canary Media. 2023-11-28. Retrieved 2024-06-27.
- ^ Penmatcha, V. R.; Arbabi, Sepehr; Aziz, Khalid (1 September 1999). "Effects of Pressure Drop in Horizontal Wells and Optimum Well Length". SPE Journal. 4 (03): 215–223. doi:10.2118/57193-PA.
- ^ "Fracking for heat: Utah could become home to world's largest enhanced geothermal plant". The Salt Lake Tribune. Retrieved 2024-06-27.
- ^ "Power plant profile: Corsac Station Enhanced Geothermal Project, US". Power Technology. 2024-11-11. Retrieved 2026-02-13.