Geothermal innovator Fervo Energy announced Wednesday that it has closed an oversubscribed Series E funding round, raising $462 million to accelerate its march toward large-scale, next-generation clean power deployment.
The company, advised by Vinson & Elkins LLP, said the fresh capital will supercharge corporate growth while fueling rapid development across its expanding project pipeline.
Cape Station Takes Center Stage
One key beneficiary of the new funding is Cape Station, Fervo’s flagship geothermal megaproject in Beaver County, Utah. According to the company’s statement, the site will begin delivering 100 megawatts of carbon-free power in 2026, with an additional 400 megawatts slated to go online by 2028.
Fervo called Cape Station the “largest next-generation geothermal development in the world,” adding that construction is “progressing rapidly.” The facility aims to demonstrate that enhanced geothermal can scale like wind and solar—but deliver power around the clock, like a planet-friendly alternative to gas baseload plants.
