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.

CEO: ‘We’re Building the Firm Clean Power Fleet of the Next Decade’

Fervo CEO and co-founder Tim Latimer said soaring demand for dependable, carbon-free power is rewriting the energy landscape.

“Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it,” Latimer said. “This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond.”

He added that the company is building “the clean, firm power fleet the next decade requires—and we’re doing it now.”

A Mix of New and Returning Investors

The Series E round was led by B Capital, with participation from new investors including AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, and others. Major existing investors—such as Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Centaurus Capital, and Congruent Ventures—also doubled down.

“Fervo is setting the pace for the next era of clean, affordable and reliable power in the U.S.,” said Jeff Johnson, general partner at B Capital. With electricity demand surging due to AI and electrification, Johnson said the grid needs “scalable, always-on solutions,” arguing that enhanced geothermal is positioned to deliver exactly that.

Legal Advisors at V&E Guided the Transaction

Fervo’s counsel at Vinson & Elkins LLP was led by partner Michael Gibson, alongside partners Randall V. Johnston, Kara Kuritz, Hill Wellford, and Megan K. James.