• Google amongst Series E investors
• Funding to advance Cape Station and development of several other projects

Geothermal energy developer Fervo Energy raised USD 462m in Series E Funding round, led by new investor B Capital, according to a press release.

The financing will support the continued buildout of its Cape Station project and early development of several other projects across its expanding pipeline.

Located in Beaver County, Utah, Cape Station will begin delivering 100 MW of firm clean power to the grid beginning in 2026, with an additional 400 MW online by 2028 for a total of 500 MW.

Construction is progressing rapidly, demonstrating best-in-class operational performance with drilling times decreasing and efficiencies improving with each new well.

Cape Station is expected to be the largest next-generation geothermal development in the world.

Funding Round

The round included participation from a broad coalition of new and returning investors. In addition to B Capital, new investors joining this round include AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co., Dr. Kris Singh (Founder of Holtec International), and JB Straubel.

They are joined by returning investors including Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Centaurus Capital, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Echelon, Galvanize, Impact Science Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, and Sabanci Climate Ventures.

This investment builds on Centaurus Capital’s recent USD 75m preferred equity commitment to support construction of Cape Station Phase I, with Centaurus also participating in the Series E round.