PWC News
Saturday, July 26, 2025
No Result
View All Result
  • Home
  • Business
  • Economy
  • ESG Business
  • Markets
  • Investing
  • Energy
  • Cryptocurrency
  • Market Analysis
  • Home
  • Business
  • Economy
  • ESG Business
  • Markets
  • Investing
  • Energy
  • Cryptocurrency
  • Market Analysis
No Result
View All Result
PWC News
No Result
View All Result

Fervo Energy Raises $255 Million to Deploy Geothermal Power Projects – ESG Today

Home ESG Business
Share on FacebookShare on Twitter


Geothermal vitality venture developer Fervo Power introduced that it has secured $255 million in funding, together with a $135 million company fairness spherical, and $120 million in debt capital.

Based in 2017, Houston Texas-based Fervo Power focuses on the event of geothermal initiatives to ship carbon-free vitality. The corporate makes use of methods corresponding to horizontal drilling and distributed fiber optic sensing to make reservoirs of sizzling rock that exist beneath the earth’s floor into clear vitality sources.

Fervo is at present creating Cape Station, its first greenfield improvement, in Beaver County, Utah, which was accredited in October by the U.S. Bureau of Land Administration to generate as much as 2 GW of baseload energy. The Cape Station venture produces vitality by injecting water into sizzling subsurface rock formations, extracting the heated water, and utilizing it to generate electrical energy. The venture is predicted to start producing electrical energy in its first section in 2026, offering the grid with 24/7 carbon-free vitality.

Fervo CEO and Co-Founder Tim Latimer, mentioned:

“The demand for twenty-four/7 carbon-free vitality is at an all-time excessive, and Fervo is without doubt one of the solely firms constructing giant initiatives that can come on-line earlier than the top of the last decade. Traders acknowledge that Fervo’s skill to get to scale shortly is important in an evolving market that’s seeing unprecedented vitality demand from AI and different sources.”

The fairness spherical was led by Capricorn’s Know-how Affect Fund II, and included participation from Breakthrough Power Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Power, Provoke Local weather Options, Liberty Mutual Investments, Mercuria, and Sabanci Local weather Ventures.

The debt capital, together with a letter of credit score and time period mortgage facility, was offered by vitality and commodity group Mercuria, with the intention to present liquidity to assist the acceleration of the deployment of enhanced geothermal techniques (EGS) initiatives throughout the U.S., in response to rising demand for clear vitality, Fervo mentioned.

Brian Falik, Group Chief Funding Officer of Mercuria, mentioned:

“In surveying energy markets throughout the U.S. at this time, the necessity for next-generation geothermal is plain. We consider in Fervo not simply because their EGS method is cost-effective, commercially viable, and already being deployed at scale, however as a result of they set formidable targets and persistently ship.”

The announcement follows a $244 million funding spherical by Fervo earlier this 12 months, and a $138 million financing in 2022.



Source link

Tags: deployEnergyESGFervoGeothermalMillionPowerProjectsRaisesToday
Previous Post

Guest Post: Collaboration Drove Progress at COP29. Let’s Keep Up the Momentum – ESG Today

Next Post

2024 in Review: A landmark year for the UK’s renewable energy transition

Related Posts

Halloween garbage sparks a circular economy project in Shibuya
ESG Business

Halloween garbage sparks a circular economy project in Shibuya

July 25, 2025
Deutsche Bank Reports Strongest Sustainable Finance Quarter Since 2021 – ESG Today
ESG Business

Deutsche Bank Reports Strongest Sustainable Finance Quarter Since 2021 – ESG Today

July 25, 2025
Standard Chartered Launches New Sustainable Cash Management Solution for Corporate Clients – ESG Today
ESG Business

Standard Chartered Launches New Sustainable Cash Management Solution for Corporate Clients – ESG Today

July 24, 2025
Meta Buys 100% of Renewable Energy from New 0 Million Solar Project to Power U.S. Data Centers – ESG Today
ESG Business

Meta Buys 100% of Renewable Energy from New $900 Million Solar Project to Power U.S. Data Centers – ESG Today

July 23, 2025
Wise Moves: Why UK Companies Are Looking West for IPOs – and What ESG Has to Do With It
ESG Business

Wise Moves: Why UK Companies Are Looking West for IPOs – and What ESG Has to Do With It

July 23, 2025
UK to Allow Use of Carbon Removals in Emissions Trading System – ESG Today
ESG Business

UK to Allow Use of Carbon Removals in Emissions Trading System – ESG Today

July 22, 2025
Next Post
2024 in Review: A landmark year for the UK’s renewable energy transition

2024 in Review: A landmark year for the UK's renewable energy transition

Ethiopia Signals Potential Shift on Cryptocurrency Stance – News Bytes Bitcoin News

Ethiopia Signals Potential Shift on Cryptocurrency Stance – News Bytes Bitcoin News

Slovakia buys IAI air defense system in 560m deal

Slovakia buys IAI air defense system in 560m deal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Havells India shares rise despite 15 per cent drop in Q1 profit; should you bet for long term?
Business

Havells India shares rise despite 15 per cent drop in Q1 profit; should you bet for long term?

by PWC
July 22, 2025
0

Shares of Havells India Ltd opened agency on Tuesday, July 22, gaining 0.65 per cent to commerce at Rs 1,541.60...

Is 2025 Really the Year of Agentic AI?

Is 2025 Really the Year of Agentic AI?

July 24, 2025
AI Stocks Expected to Drive Future Growth Amidst Mixed Earnings Season – Featured Bitcoin News

AI Stocks Expected to Drive Future Growth Amidst Mixed Earnings Season – Featured Bitcoin News

July 23, 2025
Dow futures turn higher as investors brace for a big week of earnings, housing market data and Jerome Powell

Dow futures turn higher as investors brace for a big week of earnings, housing market data and Jerome Powell

July 21, 2025
Capital One shares climb as investors buy into the vision of its future with Discover

Capital One shares climb as investors buy into the vision of its future with Discover

July 23, 2025
Is Private Equity a Wolf in Sheep’s Clothing? | Investing.com

Is Private Equity a Wolf in Sheep’s Clothing? | Investing.com

July 26, 2025
PWC News

Copyright © 2024 PWC.

Your Trusted Source for ESG, Corporate, and Financial Insights

  • About Us
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Business
  • Economy
  • ESG Business
  • Markets
  • Investing
  • Energy
  • Cryptocurrency
  • Market Analysis

Copyright © 2024 PWC.