Fervo Energy
Fervo Energy is a Geothermal & Baseload Renewables company founded in 2017 and based in Houston, USA. It has raised $1.1B in total funding, most recently a Series F in 2026.
Fervo Energy, founded in 2017 and headquartered in Houston, develops enhanced geothermal systems (EGS) adapted from oil and gas drilling techniques. The company builds horizontal-well EGS projects that deliver firm, dispatchable baseload power without carbon emissions. Fervo operates Project Red, a 3 MW pilot in Nevada powering Google under a long-term power purchase agreement, and is developing Cape Station in Utah, a permitted 2 GW EGS project targeting 100 MW online by early 2027 and 400 MW by 2028. The company has raised $1.052 billion in total funding, including a $180 million Series F announced in September 2026.
Fervo Energy is significant as a provider of dispatchable renewable baseload power addressing data center and grid demand for 24/7 carbon-free electricity. The company has moved from pilot-stage (Project Red) to utility-scale deployment (Cape Station), establishing the technical and commercial viability of next-generation geothermal technology. Its capital trajectory—$1.052 billion raised across multiple rounds—and multi-gigawatt project pipeline position it as a key player in the emerging engineered geothermal sector.
At a glance
Total raised
$1.1B
Headcount
201-500
Headquarters
Houston
Founded
2017
Status
Private
Subsector
Geothermal & Baseload Renewables
Where Fervo Energy ranks
Top 25 Energy companies →Funding history
Total raised
$1.1B
Rounds tracked
5
Latest stage
Series F
| Date | Stage | Amount | Valuation | Lead investors |
|---|---|---|---|---|
| Sep 2, 2026 | Series F | $180M | — | — |
| Dec 10, 2025 | Series E | $462M | — | B Capital |