Google invests in Fervo’s $462M round to unlock even more geothermal energy

Fervo, an enhanced geothermal energy startup, has raised $462 million in a funding round led by B Capital and including investors such as Centaurus Capital and Google. The capital will support the completion of Fervo’s first large-scale 500-megawatt Cape Station power plant in Utah, targeted to be mechanically complete this year and partially operational by 2026, as well as the development of additional projects. Fervo has an agreement to supply electricity to Google’s data centers, reflecting growing interest from major tech companies in geothermal energy as a sustainable power source amid rising data center energy demands. Fervo leverages advanced drilling techniques adapted from the oil and gas industry, enabling it to drill deeper and faster to access hotter underground rock, which increases power output. The company has reduced well drilling times from about a month to an average of 16 days, significantly cutting costs and accelerating project timelines. Currently focused on the Western U.S., where geothermal resources are more accessible, Fervo plans to expand domest