The US Geothermal Industry Is Pushing Into New Territory

The US geothermal industry is gaining momentum as a key player in the country’s clean energy transition, particularly in baseload power generation traditionally dominated by fossil fuels. This shift follows recent federal energy policy changes that protect fossil fuel interests from competition by wind, solar, and utility-scale storage, but leave room for other renewables like geothermal. A notable development is the successful $462 million Series E funding round by US startup Fervo, signaling strong market confidence in geothermal’s potential to provide 24/7 carbon-free power. Fervo’s flagship project, the Cape Station Power Plant in Beaver County, Utah, is set to deliver an initial 100 MW by 2026 and expand to 500 MW by 2028, potentially becoming the world’s largest next-generation geothermal facility. Fervo’s progress is underpinned by advances in drilling technology and support from both government programs and private investors, including Google, Liberty Energy, and global investment firms like B Capital. These innovations are reducing drilling times and improving