Fervo Energy Raises $462 Million to Complete 500-Megawatt Geothermal Plant for Google Data Centers
Summary
Geothermal startup Fervo Energy secures $462 million led by B Capital and Google to complete its massive 500-megawatt Cape Station plant in Utah, targeting 2026 to power Google's data centers while revolutionizing the industry by cutting well drilling time in half.
Key Points
- Enhanced geothermal startup Fervo Energy raises $462 million in a funding round led by B Capital with participation from Google and other major investors to complete its first large-scale power plant
- The funds will support completion of Fervo's 500-megawatt Cape Station power plant in Utah, which targets 2026 for its first phase to come online and supply electricity to Google's data centers
- Fervo reduces well drilling time from one month to mid-teens days on average, cutting costs significantly as drilling time represents roughly half the cost of wells in enhanced geothermal development