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Google joins $462m series E for geothermal startup Fervo Energy
Fervo Energy has raised US$462 million in a series E funding round led by B Capital, with new investors including AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, and Mitsui & Co.
Other participants in the round include JB Straubel, Breakthrough Energy Ventures, CalSTRS, CPP Investments, and Mitsubishi Heavy Industries.
Fervo said the funds will support the ongoing construction of its Cape Station project in Beaver County, Utah, which aims to deliver 100 megawatts of power to the grid in 2026, and scale to 500 megawatts by 2028.
The Houston-based company develops geothermal energy projects in the US.
The company said this project is expected to be the world’s largest next-generation geothermal development.
Fervo previously received a US$75 million equity commitment from Centaurus Capital to support Cape Station’s first phase.
🔗 Source: Fervo Energy
🧠 Food for thought
Implications, context, and why it matters.
Cape Station’s near-term growth needs more offtake clarity and grid capacity
- Fervo locked PPAs totaling 368 MW with Clean Power Alliance (CPA), a community choice electricity provider in Southern California. CPA covers 48 MW. Southern California Edison (SCE), a major investor-owned utility, covers 320 MW. CPA’s facility starts by Q2 2028. The contracts may not fill the 500 MW plan or match the 100 MW phase in 2026 12.
- The firm raised $462 million, with a prior $75 million from Centaurus. Missing detail on interconnection queue status (i.e., where the project stands in the grid operator’s process to connect new resources) and on transmission in Beaver County adds timing risk. The 320 MW PPA with SCE covers most Phase 1. Beyond the 31 MW, 15-year Shell Energy deal that begins in 2026, the company has not named other offtakers for 2026 12.
Data center builders can tap Beaver County’s geothermal and fiber rise
- By 2028 Cape Station targets 500 MW of clean, firm capacity. That sets up colocation with data center developers (companies that build and operate large computing facilities). Hyperscalers (large cloud providers) and colocation providers (firms that lease data center space) want 24/7 carbon-free power as AI drives baseload demand 3. Utah is expanding broadband with planning grants run by Utah Broadband Center (a state office coordinating statewide internet infrastructure programs). Beaver County’s status is unclear and needs due diligence on last-mile connectivity (the final network segment that connects a facility to the broader internet backbone) 45.
