Announced
Completed
Financials
Tags
Completed
Single Bidder
Friendly
carbon-free energy
United States
geothermal power plant
geothermal power
Venture Capital
Acquisition
Private
Private Equity
Cross Border
Alternative Electricity
Minority
Synopsis
DCVC, a venture capital firm headquartered in Palo Alto, led a $138m funding round in Fervo Energy, a provider of next-generation geothermal power, with participation from CPP Investments, Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures. "Power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices. Our mission is to meet that growing demand by putting gigawatts of 24/7 carbon-free energy on the grid. This latest investment enables us to execute on those ambitious plans," Tim Latimer, Fervo CEO.
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