Devon Energy led a $244m round in Fervo Energy.

Devon Energy, a pioneer in shale oil and gas, led a $244m round in Fervo Energy, a company specializing in next-generation geothermal development, with participation from Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Capricorn, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures. “Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand. Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production," Tim Latimer, Fervo CEO and Co-Founder.