Capricorn’s Technology Impact Fund II led a $255m round in Fervo Energy.

Capricorn’s Technology Impact Fund II, a private equity firm, led a $255m round in Fervo Energy, an energy resource company, with participation from Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures. “The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade. Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources," Tim Latimer, Fervo CEO and Co-Founder.