B Capital led a $462m Series E round in Fervo Energy.

B Capital, a global firm specializing in equity investing in venture and growth-stage startups, led a $462m Series E round in Fervo Energy, a company focused on developing next-generation geothermal projects that provide carbon-free energy, with participation from AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co. “Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S. With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality,” Jeff Johnson, B Capital General Partner.