Geothermal energy technology developer Fervo has received $28m from investors including Congruent Ventures and Helmerich & Payne.
Fervo Energy, a US-based geothermal energy technology developer, has closed a $28m series B round backed by Congruent Ventures, the venture firm backed by University of California.
Capricorn Investment Group led the round, which also featured petroleum contract drilling company Helmerich & Payne, Breakthrough Energy Ventures, 3X5 Partners and Elemental Excelerator.
Fervo Energy has created technology to increase the efficiency and lower the cost of harnessing carbon-free geothermal energy.
The technology was developed thanks to a grant from Stanford University’s TomKat Center, and a fellowship for co-founder and chief technology officer Jack Norbeck at Lawrence Berkeley National Laboratory’s Cyclotron Road Division, sponsored by Activate.org.
Fervo will use the financing to support geothermal projects across the western US.
Details about Fervo’s series A round could not be ascertained, however Congruent Ventures, Breakthrough Energy Ventures, 3X5 Partners and Elemental Excelerator were identified as returning backers.
Chief executive Tim Latimer previously told the audience at Global Corporate Venturing’s Venture Houston conference in 2018 that Breakthrough Energy Ventures had invested by that point.
