Fervo Energy, a leader in next-generation geothermal power, has raised $138 million in new funding led by DCVC to build, own, and operate 24/7 carbon-free power plants.

Other new investors included Canada Pension Plan Investment Board (CPP Investments), Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures. The round also saw strong participation from existing investors such as Capricorn's Technology Impact Fund, Breakthrough Energy Ventures, Congruent Ventures, 3X5 Partners, Helmerich & Payne, and Elemental Excelerator.

Fervo Energy provides 24/7 carbon-free energy through development of next-generation geothermal power. Fervo's mission is to leverage innovation in geoscience to accelerate the world's transition to sustainable energy. Geothermal has a major role to play in the future electric grid and Fervo's key innovations bring a full suite of modern technology to make geothermal cost competitive. Fervo's innovations include technologies such as advanced computational models, horizontal drilling, and distributed fiber optic sensing that have been developed with partners including Schlumberger, ARPA-E, and the Lawrence Berkeley National Lab. Fervo has an industry leading development pipeline with projects with multiple partners including Google and East Bay Community Energy.