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6h ago

B Capital Leads $462 Million for Fervo’s Enhanced Geothermal Buildout as Google Joins Round

The financing supports Cape Station’s near-term completion to serve data centers seeking round-the-clock clean electricity.

Fervo's drilling rig lit up at night with the moon rising in the background.

Overview

  • Fervo closed an oversubscribed $462 million Series E led by B Capital with participation from Google, Centaurus Capital and other new and returning investors.
  • Proceeds will advance the 500 MW Cape Station in Utah and early work on additional projects, with 100 MW slated to start delivering power in 2026 and another 400 MW targeted by 2028.
  • Company leaders say Cape Station will be mechanically complete in 2025, positioning it to become the largest next‑generation geothermal development in the world.
  • Fervo reports drilling-time improvements from about a month on early wells to an average in the mid‑teens days, including one well completed in 16 days, cutting costs and speeding schedules.
  • Rising data center demand is driving interest, with a Rhodium Group analysis indicating enhanced geothermal could supply much of new load by 2030, and Fervo already holds a supply deal with Google.