An Oklahoma-based shale oil and gas leader has backed Fervo Energy’s latest round of funding, supporting the startup’s geothermal technology yet again.
Fervo announced its latest round of funding this week to the tune of $244 million. The round was led by Devon Energy, a company that’s previously backed the startup.
“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” Tim Latimer, Fervo CEO and co-founder, says in a news release. “Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”
