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Fervo Energy
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Developer of a technology for power generation using enhanced geothermal systems

Founded in 2017
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Company type Private Public ()
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Industry Group energy & power

Sector geothermal

TRL Range 9
TRL 1 Basic research
TRL 2 Technology formulation
TRL 3 Applied research
TRL 4 Small scale prototype
TRL 5 Large scale prototype
TRL 6 Prototype system
TRL 7 Demonstration system
TRL 8 First of a kind commercial system
TRL 9 Full commercial application
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Headquarters San Francisco, CA San Francisco, United States
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Updated by Hattie Partner at on 06/09/2025

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04/18/2023
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Confirmed by Devon Energy Corporation
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IPO INFORMATION

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Date Investors Type Amount
06/11/2025 Mercuria Energy Mercuria Energy (1)
Post-money valuation of
This $206M financing will be used to continue the advancement of Cape Station, the world's largest enhanced geothermal systems development, with the initial phase expected to produce 100 megawatts of electricity by 2026. Breakthrough Energy Catalyst provided $100 million in project-level preferred equity, Mercuria provided another $60 million to their existing loan facility, and an X-Caliber Rural
Loan $60,000,000
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