Google invests in Fervo’s $462M round to unlock even more geothermal energy

Summary

Enhanced geothermal startup Fervo Energy has raised $462 million to complete its first large-scale power plant and begin development on several others as it races to provide electricity to a power-hungry grid. The new funds will help the company continue work on its 500-megawatt Cape Station power plant in Utah while starting development on several others, Sara Jewett, senior vice president of strategy at Fervo, told TechCrunch. The new round was led by B Capital with participation from AllianceBernstein, Atacama Ventures, Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Carbon Equity, Centaurus Capital, Climate First, Congruent Ventures, CPP Investments, Devon Energy, Echelon, Galvanize, Google, Impact Science Ventures, Kris Singh, JB Straubel, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Mitsui and Co., and Sabanci Climate Ventures. Fervo has an existing deal with Google to supply it with electricity for its data centers. Fervo has targeted 2026 to bring the first phase of Cape Station online, and Jewett confirmed that it will be “mechanically complete” this year. “It’s very real and very tangible.” The new round comes six months after the startup announced a $206 million financing package, including loans and project-level preferred equity, for Cape Station. Last year, Fervo raised nearly $500 million in equity and debt. Enhanced geothermal has been in development for years but has recently soared as favorable conditions have lifted its prospects. Techcrunch event San Francisco | October 13-15, 2026 Chief among them is rising data center demand. Large tech companies like Google and Meta have been eyeing geothermal as a potential solution to their energy needs. Earlier this year, an analysis by the Rhodium Group found that by 2030, enhanced geothermal could provide nearly two-thirds of new data center demand at or below what operators are paying today. Geothermal is also viewed favorably withi...