Innovative Houston energy startup secures $10M investment
A next-generation geothermal tech company announced a new investment from an Oklahoma City-based oil and gas producer.
Fervo Energy secured the $10 million strategic investment from Devon Energy Corporation (NYSE: DVN) this week. The deal creates a partnership between the two entities.
“We are thrilled to have Devon as a partner,” says Tim Latimer, co-founder and CEO of Fervo, in a news release. “Devon is a technology leader with historic and unparalleled expertise in drilling and completing wells. We expect this partnership will help unlock further potential for geothermal as the primary 24/7 renewable energy source.”
Fervo's technology includes drilling horizontal wells for commercial geothermal production as well as distributed fiber optic sensing to geothermal reservoir development, per the release. The strategy allows for more accessible geothermal power.
“We are excited about this partnership with Fervo, an innovator and leader in the enhanced geothermal space,” says David Harris, chief corporate development officer and executive vice president at Devon. “This investment is a good match for Devon’s new energy ventures strategy.”
Last year, Fervo raised a $138 million series C round to support the completion of power plants in Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, and New Mexico, as well as in other countries. This latest investment brings the company's total funds raised to $187 million since its inception in 2017.