Fast-growing Houston-based geothermal energy co. secures $255M in additional funding

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The deal brings Fervo's total funding secured this year to around $600 million. Photo courtesy of Fervo

A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.

Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II with participating investors including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

The funding will go toward supporting Fervo's ongoing and future geothermal projects.

“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” Fervo CEO and Co-Founder Tim Latimer says in a news release. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”

Additionally, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, an independent energy and commodity group that previously invested in the company.

“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” Brian Falik, group chief investment officer of Mercuria, adds. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”

In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.

Other wins for Fervo this year include moving into its new headquarters in downtown Houston, securing a power purchase agreement with California, growing its partnership with Google, and being named amongst the year's top inventions by Time magazine.


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Fervo Energy scored a $244 million round of funding thanks to existing and new investors. Photo via Fervo Energy

Houston geothermal startup secures $244M in funding round led by energy corporate

fresh funding

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.”

Founded in 2017, Fervo provides carbon-free energy through development of next-generation geothermal power. The company has recently reported its success at its Cape Station project, a400 MW project in Beaver County, Utah, as well as at its full-scale commercial pilot, Project Red, in northern Nevada and made possible through a 2021 partnership with Google.

Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries also contributed to the round with existing investors Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures.

“The energy trilemma is one of the defining global challenges of our time; how can we generate power that is affordable, reliable, and clean,” Houstonian John Arnold, founder of Centaurus Capital and co-chair of Arnold Ventures, says in the release. “Fervo has transformed geothermal into a scalable carbon-free resource ready to meet the moment.”

The fresh funding, according to the company, will go toward Fervo’s work in Cape Station, that is slated to begin delivering clean electricity to the grid in 2026.

“Fervo’s approach to geothermal development leverages leading-edge subsurface, drilling, and completions expertise and techniques Devon has been honing for decades,” David Harris, chief corporate development officer and executive vice president at Devon, says in the release. “We look forward to deepening our partnership with Fervo to capture the full value of Fervo’s first-mover advantage in geothermal and the adjacencies to Devon’s core business.”

In 2022, 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 $431 million since its inception in 2017, according to Crunchbase.

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This article originally ran on EnergyCapital.

Tim Latimer, CEO and co-founder of Fervo Energy, is seeing success at his company's Utah geothermal site. Photo via LinkedIn

Houston energy startup reports 'dramatic acceleration' of drilling operations at geothermal project

big win

Early drilling results indicate a geothermal energy project operated in Utah by Houston-based startup Fervo Energy is performing better than expected.

Fervo says its drilling operations Utah’s Cape Station show a 70 percent reduction in drilling times, paving the way for advancement of its geothermal energy system. Fervo began construction last year on Cape Station, which is set to deliver clean power to the grid in 2026 and be fully operating by 2028.

The company recently published early drilling results from Cape Station that it says exceed the U.S. Department of Energy’s expectations for enhanced geothermal systems. Fervo says these results “substantiate the rapid learning underway in the geothermal industry and signal readiness for continued commercialization.”

Founded in 2017, Fervo provides carbon-free energy through development of next-generation geothermal power.

Fervo began drilling at Cape Station, a 400-megawatt project in southwest Utah, in June 2023. Over the past six months, the company has drilled one vertical well and six horizontal wells there. The company reports that costs for the first four horizontal wells at Cape Station fell from $9.4 million to $4.8 million per well.

“Since its inception, Fervo has looked to bring a manufacturing mentality to enhanced geothermal development, building a highly repeatable drilling process that allows for continuous improvement and, as a result, lower costs,” Tim Latimer, Fervo’s co-founder and CEO, says in a news release. “In just six months, we have proven that our technology solutions have led to a dramatic acceleration in forecasted drilling performance.”

Trey Lowe, chief technology officer of Oklahoma City-based oil and gas producer Devon Energy, likens Fervo’s drilling results to “the early days of the shale revolution.” Last year, Devon invested $10 million in Fervo.

“When you operate continually and understand the resource, you dramatically streamline operations. That’s the unique value of Fervo’s approach to enhanced geothermal,” says Lowe.

Last summer, Fervo reported the results of another one of its projects, Project Red, which is in northern Nevada and made possible through a 2021 partnership with Google. That site officially went online for the tech company in December.

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This article originally ran on EnergyCapital.

Fervo Energy has raised additional funding to continue executing on its mission of more reliable geothermal energy production. Photo via FervoEnergy.com

Innovative Houston energy startup secures $10M investment

fresh funding

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.

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United breaks ground on $177 million facility and opens tech center at IAH

off the ground

United Airlines announced new infrastructure investments at George Bush Intercontinental Airport as part of the company’s ongoing $3.5 billion investment into IAH.

United broke ground on a new $177 million Ground Service Equipment (GSE) Maintenance Facility this week that will open in 2027.

The 140,000-square-foot GSE facility will support over 1,800 ground service vehicles and with expansive repair space, shop space and storage capacity. The GSE facility will also be targeted for LEED Silver certification. United believes this will provide more resources to assist with charging batteries, fabricating metal and monitoring electronic controls with improved infrastructure and modern workspaces.

Additionally, the company opened its new $16 million Technical Operations Training Center.

The center will include specialized areas for United's growing fleet, and advanced simulation technology that includes scenario-based engine maintenance and inspection training. By 2032, the Training Center will accept delivery of new planes. This 91,000-square-foot facility will include sheet metal and composite training shops as well.

The Training Center will also house a $6.3 million Move Team Facility, which is designed to centralize United's Super Tug operations. United’s IAH Move Team manages over 15 Super Tugs across the airfield, which assist with moving hundreds of aircraft to support flight departures, remote parking areas, and Technical Operations Hangars.

The company says it plans to introduce more than 500 new aircraft into its fleet, and increase the total number of available seats per domestic departure by nearly 30%. United also hopes to reduce carbon emissions per seat and create more unionized jobs by 2026.

"With these new facilities, Ground Service Equipment Maintenance Facility and the Technical Operations Training Center, we are enhancing our ability to maintain a world-class fleet while empowering our employees with cutting-edge tools and training,” Phil Griffith, United's Vice President of Airport Operations, said in a news release. “This investment reflects our long-term vision for Houston as a critical hub for United's operations and our commitment to sustainability, efficiency, and growth."

Trailblazing Houston leaders and more innovation news to know right now

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Editor's note: It's time to look back at the top Houston innovation and business news for the second half of March 2025. InnovationMap's top stories include female founders in the Inc. spotlight, an inaugural list of top local business and civic leaders, Harris County's population boom, and more. Read more below.

1. Texas robotics co. begins new search for missing Malaysia Airlines flight 370

Ocean Infinity will begin a new search for MH370. Ocean Infinity/Facebook

Malaysia’s government has given final approval for a Texas-based marine robotics company to renew the search for Malaysia Airlines Flight 370, which is believed to have crashed in the southern Indian Ocean more than a decade ago.

Cabinet ministers agreed to terms and conditions for a “no-find, no-fee” contract with Texas-based Ocean Infinity to resume the seabed search operation at a new 5,800-square-mile site in the ocean, Transport Minister Anthony Loke said in a statement. Ocean Infinity will be paid $70 million only if wreckage is discovered. Continue reading.

2. 5 Houston female founders land on coveted Inc. 500 list

Sassie Duggleby, Margo Jordan, Stephanie Murphy, Emily Cisek and Nina Magon were named to Inc.'s Female Founders 500 list for 2025. Photos courtesy the company's websites and social media pages.

Five Houston female founders have been recognized by Inc. Magazine for their innovations and for leading their industries forward.

The women were named to Inc.'s Female Founders 500 list, which features female entrepreneurs based in the U.S. The group attracted approximately $9 billion in 2024 revenue and $10.6 billion in funding, according to Inc.

“Female founders know what struggle is, but they’re also experts of improvisation, adaptability, and creativity. The women featured on this year’s list exemplify these qualities," Diana Ransom, Inc. executive editor said in a release. "Through times of uncertainty, their unwavering dedication and steadfast leadership are not only inspiring but vital to driving progress.” Continue reading.

3. Harris County booms with 3rd biggest population in U.S.

Harris County booms with 3rd biggest population in U.S.

Harris County now boasts a population of more than 5 million. Photo via Getty Images

Newly released U.S. Census Bureau data has revealed Harris County became the third most populous county nationwide in 2024, and it had the highest year-over-year growth rate from 2023.

The new population report, published this month, estimated year-over-year population data from 2023 to 2024 across all 3,144 U.S. counties, and 387 metro areas. Harris County's numeric growth rate outpaced all other U.S. counties from July 1, 2023 to July 1, 2024, the report found. The Census Bureau estimated Harris County's population grew by 105,852 people year-over-year, bringing the total population to 5,009,302 residents. That's around a 2.16 percent growth rate. Continue reading.

4. Houston lab develops AI tool to improve neurodevelopmental diagnoses

A new AI tool from a Baylor College of Medicine Lab could help better diagnose specific types of autism spectrum disorder, epilepsy and developmental delay disorders. Photo via Getty Images.

One of the hardest parts of any medical condition is waiting for answers. Speeding up an accurate diagnosis can be a doctor’s greatest mercy to a family. A team at Baylor College of Medicine has created technology that may do exactly that.

Led by Dr. Ryan S. Dhindsa, assistant professor of pathology and immunology at Baylor and principal investigator at the Jan and Dan Duncan Neurological Research Institute at Texas Children’s Hospital, the scientists have developed an artificial intelligence-based approach that will help doctors to identify genes tied to neurodevelopmental disorders. Continue reading.

5. Houston's top 25 business and civic leaders named by local organization

The Center for Houston’s Future will celebrate its first Top 25 Business/Civic Leadership Forum Alumni group all year, kicking off with an event this week. Photo via Getty Images

As part of its 25th anniversary celebrations, the Center for Houston’s Future has named its first-ever group of Top 25 Business/Civic Leadership Forum Alumni, including energy transition CEOs and legendary craft brewery founders.

The group was selected from among 1,400 alumni of the Center for Houston's Future's Leadership Forum, which hosts two cohorts per year, bringing together leaders from across industries to focus on issues critical to the long-term success of Greater Houston. Continue reading.

UH study uncovers sustainable farming methods for hemp production

growth plan

A new University of Houston study of hemp microbes can potentially assist scientists in creating special mixtures of microbes to make hemp plants produce more CBD or have better-quality fibers.

The study, led by Abdul Latif Khan, an assistant professor of biotechnology at the Cullen College of Engineering Technology Division, was published in the journal Scientific Reports from the Nature Publishing Group. The team also included Venkatesh Balan, UH associate professor of biotechnology at the Cullen College of Engineering Technology Division; Aruna Weerasooriya, professor of medicinal plants at Prairie View A&M University; and Ram Ray, professor of agronomy at Prairie View A&M University.

The study examined microbiomes living in and around the roots (rhizosphere) and on the leaves (phyllosphere) of four types of hemp plants. The team at UH compared how these microorganisms differ between hemp grown for fiber and hemp grown for CBD production.

“In hemp, the microbiome is important in terms of optimizing the production of CBD and enhancing the quality of fiber,” Khan said in a news release. “This work explains how different genotypes of hemp harbor microbial communities to live inside and contribute to such processes. We showed how different types of hemp plants have their own special groups of tiny living microbes that help the plants grow and stay healthy.”

The study indicates that hemp cultivation can be improved by better understanding these distinct microbial communities, which impact growth, nutrient absorption, stress resilience, synthesis and more. This could help decrease the need for chemical inputs and allow growers to use more sustainable agricultural practices.

“Understanding these microorganisms can also lead to more sustainable farming methods, using nature to boost plant growth instead of relying heavily on chemicals,” Ahmad, the paper’s first author and doctoral student of Khan’s, said the news release.

Other findings in the study included higher fungal diversity in leaves and stems, higher bacterial diversity in roots and soil, and differing microbiome diversity. According to UH, CBD-rich varieties are currently in high demand for pharmaceutical products, and fiber-rich varieties are used in industrial applications like textiles.

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