Funding was led by DCVC along with other new investors including CPP Investments, Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures

Fervo Energy, the leader in next-generation geothermal power, today announced that it had raised $138 million in new funding led by DCVC to build, own, and operate 24/7 carbon-free power plants.

Fervo has adapted innovations pioneered by the oil and gas industry, such as horizontal drilling and distributed fiber optic sensing, to make reservoirs of hot rock that exist beneath the earth’s surface into practical, economically viable, clean sources of energy. The new funding helps Fervo complete power plants in both Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, New Mexico, and internationally.