Google joins USD 462m funding round for Fervo Energy
Construction of Phase 1 of the Cape Station geothermal power project of Fervo Energy (source: Turboden)
Alexander Richter
11 Dec 2025
Fervo Energy raises USD 462 million in a Series E round led by B Capital, adding Google as an investor and expanding its enhanced geothermal development.
Fervo Energy has announced the close of its Series E fundraising round, securing USD 462 million led by B Capital. The company confirmed the raise alongside a detailed statement from CEO Tim Latimer, who described 2025 as a year of major commercial progress for Fervo’s enhanced geothermal work.
The round brings in Google as an equity investor for the first time. The two companies have worked together since 2021, beginning with Project Red, Fervo’s commercial pilot completed in 2023, followed by the Clean Transition Tariff structure launched in Nevada.
Strategic investors join to expand geothermal deployment
The round includes participation from new and existing partners such as Devon Energy, Mitsui and Mitsubishi Heavy Industries. Fervo stated that these relationships help secure supply chains for complex infrastructure projects and support the scale up of commercial operations. Mitsubishi Heavy Industries is the owner of Turboden, the supplier of the turbines for 120 MW for the first phase of the Cape Station project and another 180 MW for Phase 2, as we reported earlier.
TechCrunch reported that Google’s participation is part of the company’s wider effort to procure firm clean power solutions for its operations. The Wall Street Journal also covered the fundraising, noting increased investor interest in geothermal technologies capable of delivering round-the-clock renewable power.
In addition to the Series E, Fervo announced USD 75 million of preferred equity from Centaurus Capital for Cape Phase I. This funding supports Fervo’s project finance structure for first-of-a-kind geothermal developments.
“The time for geothermal is now. The world needs new power sources, and with geothermal that power is clean and reliable,” said CEO Tim Latimer in a LinkedIn post announcing the fundraising. “We are ready to meet the moment, and thrilled to have so many great partners on board.”
Fervo continues to advance its portfolio of enhanced geothermal systems, combining horizontal drilling and fibre-optic monitoring techniques adapted from the oil and gas sector. This latest round positions the company to accelerate deployment in the United States as demand for firm clean energy grows.
Source: Tim Latimer via LinkedIn, Company release
