According to ESG Today, the startup uses several advanced technologies, such as horizontal drilling and fiber optic-powered sensors to exploit existing geothermal resources.
The fresh funds will aid the company, which plans to build power plants in Nevada and Utah, while at the same time, analyzing the feasibility of new ones in Idaho and New Mexico, among other states.
The startup, which was founded back in 2017, also plans to expand to international markets.
Tim Latimer, CEO of Fervo, said that "power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices."
"Our mission is to meet that growing demand by putting gigawatts of 24/7 carbon-free energy on the grid. This latest investment enables us to execute on those ambitious plans", he added.
DCVC, CPP Investments and Liberty Energy were among the companies who participated in the funding round.
Matt Trevithick, Partner at DCVC, stated that "the United States needs 200 GW of reliable clean power to achieve a zero-carbon electricity grid. Fervo is poised to make geothermal as important as solar and wind to our energy future."
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