ESG Today writes that Houston-based Fervo Energy develops geothermal-powered projects to help deliver clean power at any given time of the day. Using technologies such as horizontal drilling and distributed fiber optic sensing, the company is able to transform hot springs into a reliable source of energy.

Tim Latimer, Fervo CEO and Co-Founder, said that "demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand. 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."

Fervo officials said that geothermal power can work as a great solution to deliver clean, renewable power, when other green sources, such as wind and solar installations aren't able to meet demand.

The team at Fervo already developed a drilling project for a 400MW facility in Utah following a 138 million USD financing in 2022 and the rapidity of the development apparently left a good impression on the officials at the Department of Energy (DOE).

The new capital will allow company officials to continue the work at the Cape Station plant in Utah, which could start delivering energy to the grid in 2026.