1/In 2024, we have seen unprecedented energy demand as the grid has been swamped with new growth from AI and other sources. Historically, lack of funding has kept geothermal from being a serious solution. Today we take another step forward to close that gap. www.businesswire.com/news/home/20... - ThreadSky

timlatimer.bsky.social • 70 days ago

1/In 2024, we have seen unprecedented energy demand as the grid has been swamped with new growth from AI and other sources. Historically, lack of funding has kept geothermal from being a serious solution. Today we take another step forward to close that gap.
https://www.businesswire.com/news/home/20241219350027/en/Fervo-Energy-Secures-Additional-255-Million-Funding-to-Meet-Unprecedented-Energy-Demand

Comments

throndsen.bsky.social•70 days ago

Congratulations, super cool! Hope you will expand / license your tech beyond US eventually.

theemrhammer.bsky.social•69 days ago

Very exciting!

christosilvia.bsky.social•70 days ago

Is Fervo currently looking to sell heat as well as electricity?

twicefire.bsky.social•69 days ago

I think the short answer is no; heat is less transportable than electricity

ember42.bsky.social•69 days ago

But the point of this geothermal approach is you are not nearly as constrained *where* it can go, so you would put the wells adjacent to where you would sell the heat. But would need to be a big user - 100's of MW to make sense for their drilling tech, and at relatively low temp, like <=10bar steam

christosilvia.bsky.social•70 days ago

Congrats!

brendan.bsky.social•70 days ago

👏 Congrats Tim and team!

timlatimer.bsky.social•70 days ago

2/This brings Fervo’s new funding in 2024 to over $600 million.
Announced today:
-$135m upsize to our Series D financing
-$120m debt facility agreement with Mercuria

Adding to previous 2024 funding:
-$244m Series D
-$100m construction loan
-$25m EGS Demos Grant from the DOE

timlatimer.bsky.social•70 days ago

3/Let’s put that $600 million in context. The recent IEA Geothermal Report included this overview of funding for next-generation geothermal. When Fervo was founded in 2017, *global* funding for geothermal innovation was less than $10m. Now we have raised 60X as a single company.

timlatimer.bsky.social•70 days ago

4/And this surge in funding couldn’t come soon enough. Data centers and other sources are driving an unprecedented demand for energy. Geothermal is a key player now in how much of that demand is actually met–and how clean it will be. https://gridstrategiesllc.com/wp-content/uploads/National-Load-Growth-Report-2024.pdf

timlatimer.bsky.social•70 days ago

5/And the new funding is critical, because unlike other emerging energy technologies, the expectation is that geothermal innovation will be nearly completely private sector funded. This lack of funding has held geothermal back in the past. https://liftoff.energy.gov/wp-content/uploads/2024/03/LIFTOFF_DOE_NextGen_Geothermal_v14.pdf

timlatimer.bsky.social•70 days ago

6/Our $255 million shows a new era has arrived for geothermal. The most talked about concept in climatetech today is the valley of death–the gap around first commercial deployment that new tech gets trapped in. This is the first sign that geothermal has crossed that gap.
https://www.ctvc.co/project-finance-bankability/

timlatimer.bsky.social•70 days ago

7/Why has Fervo found success where many others have failed? I think it’s because we offer something unique in emerging power technologies: proof that our tech works at a commercial scale and a rapid timeline to expand *this decade*.

Comments

Posting Rules

Reply