Energy company sets out on multimillion-dollar project to tap into hot rocks deep underground: 'Ready to play a defining role'

Thanks to a recent round of funding, a new geothermal project in Utah is ready to get off the ground — or, rather, under it.

ESGtoday reported that geothermal energy company Fervo Energy has raised an additional $206 million to accelerate the development of its first greenfield development, Cape Station, located in Beaver County, Utah. The station, which generates geothermal energy, will contribute 100 megawatts to the grid in its first stage by 2026 and expand to 500 megawatts in its second phase, scheduled for completion by 2028. Eventually, the site will be permitted for a total of 2 gigawatts.

To generate that power, a geothermal plant uses deposits of hot rock deep underground. Fervo's method involves pumping water down to be heated by the rock, then using the hot water to generate power in the same way as any other steam-based system. This method doesn't involve burning fuel and generating air pollution like traditional dirty energy, and Fervo has refined its approach with horizontal drilling and distributed fiber optic sensing.

The recent announcement of $206 million is only the latest round of funding. Fervo initially secured $255 million for the project in 2024. With all of that funding in place, the project is on schedule, the company revealed.

"These investments demonstrate what we've known all along: Fervo's combination of technical excellence, commercial readiness, and market opportunity makes us a natural partner for serious energy capital," said David Ulrey, chief financial officer at Fervo Energy, per ESGtoday. "The confidence our investors have in Fervo and the Cape asset affirms that next-generation geothermal is ready to play a defining role in America's energy future."

Indeed, investing in clean energy like this is a smart, forward-thinking move. It's not just good for the environment; clean energy is also affordable and scalable, making it the wise choice as demand continues to increase. When it does, Fervo will be ready.

Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.

Cool Picks

How the Expedia of solar panels helps homeowners save money and avoid a common trap: 'Giving you confidence in the systems'

Major brand unveils ultra-efficient appliances to lower your bills every month: 'A new benchmark in efficiency and performance'

New analysis reveals next-gen HVACs can save homeowners over $10,000 — here's how to buy one with government incentives

This innovative company will install solar panels on your roof with no upfront costs — here's how its business model works