Associated tags: Primary energy, Schlumberger, ARPA, Breakthrough Energy, Lawrence Berkeley National Laboratory, Energy, Renewable energy, Alternative Energy, Environment, Sustainability, Green Technology, Utilities, Research, Other Energy, Geothermal energy, Wind, Electricity, Climate change, Gas, Oil, Activate
Locations: DEVON, TOKYO, UNITED STATES, NORTH AMERICA, TEXAS, UTAH, CALIFORNIA
Retrieved on:
Thursday, February 29, 2024
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Renewable energy Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas.
Key Points:
- Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has raised $244 million in new funding led by Devon Energy, a pioneer in shale oil and gas.
- “Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” said Tim Latimer, Fervo CEO and Co-Founder.
- “Fervo has transformed geothermal into a scalable carbon-free resource ready to meet the moment.”
Goldman Sachs & Co. LLC acted as exclusive placement agent to Fervo Energy.
- Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power.
TOKYO, Mar 1, 2024 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) announced that it has invested in Fervo Energy (Fervo), an innovative enhanced geothermal technology startup company headquartered in Houston, Texas.
Key Points:
- TOKYO, Mar 1, 2024 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) announced that it has invested in Fervo Energy (Fervo), an innovative enhanced geothermal technology startup company headquartered in Houston, Texas.
- The investment has been executed through Mitsubishi Heavy Industries America, Inc. (MHIA), which joins a consortium of investors, including Devon Energy Corporation (Devon), Marunouchi Innovation Partners (MIP) and others.
- Fervo is striving to unlock geothermal energy in previously economically unattractive locations, dramatically increasing geothermal resource potential.
- Carbon-free energy by enhanced geothermal can be a powerful resource for both ecosystems, and dispatchability is especially important for industrial facilities, while solar and wind have intermittency challenges.
Retrieved on:
Monday, February 12, 2024
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Renewable energy Today at the Stanford Geothermal Workshop, Fervo Energy (“Fervo”) published early drilling results from its Cape Station project that exceed the Department of Energy’s (DOE) expectations for enhanced geothermal systems (EGS).
Key Points:
- Today at the Stanford Geothermal Workshop, Fervo Energy (“Fervo”) published early drilling results from its Cape Station project that exceed the Department of Energy’s (DOE) expectations for enhanced geothermal systems (EGS).
- These results substantiate the rapid learning underway in the geothermal industry and signal readiness for continued commercialization.
- Fervo has consistently reduced drilling times and costs in horizontal, high-temperature, deep granite drilling.
- “Since its inception, Fervo has looked to bring a manufacturing mentality to enhanced geothermal development, building a highly repeatable drilling process that allows for continuous improvement and, as a result, lower costs,” said Tim Latimer, Fervo Energy CEO and Co-Founder.
Retrieved on:
Monday, September 25, 2023
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Fast food Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today held a groundbreaking ceremony to mark the start of its exploration drilling campaign at Cape Station, a next-generation geothermal energy project set to deliver 400 MW of 24/7 carbon-free electricity.
Key Points:
- Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today held a groundbreaking ceremony to mark the start of its exploration drilling campaign at Cape Station, a next-generation geothermal energy project set to deliver 400 MW of 24/7 carbon-free electricity.
- Geothermal innovations like those pioneered by Fervo will play a critical role in extending Utah’s energy leadership for generations to come.”
Earlier this year, Fervo announced breakthrough result of its commercial pilot project, Project Red.
- “Beaver County, Utah is the perfect place to deploy our next-generation geothermal technology,” said Tim Latimer, Fervo Energy CEO and Co-Founder.
- Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power.
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Renewable energy Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today announced that it has successfully completed the well test at its full-scale commercial pilot, Project Red, in northern Nevada.
Key Points:
- Fervo Energy (“Fervo”), the leader in next-generation geothermal technology, today announced that it has successfully completed the well test at its full-scale commercial pilot, Project Red, in northern Nevada.
- In conjunction with the announcement, Fervo is hosting research and industry partners for the inaugural Fervo Energy Technology Day tomorrow, July 19, in Houston to present findings from the project and explain their implications for accelerating the deployment of next-generation geothermal power.
- "We partnered with Fervo in 2021 because we see significant potential for their geothermal technology to unlock a critical source of 24/7 carbon-free energy at scale, and we are thrilled to see Fervo reach this important technical milestone."
- This summer, Fervo broke ground on its first greenfield development in southwest Utah, adjacent to the DOE’s Frontier Observatory for Research in Geothermal Energy (FORGE).
Fervo Energy (“Fervo”), the next-generation leader in geothermal technology, today announced a $10 million strategic investment from Devon Energy Corporation (NYSE: DVN).
Key Points:
- Fervo Energy (“Fervo”), the next-generation leader in geothermal technology, today announced a $10 million strategic investment from Devon Energy Corporation (NYSE: DVN).
- The investment initiates a partnership between two technical leaders and applies Devon’s 50-plus years of innovation in oil and gas to Fervo’s advanced geothermal capabilities.
- Fervo is the first geothermal company to successfully drill and complete a horizontal well pair for commercial geothermal production – leveraging technologies, skills and processes pioneered by Devon for oil and gas production.
- “We are thrilled to have Devon as a partner,” said Tim Latimer, co-founder and CEO of Fervo.
Retrieved on:
Thursday, February 23, 2023
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Halliburton Fervo Energy, the leader in next-generation geothermal power, today announced that it will design and engineer a fully integrated geothermal and direct air capture (DAC) facility, with support from the Chan Zuckerberg Initiative (CZI).
Key Points:
- Fervo Energy, the leader in next-generation geothermal power, today announced that it will design and engineer a fully integrated geothermal and direct air capture (DAC) facility, with support from the Chan Zuckerberg Initiative (CZI).
- In a DAC facility, large fans move air over materials that capture carbon dioxide.
- Fervo’s designs for a combined geothermal and direct air capture facility can provide an innovative solution to these challenges that will lower the cost of carbon removal.
- The new funding helps Fervo leverage geothermal resources to provide 24/7 carbon-free power and heat to DAC systems and explore geothermal reservoirs’ potential for local subsurface carbon sequestration.
Retrieved on:
Thursday, November 10, 2022
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Activate Today, Fervo Energy announced the execution of a 20 MW power purchase agreement to provide 24/7 carbon-free geothermal power to a group of nine California-based community choice aggregators (CCAs).
Key Points:
- Today, Fervo Energy announced the execution of a 20 MW power purchase agreement to provide 24/7 carbon-free geothermal power to a group of nine California-based community choice aggregators (CCAs).
- The project will dispatch 20 MW of 24/7 carbon-free geothermal power from Fervos Beaver County, Utah position with expected operation in Q2 of 2026.
- Fervo Energy applies proven technologies including horizontal drilling and distributed fiber optic sensing to geothermal power development to deliver more reliable and cost-effective projects.
- Fervo Energy is making meaningful progress toward expanding geothermal accessibility, furthering climate action goals, all while providing carbon-free geothermal power to households throughout Southern California.
Retrieved on:
Tuesday, October 11, 2022
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Activate Fervo Energy and Clean Power Alliance (CPA) are pleased to announce the execution of a 33 MW power purchase agreement (PPA) that will provide 24/7 carbon-free geothermal power to CPA, a community-driven, locally operated Southern California electricity provider.
Key Points:
- Fervo Energy and Clean Power Alliance (CPA) are pleased to announce the execution of a 33 MW power purchase agreement (PPA) that will provide 24/7 carbon-free geothermal power to CPA, a community-driven, locally operated Southern California electricity provider.
- CPA selected Fervo Energy, a leading developer of next-generation geothermal energy, to increase its carbon-free energy deployment in response to a 2021 State of California mandate requiring load-serving entities to procure 1,000 MW of non-weather-dependent, zero-emission baseload energy.
- The project will provide enough energy to power 13,559 Southern California homes per year while avoiding 21,005 metric tons of greenhouse gas (GHG) emissions each year.
- Unlike solar and wind energy which are intermittent, geothermal energy delivers reliable renewable energy around-the-clock to our millions of Southern California customers.
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Activate 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, said Tim Latimer, CEO of Fervo.
Key Points:
- 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, said Tim Latimer, CEO of Fervo.
- Recently, Fervo also signed a 40 MW power purchase agreement with East Bay Community Energy , a leading California clean energy provider.
- In advancing geothermal energy, using the technologies of hydrocarbon exploration and extraction, Fervo is the model of energy transition, deploying the workforce of the oil and gas industry to clean energy projects.
- Fervo Energy provides 24/7 carbon-free energy through development of next-generation geothermal power.
