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Fervo Energy has raised over $1.5 billion, including $462 million in December 2025, with investors like Google and Mitsui. The company utilizes enhanced geothermal techniques to access heat sources up to 12,000 feet deep, significantly reducing drilling costs to $400 per foot.

Its first corporate-backed project in Nevada, supported by a special utility tariff with Google and NV Energy, aims to provide around-the-clock clean power. Fervo is also developing a 500-megawatt capacity project in Utah, adding 100 megawatts to the grid by October. The company employs AI to optimize drilling and has plans for an IPO in 2026.