Fervo Energy

Houston, TX · Founded 2017 · Publicly Held

Operator of a geothermal power developer company intended to leverage innovation in geoscience to accelerate the clean energy transition. Fervo Energy is based in Houston, TX and was founded in 2017. It is now publicly traded; this page covers its private-market history, where its last recorded valuation was $2.9 billion (Dec 2025). It has raised $2 billion across 11 recorded rounds; the latest was an IPO in Jan 2026.

PA Mark · $/share
$37
Sep 2026
Implied valuation
$20.2B
Total raised
$2.0B
Last round
IPO
Jan 2026

Who backs Fervo Energy?

51 investors
InvestorType
U.S. Department of EnergyOther
Greentown LabsOther
DCVCVenture capital
Breakthrough EnergyOther
B Capital GroupVenture capital
Activate Global—
Elemental ImpactOther
CPP InvestmentsOther
Arpa-E—
The Grantham FoundationOther
+ 41 more investors · a free account shows the complete list
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Fervo Energy investors

51 investors are on record for Fervo Energy, including U.S. Department of Energy, Greentown Labs, DCVC and Breakthrough Energy. By type, the record holds 6 venture capital firms and 2 private investors. The Series E in Dec 2025 drew 25 investors.

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