Ben Geman of Axios reports on Fervo Energy, a geothermal startup.
- Last year Fervo Energy raised $28 million, bringing its total funding to $60 million.
- Fervo uses horizontal drilling in tandem with fiber optic sensing to drill wells which extends the lifetime and efficiency of the geothermal wells.
- The company expects to expand operations in 2022, but Fervo said that the current permitting system for energy on federal lands may slow down development.
- Fervo Energy is showing that private sector innovation is key to a cleaner energy future.
“The company raised $28 million last year from investors including the Bill Gates-led Breakthrough Energy Ventures, and he said total VC funding to date is almost $60 million.”
Read the full article here.