Geothermal Unicorn Fervo Energy Is Building a Massive Next-Gen Plant in Utah
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Summary
Fervo Energy, a geothermal firm that has developed technology originally created for use in the oil and gas industry, has raised $206m to build a next-generation plant in Utah to access previously untapped geothermal energy.
Drill bit technology uses polycrystalline diamond compact (PDC), one of the hardest known substances, to reach depths of up to 15,765 feet (all remaining heat from the PDC is recaptured and used) and fibre-optic cable to gather real-time data.
Fervo’s drilling time reduction of 79% will make it economically viable to tap into geothermal energy in previously inaccessible locations, the company says, and ultimately almost unlimited in supply.
The US currently generates just 0.4% of its electricity through geothermal power, though it leads the world in installed geothermal generating capacity and resources available for development.
The company plans to begin delivering 100MW of power to the grid in 2026, with an additional 400MW planned for 2028.
