Next-generation leader in geothermal technology, Fervo Energy, has announced a US$10mn strategic investment from Devon Energy Corporation in order to initiate a partnership between the two companies and apply Devon’s 50-plus years of innovation in oil and gas to Fervo’s advanced geothermal capabilities.
Co-founder and CEO of Fervo, Tim Latimer, said, “We are thrilled to have Devon as a partner. Devon is a technology leader with historic and unparalleled expertise in drilling and completing wells. We expect this partnership will help unlock further potential for geothermal as the primary 24/7 renewable energy source.”
“We are excited about this partnership with Fervo, and innovator and leader in the enhanced geothermal space,” commented David Harris, chief corporate development officer and executive vice president, Devon.
“This investment is a good match for Devon’s new energy ventures strategy.”
Fervo applies horizontal drilling, multi-stage well completion and distributed fibre optic sensing to geothermal reservoir development, delivering higher reliability on projects. Fervo’s approach makes geothermal power accessible in far more places than before and increases its potential as a widespread energy source.