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Fervo Energy lands $206M in financing to build massive geothermal power plant | TechCrunch

TechCrunch · 1m ago

Fervo Energy lands $206M in financing to build massive geothermal power plant | TechCrunch

Fervo Energy secured $206 million in financing to develop a major geothermal power plant in Utah, aiming to be the world's largest. Cape Station's initial phase will produce 100 megawatts in 2026, with a 400 megawatt expansion by 2028. Enhanced geothermal offers 24/7 emission-free power, leveraging oil and gas industry expertise. Funding includes $100 million from Breakthrough Energy Catalyst and $60 million from Mercuria. The startup's successful drilling results have encouraged investor confidence in geothermal's commercial potential.

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A new type of geothermal power plant just made the internet a little greener

Wired · 1y ago

A new type of geothermal power plant just made the internet a little greener

A geothermal startup called Fervo has successfully developed a first-of-its-kind geothermal operation in the Nevada desert, known as Project Red. This small but significant project demonstrates a new approach to geothermal power that could utilize the Earth's natural heat anywhere in the world. By drilling into dry rock and creating an artificial hot spring, Fervo's enhanced geothermal system (EGS) generates hot water to drive turbines and produce clean electricity. With the support of Google, Fervo aims to make all of its data centers run on green energy 24/7.

Meta teams with XGS Energy to build a 150 MW geothermal power plant | TechCrunch

TechCrunch · 1m ago

Meta teams with XGS Energy to build a 150 MW geothermal power plant | TechCrunch

Meta is partnering with startup XGS Energy to develop a 150-megawatt geothermal power plant in New Mexico. Although specific details of the agreement remain undisclosed, the partnership aims to advance geothermal energy development in the state. This collaboration is part of a broader trend among tech companies embracing geothermal energy, which offers emissions-free, 24/7 electricity. XGS Energy utilizes a closed-loop system to minimize water loss, enhancing the efficiency of geothermal energy production.

Geothermal startup Fervo Energy is tapping fresh $221M round, filing reveals

TechCrunch · 1y ago

Geothermal startup Fervo Energy is tapping fresh $221M round, filing reveals

Fervo Energy, a Houston-based enhanced geothermal startup, is reportedly raising $221 million, according to SEC documents. The company uses directional drilling techniques to access heat deep within the Earth's crust, unlike previous geothermal plants. Fervo's wells are equipped with fiber optic cables and sensors that collect data on subsurface heat patterns, enabling the monitoring of each well's performance. The company recently completed a successful project in Utah, reducing drilling time by 70% and cutting costs. Fervo has also received a $25 million grant from the Department of Energy and raised $138 million in Series C funding.

Will we reach AGI before Stripe goes public?

TechCrunch · 1y ago

Will we reach AGI before Stripe goes public?

This week's episode of the Equity podcast explores topics such as Stripe's valuation at $65 billion, Fervo Energy's $200M+ funding round for geothermal energy, VCs investing in companies that assist with shut-downs, and Microsoft's investment in French AI company Mistral. The podcast also hints at future interviews with Nubank's CEO.

AI's energy hunger fuels geothermal startups but natural gas rivalry clouds future

Economic Times

Economic Times · 7m ago

AI's energy hunger fuels geothermal startups but natural gas rivalry clouds future

Geothermal energy startups are gaining traction as tech giants like Meta and Google look to power their AI data centers. While geothermal has been promoted as a faster, carbon-free alternative to nuclear energy, startups face challenges such as high upfront costs and lengthy project approval times. Oil majors like Chevron and Exxon Mobil are doubling down on natural gas, but smaller oil and gas producers and service companies are showing interest in geothermal. Geothermal aims to compete on cost, with the average levelized cost of electricity in the US being competitive with other dispatchable energy sources. Texas has emerged as a hotspot for geothermal exploration and development, thanks to abundant resources and favorable regulatory conditions. With government incentives and increasing private investments, the sector is receiving bipartisan attention.

Adani Green unveils 30 GW green energy project in Khavda to generate 81 bn units

Livemint

Livemint · 1y ago

Adani Green unveils 30 GW green energy project in Khavda to generate 81 bn units

Adani Green Energy Limited (AGEL) plans to develop a massive 30 GW renewable energy plant in Khavda, India. Once completed, it will be the world's largest renewable energy project, generating approximately 81 billion units of electricity per year and preventing 58 million tonnes of CO2 emissions. AGEL aims to increase its operational portfolio to 9,029 MW and total portfolio to 20,844 MW. The company has also activated a 551 MW solar power plant in Khavda, which is currently the world's second-largest operational solar photovoltaic (PV) plant.

Nvidia wants in on the nuclear renaissance, invests in Bill Gates-backed TerraPower | TechCrunch

TechCrunch · 1m ago

Nvidia wants in on the nuclear renaissance, invests in Bill Gates-backed TerraPower | TechCrunch

TerraPower, the nuclear startup backed by Bill Gates, secured a $650 million funding round, with Nvidia's NVentures joining as a key investor. The funds aim to build its first commercial power plant in Wyoming, expected to generate 345 megawatts. TerraPower's Natrium reactors use molten sodium for cooling, allowing steady operation and effective energy storage. The project faces significant costs, potentially reaching $4 billion, half funded by the Department of Energy. Completion targets a timeline of three years.

Sage Geosystems Raises $17M in Series A Funding

Finsmes · 1y ago

Sage Geosystems Raises $17M in Series A Funding

Houston-based company Sage Geosystems has secured $17 million in Series A funding led by Chesapeake Energy Corporation. The funds will be used to build a 3 MW commercial Geopressured Geothermal System (GGS) facility in Texas. Sage Geosystems specializes in developing GGS technologies, which harness energy from pressurized water stored deep underground. The facility, named EarthStore™, will store energy for short and long durations, providing baseload power and inertia to the electric grid. Construction is expected to commence in Q2 2024, with a target commission date of Q4 2024.

Frontier is helping Arbor build a “vegetarian rocket engine” to power data centers | TechCrunch

TechCrunch · 1m ago

Frontier is helping Arbor build a “vegetarian rocket engine” to power data centers | TechCrunch

Frontier, supported by major tech firms, is investing $41 million in Arbor Energy to create a carbon-reducing power plant in Louisiana. The plant will transform waste biomass into syngas, generating electricity for data centers and sequestering CO2 underground. Using a technology called BiCRS, the plant captures 99% of carbon emissions, effectively removing carbon from the atmosphere. This initiative aims to harness biomass sustainably, positioning BECCS as a key player in future energy solutions.

Germany’s Proxima Fusion Secures €130 Million to Build Stellarator Power Plant by 2031 | DeepNewz VC

deepnewz

deepnewz · 1m ago

Germany’s Proxima Fusion Secures €130 Million to Build Stellarator Power Plant by 2031 | DeepNewz VC

Proxima Fusion, a German startup, has raised EUR 130 million in its Series A funding round, marking the largest private investment in fusion energy in Europe. Founded less than two years ago, the company aims to build a stellarator power plant. This rapid achievement is notable for first-time founders. Proxima Fusion's approach and innovative strategies contributed to their swift success in securing substantial investment for advancing fusion energy technology.

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