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2024.03.20
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Our fund has invested in Fervo Energy, a Houston based start-up

Marunouchi Innovation Partners Co., Ltd. through Marunouchi Climate Tech Growth Fund L.P. (collectively “MIP”), has invested in Fervo Energy (“Fervo”), the industry leader in next generation geothermal development.

The Enhanced Geothermal System ("EGS") being developed by Fervo involves creating an artificial reservoir in underground hot rock formations, injecting fluid from the surface through a well, extracting and circulating high-temperature hot water and steam to generate electricity. EGS significantly reduces the geologic constraints that are typically associated with conventional geothermal power developments. Accordingly, EGS has high potential as a scalable, cost-effective, 24/7 and emission-free power source.

Commercialization of EGS has been a challenge for decades, but Fervo has achieved a breakthrough in this space with its innovative approach, and successfully developed a commercial project in Nevada. Now, Fervo is currently drilling the 400 MW Cape Station project in Utah.

The proceeds from this investment round will be used to fund the development of the Cape Station project, which will begin delivering clean baseload power to the grid in 2026. MIP will join the round with a consortium of investors including Mitsubishi Heavy Industries, Ltd.


Tim Latimer, Fervo CEO and Co-Founder:
“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand. Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”

Ichiro Miyoshi, MIP CEO / CIO:
“We see significant potential in geothermal power, a clean baseload renewable energy source, as one of the critical pieces to achieve net zero CO₂ emissions by 2050. We are very pleased to invest in Fervo, who is the forerunner in this field. Fervo's technology is already highly mature and their execution capability is outstanding. We will continue to support Fervo's growth and the adoption of geothermal power generation not only by providing growth capital to the company but also by providing necessary support.”


Please click below to find a press release by the Company.
https://fervoenergy.com/fervo-energy-raises-244-million-to-accelerate-deployment-of-next-generation-geothermal/

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