Another geothermal company in the US, Fervo Energy, has raised a funding round of $28 million in Series B financing.

The round was led by Capricorn Investment, and existing investors including Breakthrough Energy Ventures, 3X5 Partners, Congruent Ventures, and Elemental Excelerator and Helmerich & Payne, a drilling systems company which has a technology partnership with Fervo.

In February this year BP and Chevron jointly backed a similar Canadian company Eavor, with $40 million.

Both companies seem to have the same idea – take drilling platforms designed for fracking and drill down around 2 kilometers, and then two horizontal layers of about the same distance, and then complete the drilling with another vertical drop, so that water or a specialized.