Despite that vast potential, geothermal provides just 0.4 percent of U.S. electricity today, according to the University of Michigan’s Geothermal Energy Fact Sheet.
Fervo Energy, a geothermal energy startup, closed a $28 million Series B led by Capricorn Investment Group, along with existing investors Breakthrough Energy Ventures, 3×5 Partners, Congruent Ventures and Elemental Excelerator.
“The shale revolution removed the uncertainty,” said the CEO. Joshua Posamentier of Congruent Ventures, a Fervo investor, told Canary Media, “I think Fervo has the potential to reignite the geothermal energy space and fill a gap in our renewable energy ecosystem with a flexible baseload power source. It builds on decades of investment and innovation in the fossil fuel world and repurposes it for the new carbon-free economy.”
Prime Impact Fund just made its first geothermal investment, leading a $3.2 million seed round in Zanskar, a startup developing a new approach to geothermal discovery and well field design, according to Pitchbook.
Like most people, I didn’t know too much about geothermal at first, but the large fraction of energy used to power consumers’ homes caught my attention – it’s right up there with transportation.
The DOE views environmental mitigation, carbon capture, hydrogen and geothermal energy as engines of job creation in coal and power plant communities impacted by changes in the energy economy.
Sandia National Laboratories won funding to refine geothermal exploration methods and electromagnetic surveys to aid drillers exploring for geothermal energy in the Western U.S. There’s an obvious overlap in the skill sets of O&G and geothermal workers.