Having secured $138 million in new funding from an investment group led by private equity firm DCVC, emerging geothermal power plant developer Fervo Energy is focused on completing at least two projects in the Western U.S.

Geothermal

Houston-based Fervo said the additional funding, which augments the $39 million it raised previously by about 350%, would help complete geothermal plants in Nevada and Utah and evaluate new projects in California, Colorado, Idaho, New Mexico, Oregon and internationally.

Fervo disclosed neither the number of geothermal plants it is contemplating nor specific project locations.

“Power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices,” said CEO...