Fervo Energy Secures Additional $255 Million Funding to Meet Unprecedented Energy Demand
December 19, 2024
Fervo Energy Secures Additional $255 Million Funding to Meet Unprecedented Energy Demand
HOUSTON, TX (December 19, 2024) – Fervo Energy (“Fervo”), the leader in next-generation geothermal development, today announced that it has secured $255 million in new funding and capital availability as it continues to build the world’s largest enhanced geothermal systems (“EGS”) power development. The announced funding comprises both opportunistic corporate equity and new debt financing.
Capricorn’s Technology Impact Fund II led the $135 million corporate equity round. Fervo is excited to welcome new investment and continued support from a suite of high-caliber investors, including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.
“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” said Fervo CEO and Co-Founder Tim Latimer. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”
In addition to corporate equity, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, one of the world’s largest independent energy and commodity groups. The facility will provide additional liquidity for Fervo to accelerate the deployment of EGS projects across the U.S. as it seeks to meet skyrocketing demand for clean, firm power.
“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” said Brian Falik, Group Chief Investment Officer of Mercuria. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”
Fervo’s first greenfield development, Cape Station, is now fully permitted up to 2 GW and will begin generating electricity in 2026. This project is just a first step. As Fervo continues to meet and surpass its stated development milestones, expect additional exciting updates in the near future.
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About Fervo Energy
Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. Geothermal has a major role to play in the future electric grid, and Fervo’s key advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost-competitive and globally scalable. For more information, please visit www.fervoenergy.com.
Aramco, Linde and SLB sign shareholders’ agreement for one of the largest CCS hubs globally December 4, 2024
December 11, 2024
https://www.aramco.com/en/news-media/news/2024/aramco-linde-and-slb-sign-shareholders-agreement-for-one-of-the-largest-ccs-hubs-globally
- Aramco and its partners reach milestone in building phase one of CCS hub in Jubail, signaling positive progress on the Company’s 2035 interim climate ambitions
- First phase construction expected to be completed in 2027, with capacity to capture and store up to 9 million metric tons of CO2 per year
- Project supports Aramco’s ambition to achieve net-zero and Scope 2 gas emissions across its wholly-owned operated assets by 2050, and its interim target of reducing Upstream by 15% by 2035
- CCS hub also complements the Company’s blue hydrogen and ammonia program, and aligns with the Kingdom’s net-zero objectives
Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a shareholders’ agreement with Linde and SLB, paving the way for development of a Carbon Capture and Storage (CCS) hub that is expected to become one of the largest globally. Under the terms of the shareholders’ agreement Aramco will take a 60% equity interest in the CCS hub, with Linde and SLB each owning a 20% stake.
It represents a significant milestone for the project and is a key component in Aramco’s emission mitigation strategy. With the support of the Ministry of Energy, phase one of the new CCS hub in Jubail, in the Kingdom of Saudi Arabia’s Eastern Province, is expected to capture and store up to nine million metric tons of CO2 annually, and construction is expected to be completed by the end of 2027. Later phases are expected to further expand its capacity.
The project will support the company’s ambition to achieve net-zero Scope 1 and gas emissions across its wholly-owned operated assets by 2050.
SOCAR Discusses Carbon Capture And Geothermal Opportunities With DeGolyer And MacNaughton November 28, 2024
December 11, 2024
SOCAR Discusses Carbon Capture And Geothermal Opportunities With DeGolyer And MacNaughton
U.S. company DeGolyer and MacNaughton met with the State Oil Company of Azerbaijan (SOCAR) representatives and discussed potential opportunities to work together on carbon capture and geothermal projects.
SOCAR and DeGolyer and MacNaughton have an already established partnership for field development and determining reserves and their meeting follows COP29 which was held in Baku.
DeGolyer and MacNaughton is an independent oil industry consultancy with a focus on resources assessments, reserves consulting, reservoir modeling, geologic and petrophysical analyses.
This is not SOCAR’s first foray into carbon capture. In September 2024 the company signed a number of MOU’s with Italian energy giant Eni, with one of them focused on greenhouse gas reduction and energy efficiency through carbon capture, utilization and storage.
Last year the company also signed an agreement to work together with Abu Dhabi energy company ADNOC on hydrogen, carbon capture and geothermal.
D&M provides independent Competent Person’s Report (CPR) for anticipated combination of Harbour Energy plc and Wintershall Dea on the London Stock Exchange
June 19, 2024
Publication of Circular and Prospectus | Harbour Energy
Harbour Energy plc
(“Harbour” or the “Company”)
Publication of Circular and Prospectus in connection with proposed acquisition of Wintershall Dea
asset portfolio
12 June 2024
Harbour is pleased to announce that it has today, following receipt of approval from the Financial
Conduct Authority (the “FCA”), published its shareholder circular (the “Circular”) and prospectus (the
“Prospectus”) in relation to the proposed acquisition of substantially all of Wintershall Dea AG’s
upstreamoil and gas assets(the “Target Portfolio”) (the “Acquisition”). A general meeting of Harbour’s
shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.
DeGolyer and MacNaughton (“D&M”) have prepared an independent competent person’s report
(“CPR”) on the Target Portfolio, which is included in full in the Prospectus. D&M has certified that, as
at 31 December 2023, the target portfolio had 1,117 mmboe1 of 2P oil and gas reserves with an
estimated value (NPV10) of $10.5 billion2
. This excludes c.60 mmboe of reserves produced between
the effective date of the Acquisition of 30 June 2023 and 31 December 2023. In addition, as at 31
December 2023, D&M has certified that the Target Portfolio had 1,238 mmboe of 2C contingent
resources3
.
The publication of the Circular and Prospectus marks another important milestone towards
completion of the Acquisition. In addition, all regulatory, anti-trust and foreign direct investment
approvals continue to progress as planned. These include approvalsfrom Egypt’s Ministry of Petroleum
and Mineral Resources and the European Commission, which were recently received. Harbour
continues to expect the Acquisition to complete during the fourth quarter of 2024.
Harbour has made available copies of the Circular and Prospectus as well as a presentation
summarising the key highlights of the Prospectus on its website at https://www.harbourenergy.com.
D&M and BKV paper was voted as best paper at URTeC 2023
March 6, 2024
D&M and BKV paper was voted as best paper at URTeC 2023
Recent paper by D&M and BKV presented by Eric Bryan on Integrated Well Performance Analysis Methodology to Understand Production Performance and Identify Refracturing Candidates in Barnett Shale was voted the best paper pertaining to reserves estimation and production forecasting at URTeC 2023. Their novel methodology intends to decouple reservoir and original completion effects in order to prioritize refracturing candidates.
Saudi Aramco Announcement: Jafurah Basin
February 28, 2024
Saudi Aramco Announcement: Jafurah Basin
