Two Houston-based energy companies have been selected for nearly $45 million in federal funding to advance next-generation geothermal projects.\u00a0<\/p>\n
Fervo Energy and Quaise Energy are among 21 projects chosen by the Department of Energy (DOE) as part of a $99 million investment aimed at accelerating geothermal development across the U.S.\u00a0<\/p>\n
How Will Fervo Use Its DOE Funding?\u00a0<\/p>\n
Fervo received two grants totaling $20 million for its Enhanced Geothermal Systems (EGS) projects in Idaho and Nevada.\u00a0\u00a0<\/p>\n
In Idaho, Fervo will use the funding to drill and complete EGS wells in partnership with multiple national laboratories. The project will also test new technology for high-temperature geothermal operations, which Fervo says is expected to unlock advanced geophysical data collection.\u00a0<\/p>\n
The company will also use the funding to study a potential geothermal site in Humboldt County, Nevada, and determine whether it\u2019s suitable for EGS development. Fervo\u2019s commercial pilot, Project Red, is also located in Nevada and has been generating 3 megawatts of gross power to the grid since 2023.\u00a0\u00a0<\/p>\n
\u201cThis is an excellent example of how public and private entities can partner together to scale critical energy technologies,\u201d said Tim Latimer, CEO and Co-Founder of Fervo Energy, in a press release<\/a>. \u201cWith this funding, the Department of Energy is making important investments to help Americans across the country gain access to clean, affordable geothermal energy.\u201d<\/p>\n The awards come as Fervo enters its next stage of growth. The Houston-based company recently filed for an initial public offering, less than a decade after it was founded in 2017.\u00a0<\/p>\n GET THE BACKSTORY: Houston-Based Fervo Energy Moves Toward IPO<\/a>\u00a0<\/p>\n How Will Quaise Use Its DOE Funding?\u00a0<\/p>\n