United States · 
Who invested in Fervo Energy?
Fervo Energy's investors include B Capital, DCVC, Breakthrough Energy, Congruent Ventures and Mercuria, and 23 more on record.
2026
$206MRound$462MSeries E$421MDebt$20MGrant
United States · Funded startup
Who invested in Fervo Energy
4 rounds we have observed, with the 28 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.
Raised 2 months ago
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Funding summaryUpdated 5 Nov 2026
$1.1Braised across 4 rounds since 2025, from 5 sources
$206MRound$462MSeries E$421MDebt$20MGrant
- Latest round
- Grant, $20MSept 2026
- Biggest round
- $462MSeries E · Dec 2025
- Investors
- 28 (1 led)
The funding story
Each circle is a round, placed by date and sized by amount. The line above is the running total.
- First round
- Round, $206M Jun 2025
- Biggest round
- $462M Series E · Dec 2025
- Usual gap between rounds
- 5 months the median of 3
The rounds
- Sept 2026Grant$20M1 new4 returning
Source recorded
- Mar 2026Debt$421M
No investor was named in the report.
Reported by VentureburnSEC filing: $452M sold, first sale Dec 2025
- Dec 2025Series E$462M24 new1 returning
B CapitalLead
DCVC
Google
Breakthrough Energy
Congruent Ventures- CPP Investments
Galvanize
Capricorn Investment
Mitsui & Co
AllianceBernstein
Liberty Mutual Investments
CalSTRS
Marunouchi Innovation Partners
Mercuria
Sabanci Climate Ventures- JB Straubel
Carbon Equity- Centaurus Capital LP
Echelon
Atacama Ventures
CF Group- Devon Energy
Impact Science Ventures- Kris Singh
Mitsubishi Heavy Industries
Reported by TechCrunch and 1 otherSEC filing: $452M sold, first sale Dec 2025
- Jun 2025
Funding filed with regulators
Fervo Energy filed 5 raises, $916M in all. Filings say how much was sold and to how many investors; they never name the investors.
- Dec 2025$452MSEC Form D
- Dec 2024$135MSEC Form D
- Feb 2024$164MSEC Form D
- Aug 2022$138MSEC Form D
- Mar 2021$26MSEC Form D
Who was in which round
The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.
Round2025Series E2025Debt2026Grant2026B CapitalLDCVCBreakthrough EnergyCongruent VenturesMercuriaGoogle
Bank of AmericaCPP InvestmentsGalvanizeCapricorn Investment
B CapitalLDCVCBreakthrough EnergyCongruent VenturesMercuriaGoogleBank of AmericaCPP InvestmentsGalvanizeCapricorn InvestmentEveryone who backed them
CPP InvestmentsGrowth equity1round
JB StraubelVC firm1round
Centaurus Capital LPFamily office1round
Breakthrough Energy CatalystInvestment firm1round
Devon EnergyGrowth equity1round
Kris SinghAngel1round
Missing a round, or an investor who was in one? Tell us.
Also claim to have backed them
These 4 firms list Fervo Energy as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.
Quick answers about Fervo Energy
How much has Fervo Energy raised?
Fervo Energy has raised $1.1B across 4 rounds since 2025.
When did Fervo Energy last raise?
Fervo Energy's most recent round was a Grant of $20M in Sept 2026.
What was Fervo Energy's biggest round?
Fervo Energy's largest round on record is $462M (Series E), in Dec 2025, led by B Capital.
Who backed Fervo Energy first?
Fervo Energy's first round on record, in Jun 2025, was backed by Mercuria, Breakthrough Energy Catalyst and X-Caliber Rural Capital.
What stage is Fervo Energy at?
Fervo Energy's latest named round is a Grant, in Sept 2026.
Where is Fervo Energy based?
Fervo Energy is based in the United States.
Who led Fervo Energy's rounds?
B Capital led the Series E in 2025.
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