# Fervo Energy funding: rounds and investors > Fervo Energy has raised $1.1B across 4 rounds since 2025. Investors include B Capital, DCVC and Breakthrough Energy. Every round with its source. Source: https://millionrounds.com/company/fervo-energy (Millionrounds; every figure on the page links to its filing or article) United States · [Funded startup](https://millionrounds.com/companies) # 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. Cleantech Climate Tech Energy Raised 2 months ago Follow Fervo Energy and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Ffervo-energy) Funding summary Updated 5 Nov 2026 **$1.1B** raised across 4 rounds since 2025, from 5 sources **$206M** Round **$462M** Series E **$421M** Debt **$20M** Grant - **Latest round:** Grant, $20M Sept 2026 - **Biggest round:** $462M Series E · Dec 2025 - **Investors:** 28 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2026 **$206M** Round **$462M** Series E **$421M** Debt **$20M** Grant - **First round:** Round, $206M - **Biggest round:** $462M - **Usual gap between rounds:** 5 months ## The rounds - **Sept 2026** Grant **$20M** *1 new* *4 returning* [B Capital](https://millionrounds.com/fund/b-capital) [DCVC](https://millionrounds.com/fund/data-collective) [Breakthrough Energy](https://millionrounds.com/fund/breakthrough-energy) [Bank of America](https://millionrounds.com/fund/bank-of-america) [Congruent Ventures](https://millionrounds.com/fund/congruent-ventures) Source recorded - **Mar 2026** Debt **$421M** No investor was named in the report. Reported by Ventureburn SEC filing: $452M sold, first sale Dec 2025 - **Dec 2025** Series E **$462M** *24 new* *1 returning* [B Capital](https://millionrounds.com/fund/b-capital) Lead [DCVC](https://millionrounds.com/fund/data-collective) [Google](https://millionrounds.com/fund/google-assistant-investments) [Breakthrough Energy](https://millionrounds.com/fund/breakthrough-energy) [Congruent Ventures](https://millionrounds.com/fund/congruent-ventures) [CPP Investments](https://millionrounds.com/fund/cpp-investments) [Galvanize](https://millionrounds.com/fund/galvanize) [Capricorn Investment](https://millionrounds.com/fund/capricorn-investment-group) [Mitsui & Co](https://millionrounds.com/fund/mitsui-and-co) [AllianceBernstein](https://millionrounds.com/fund/alliancebernstein) [Liberty Mutual Investments](https://millionrounds.com/fund/liberty-mutual-investments) [CalSTRS](https://millionrounds.com/fund/calstrs) [Marunouchi Innovation Partners](https://millionrounds.com/fund/marunouchi-innovation-partners) [Mercuria](https://millionrounds.com/fund/mercuria) [Sabanci Climate Ventures](https://millionrounds.com/fund/sabanci-climate-ventures) [JB Straubel](https://millionrounds.com/fund/jb-straubel) [Carbon Equity](https://millionrounds.com/fund/carbon-equity) [Centaurus Capital LP](https://millionrounds.com/fund/centaurus-capital-lp) [Echelon](https://millionrounds.com/fund/echelon) [Atacama Ventures](https://millionrounds.com/fund/atacama-ventures) [CF Group](https://millionrounds.com/fund/cf-group) [Devon Energy](https://millionrounds.com/fund/devon-energy) [Impact Science Ventures](https://millionrounds.com/fund/impact-science-ventures) [Kris Singh](https://millionrounds.com/fund/kris-singh) [Mitsubishi Heavy Industries](https://millionrounds.com/fund/mitsubishi-heavy-industries) Reported by TechCrunch and 1 other SEC filing: $452M sold, first sale Dec 2025 - **Jun 2025** Round **$206M** *3 new* [Mercuria](https://millionrounds.com/fund/mercuria) [Breakthrough Energy Catalyst](https://millionrounds.com/fund/breakthrough-energy-catalyst) [X-Caliber Rural Capital](https://millionrounds.com/fund/x-caliber-rural-capital) Reported by TechCrunch ## 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 **$452M** 39 investors of $462M offered SEC Form D - Dec 2024 **$135M** 14 investors SEC Form D - Feb 2024 **$164M** 17 investors equity of $244M offered SEC Form D - Aug 2022 **$138M** 24 investors equity SEC Form D - Mar 2021 **$26M** 11 investors equity of $28M offered SEC 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. **Round** 2025 **Series E** 2025 **Debt** 2026 **Grant** 2026 [B Capital](https://millionrounds.com/fund/b-capital) L [DCVC](https://millionrounds.com/fund/data-collective) [Breakthrough Energy](https://millionrounds.com/fund/breakthrough-energy) [Congruent Ventures](https://millionrounds.com/fund/congruent-ventures) [Mercuria](https://millionrounds.com/fund/mercuria) [Google](https://millionrounds.com/fund/google-assistant-investments) [Bank of America](https://millionrounds.com/fund/bank-of-america) [CPP Investments](https://millionrounds.com/fund/cpp-investments) [Galvanize](https://millionrounds.com/fund/galvanize) [Capricorn Investment](https://millionrounds.com/fund/capricorn-investment-group) ## Everyone who backed them [B Capital](https://millionrounds.com/fund/b-capital) VC firm **2** rounds, led 1 [DCVC](https://millionrounds.com/fund/data-collective) VC firm **2** rounds [Breakthrough Energy](https://millionrounds.com/fund/breakthrough-energy) VC firm **2** rounds [Congruent Ventures](https://millionrounds.com/fund/congruent-ventures) VC firm **2** rounds [Mercuria](https://millionrounds.com/fund/mercuria) Corporate VC **2** rounds [Google](https://millionrounds.com/fund/google-assistant-investments) Accelerator **1** round [Bank of America](https://millionrounds.com/fund/bank-of-america) Company **1** round [CPP Investments](https://millionrounds.com/fund/cpp-investments) Growth equity **1** round [Galvanize](https://millionrounds.com/fund/galvanize) VC firm **1** round [Capricorn Investment](https://millionrounds.com/fund/capricorn-investment-group) Family office **1** round [Mitsui & Co](https://millionrounds.com/fund/mitsui-and-co) Corporate VC **1** round [AllianceBernstein](https://millionrounds.com/fund/alliancebernstein) VC firm **1** round [Liberty Mutual Investments](https://millionrounds.com/fund/liberty-mutual-investments) Growth equity **1** round [CalSTRS](https://millionrounds.com/fund/calstrs) Government **1** round [Marunouchi Innovation Partners](https://millionrounds.com/fund/marunouchi-innovation-partners) VC firm **1** round [Sabanci Climate Ventures](https://millionrounds.com/fund/sabanci-climate-ventures) Growth equity **1** round [JB Straubel](https://millionrounds.com/fund/jb-straubel) VC firm **1** round [Carbon Equity](https://millionrounds.com/fund/carbon-equity) Wealth manager **1** round [Centaurus Capital LP](https://millionrounds.com/fund/centaurus-capital-lp) Family office **1** round [Echelon](https://millionrounds.com/fund/echelon) VC firm **1** round [Atacama Ventures](https://millionrounds.com/fund/atacama-ventures) Fund of funds **1** round [Breakthrough Energy Catalyst](https://millionrounds.com/fund/breakthrough-energy-catalyst) Investment firm **1** round [CF Group](https://millionrounds.com/fund/cf-group) VC firm **1** round [Devon Energy](https://millionrounds.com/fund/devon-energy) Growth equity **1** round [Impact Science Ventures](https://millionrounds.com/fund/impact-science-ventures) VC firm **1** round [Kris Singh](https://millionrounds.com/fund/kris-singh) Angel **1** round [Mitsubishi Heavy Industries](https://millionrounds.com/fund/mitsubishi-heavy-industries) Corporate VC **1** round [X-Caliber Rural Capital](https://millionrounds.com/fund/x-caliber-rural-capital) Investment firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=fervo-energy). ## 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. [Prelude Ventures](https://millionrounds.com/fund/prelude-ventures) VC firm Per its own site [WovenEarth Ventures](https://millionrounds.com/fund/wovenearth-ventures) Fund of funds Per its own site [Baruch Future Ventures](https://millionrounds.com/fund/baruch-future-ventures) VC firm Per its own site [MTM Venture Partners](https://millionrounds.com/fund/mtm-venture-partners) VC firm Per its own site ## Quick answers about Fervo Energy ### Who invested in Fervo Energy? Fervo Energy's investors include B Capital, DCVC, Breakthrough Energy, Congruent Ventures and Mercuria, and 23 more on record. ### 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. ## Companies like Fervo Energy In the same sector, and raised in the last eighteen months. [**Group14 Technologies** $632M · Oct 2026](https://millionrounds.com/company/group14-technologies)[**Mammoth Energy Services** $58M · Oct 2026](https://millionrounds.com/company/mammoth-energy-services)[**DMC Biotechnologies** $19M · Oct 2026](https://millionrounds.com/company/dmc-biotechnologies)[**Terradot** $92M · Oct 2026](https://millionrounds.com/company/terradot)[**Emvolon** $22M · Oct 2026](https://millionrounds.com/company/emvolon)[**Amogy** $125M · Oct 2026](https://millionrounds.com/company/amogy) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app