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Fervo Energy Secures Additional $255 Million Funding to Meet Unprecedented Energy Demand
Fervo Energy, the leader in next-generation geothermal development, 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.
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.
Lilac Solutions Announces $145 Million Series C to Scale Lithium Supply for the Electric Vehicle Era
Lilac Solutions, a leader in lithium extraction technology, announced the close of its Series C with $145 million of proceeds. This bring Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures, with participation from all major shareholders including T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures (a Sumitomo Corporation Group Company), and BMW i Ventures amongst others, and Lilac welcomes Mitsubishi Corporation and The Nature Conservancy as new investors. The new capital will be used to support Lilac’s ambitious growth plans as the Company ramps up manufacturing capacity of its propriety ion-exchange (IX) material and commercial deployment at projects around the world.