Oklahoma City’s Devon Energy just made its first step into investing in renewable energy and it did so with a $10 million investment of geothermal energy.
The investment was with Fervo Energy, the next-generation leader in geothermal technology. The investment initiates a partnership between two technical leaders and applies Devon’s 50-plus years of innovation in oil and gas to Fervo’s advanced geothermal capabilities.
Fervo, headquartered in Houston, Texas, is the first geothermal company to successfully drill and complete a horizontal well pair for commercial geothermal production – leveraging technologies, skills and processes pioneered by Devon for oil and gas production.
“We are thrilled to have Devon as a partner,” said Tim Latimer, co-founder and CEO of Fervo. “Devon is a technology leader with historic and unparalleled expertise in drilling and completing wells. We expect this partnership will help unlock further potential for geothermal as the primary 24/7 renewable energy source.”
Fervo applies horizontal drilling, multi-stage well completion, and distributed fiber optic sensing to geothermal reservoir development, delivering higher reliability on projects. Fervo’s approach makes geothermal power accessible in far more places than before and dramatically increases its potential as a widespread energy source.
“We are excited about this partnership with Fervo, an innovator and leader in the enhanced geothermal space,” said David Harris, chief corporate development officer and executive vice president at Devon. “This investment is a good match for Devon’s new energy ventures strategy.”
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. For more information, please visit www.fervoenergy.com.