MHVYF - Mitsubishi Heavy Industries Invests in Fervo Energy a US-Based Enhanced Geothermal System Startup

TOKYO, Mar 1, 2024 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) announced that it has invested in Fervo Energy (Fervo), an innovative enhanced geothermal technology startup company headquartered in Houston, Texas. The investment has been executed through Mitsubishi Heavy Industries America, Inc. (MHIA), which joins a consortium of investors, including Devon Energy Corporation (Devon), Marunouchi Innovation Partners (MIP) and others.

Fervo has adapted innovations pioneered by the oil and gas industry, such as horizontal drilling and distributed fiber optic sensing, to make reservoirs of hot rock that exist beneath the earth's surface into practical, economically viable, carbon-free sources of energy that can be used as heat sources both for industrial and power generation. Fervo is striving to unlock geothermal energy in previously economically unattractive locations, dramatically increasing geothermal resource potential.

MHI Group is collaborating with and investing in partners to develop innovative technologies that will help to decarbonize existing infrastructures and build a hydrogen and CO2 ecosystem to contribute towards achieving a decarbonized society by integrating with product portfolio like power generation. Carbon-free energy by enhanced geothermal can be a powerful resource for both ecosystems, and dispatchability is especially important for industrial facilities, while solar and wind have intermittency challenges. MHI is investing in Fervo's efforts to explore carbon-free energy that can energize these ecosystems. The company will continue to enhance and diversify its solutions portfolio to provide customers with alternative decarbonization technologies to achieve their net zero goals.

About Fervo Energy

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.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

Source: Mitsubishi Heavy Industries, Ltd.

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