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.
