Fervo Energy Company announced that it will receive $238,465,333.34 in funding on February 6, 2024. The company will issue 90,117,881 series D-1 preferred shares at issue price of $2.5323 per share for the gross proceeds $228,205,510.0563; and 4,766,557 series D-2 preferred shares at issue price of $2.15246 per share for the gross proceeds $10,259,823.28022. The shares are convertible, and non-redeemable.

The shares will be convertible in common shares at a price of $2.5323; and $2.15246 per share respectively. The round will be raised at post money valuation of $525,794,885. The company will issue securities pursuant to exemption provided under Regulation D. The company will receive $221,465,311 pursuant to exemption provided under Regulation D.