On February 29, 2024, Fervo Energy Company closed the transaction. The company received $244,000,000 in funding. The company received $105,534,686 in final tranche.

The transaction was led by returning investor, Devon Energy Corporation with participation from new investors, Galvanize Climate Solutions LLC, Liberty Mutual Group Asset Management Inc., Marunouchi Innovation Partners Co., Ltd., Mercuria Energy Group Holding S.A., Mitsubishi Heavy Industries, Ltd., returning investors, Technology Impact Fund, LP, managed by Capricorn Investment Group LLC, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, Inc., Isv Management Company, LLC and individual investor, John Arnold. The company has raised $164,102,805 funding pursuant to exemption provided under Regulation D from 17 investors.