Geothermal startup Fervo Energy Co. secured a substantial $244 million round, led by shale oil and gas giant Devon Energy Corp. The Houston-based geothermal developer’s fundraising topped this week’s Crunchbase biggest funding rounds.
The raised funds exceeded what Fervo Energy disclosed in its recent SEC filing, aiming for $221.5M funding. The capital infusion will bolster Fervo’s drilling endeavors in Utah. The project could start supplying clean electricity to the grid by 2026.
Founded in 2017, Fervo has amassed $431 million in funding, according to Crunchbase records.
Tapping Earth’s Heat: Fervo Energy’s Geothermal Breakthrough
Fervo Energy focuses on leveraging horizontal drilling technology, originally pioneered by the oil and gas sector, to harness geothermal resources for power generation.
In collaboration with Google LLC, the company completed an enhanced geothermal system (EGS) pilot project in Nevada in November 2023. This initiative caters to some Google data centers in the state.
- READ MORE: Fervo Energy’s Breakthrough in Enhanced Geothermal Systems: A Game-Changer for Renewable Energy
Fervo’s successful demonstration is the first instance of an enhanced geothermal system implemented on a commercial scale.
Geothermal energy, often dubbed the “heat beneath our feet,” currently contributes 3.7 gigawatts of electricity in the U.S. That amount could power over 2.7 million homes, but this constitutes only a fraction of its immense potential.
A considerable portion of geothermal energy remains untapped due to technological limitations, leaving vast energy reservoirs unexploited.
This is where the EGS holds promise in unlocking these resources and introducing clean, and dispatchable electricity to the grid. This geothermal system employs man-made reservoirs to facilitate fluid flow, enabling the extraction of hot water for electricity generation.
Drilling for Tomorrow
The technical potential of EGS in the US alone could meet global electricity demands.
Even harnessing a fraction of this resource through widespread deployment could feasibly power 40+ million American homes and businesses affordably. Moreover, investments in EGS will promote the proliferation of geothermal heating and cooling solutions nationwide. This, in turn, will provide exponential opportunities for sustainable energy utilization.
Currently, Fervo Energy is engaged in a drilling campaign at its 400-MW Cape Station project in southwestern Utah. Early results from this endeavor have surpassed the expectations set by the US Energy Department for enhanced geothermal systems.
The company has received a grant from the DOE for the Utah project to showcase the potential of EGS in delivering reliable and cost-effective electricity.
Before this offering, Fervo Energy had secured a combined $176.63 million across three disclosed funding rounds, according to data from S&P Global Market Intelligence. Investors in the company include oil and gas firms Devon Energy Corp., Liberty Energy Inc., and Helmerich & Payne Inc., as well as Breakthrough Energy LLC, a venture capital firm backed by Bill Gates.
DOE’s Green Push for America’s Clean Energy Future
The U.S. DOE announced a plan to allocate up to $60 million to 3 geothermal pilot projects as part of the enhanced geothermal systems pilot demonstrations funding opportunity. Fervo Energy’s project is one of them, aiming to generate at least 8 MW of power from each of 3 wells.
The initiative is spearheaded by the DOE’s Geothermal Technologies Office, a component of the Office of Energy Efficiency and Renewable Energy.
The other two selected projects include Chevron New Energies’ pilot endeavor. It will use drilling and stimulation techniques to access geothermal energy in Sonoma County, California.
Additionally, Mazama Energy LLC’s demonstration on an enhanced geothermal system near a volcano in Oregon was chosen.
US Secretary of Energy Jennifer Granholm expressed enthusiasm for the projects, noting their potential to expand geothermal power into previously untapped regions. She also noted that:
“…these pilot demonstrations will help us realize the full potential of the heat beneath our feet to reduce carbon emissions, create domestic jobs, and deliver clean, cost-effective, reliable energy to American[s] nationwide.”
The DOE plans to support further demonstrations in the eastern US in the second round of funding. With a goal to slash the cost of enhanced geothermal systems by 90% by 2035, the Biden administration aims for 100% clean electricity by that year.
Geothermal resources currently contribute around 4 GW of electricity in the US. Still, advancing enhanced geothermal systems could potentially yield 90 GW of power by 2050, which power over 65 million households. That projection is according to a January 2023 analysis by the DOE’s National Renewable Energy Laboratory.
Fervo Energy’s groundbreaking geothermal system, fueled by a $244 million funding round, signify a pivotal shift towards sustainable energy solutions. With ambitious projects and support from industry giants, Fervo is poised to lead the charge towards a cleaner, greener future.
The post Hot Funds for Cool Tech: Geothermal Company Fervo Energy Raises $244M appeared first on Carbon Credits.
Carbon Footprint
Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia
The voluntary carbon market is changing. Buyers are no longer focused only on large volumes of cheap credits. Instead, they want projects with strong science, long-term monitoring, and clear proof that carbon has truly been removed from the atmosphere. That shift is drawing more attention to high-integrity, nature-based projects.
One project now gaining that spotlight is the Sabah INFAPRO rainforest rehabilitation project in Malaysia. Climate Impact Partners announced that the project is now issuing verified carbon removal credits, opening access to one of the highest-quality nature-based removals currently available in the global market.
Restoring One of the World’s Richest Rainforest Ecosystems
The project is located in Sabah, Malaysia, on the island of Borneo. This region is home to tropical dipterocarp rainforest, one of the richest forest ecosystems on Earth. These forests store huge amounts of carbon and support extraordinary biodiversity. Some dipterocarp trees can grow up to 70 meters tall, creating habitat for orangutans, pygmy elephants, gibbons, sun bears, and the critically endangered Sumatran rhino.
However, the forest within the INFAPRO project area was not intact. In the 1980s, selective logging removed many of the most valuable tree species, especially large dipterocarps. That caused serious ecological damage. Once the key mother trees were gone, natural regeneration became much harder. Young seedlings also had to compete with dense vines and shrubs, which slowed the forest’s recovery.
To repair that damage, the INFAPRO project was launched in the Ulu-Segama forestry management unit in eastern Sabah.
- The project has restored more than 25,000 hectares of logged-over rainforest.
- It was developed by Face the Future in cooperation with Yayasan Sabah, while Climate Impact Partners has supported the project and helped bring its credits to market.
Why Sabah’s Carbon Removals are Attracting Attention
What makes Sabah INFAPRO different is not only the size of the restoration effort. It is also the way the project measured carbon gains.

Many forest carbon projects issue credits in annual vintages based on year-by-year growth estimates. Sabah INFAPRO followed a different path. It used a landscape-scale monitoring system and waited until the forest moved through its strongest natural growth period before issuing removal credits.
- This approach gives the credits more weight. Rather than relying mainly on short-term annual estimates, the project measured carbon sequestration over a longer period. That helps show that the forest delivered real, sustained, and measurable carbon removal.
The scientific backing is also unusually strong. Since 2007, the project has maintained nearly 400 permanent monitoring plots. These plots have allowed researchers, independent auditors, and technical specialists to observe the full growth cycle of dipterocarp forest recovery. The result is a large body of field data that supports carbon calculations and strengthens confidence in the credits.
In simple terms, buyers are not just being asked to trust a model. They are being shown years of direct forest monitoring across the project landscape.
Strong Ratings Support Market Confidence
Independent assessment has also lifted the project’s profile. BeZero awarded Sabah INFAPRO an A.pre overall rating and an AA score for permanence. That places the project among the highest-rated Improved Forest Management, or IFM, projects in the world.
The rating reflects several important strengths. First, the project has very low exposure to reversal risk. Second, it has a long and stable operating history. Third, its measured carbon gains align well with peer-reviewed ecological research and independent analysis.
These points matter in today’s market. Buyers have become more cautious after years of debate over the quality of some forest carbon credits. As a result, they now look more closely at durability, transparency, and third-party validation. Sabah INFAPRO’s rating helps answer those concerns and makes the project more attractive to companies looking for credible carbon removal.
The project is also registered with Verra’s Verified Carbon Standard under the name INFAPRO Rehabilitation of Logged-over Dipterocarp Forest in Sabah, Malaysia. That adds another level of market recognition and verification.
A Wider Model for Rainforest Recovery
Sabah INFAPRO also shows why high-quality nature-based projects are about more than carbon alone. The restoration effort supports broader ecological recovery in one of the world’s most important rainforest regions.
Climate Impact Partners said it has worked with project partners to restore degraded areas, run local training programs, carry out monthly forest patrols, and distribute seedlings to support rainforest recovery beyond the project boundary. These efforts help strengthen the wider landscape and expand the project’s environmental impact.
That broader value is becoming more important for buyers. Companies increasingly want projects that support biodiversity, ecosystem health, and local engagement, along with carbon removal. Sabah INFAPRO offers that mix, making it a stronger fit for the market’s shift toward higher-integrity credits.

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Carbon Footprint
Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story
Bitcoin’s recent drop below $70,000 reflects more than short-term market pressure. It signals a deeper shift. The world’s largest cryptocurrency is becoming increasingly tied to global energy markets.
For years, Bitcoin has moved mainly on investor sentiment, adoption trends, and regulation. Today, another force is shaping its direction: the cost of energy.
As oil prices rise and electricity markets tighten, Bitcoin is starting to behave less like a tech asset and more like an energy-dependent system. This shift is changing how investors, analysts, and policymakers understand crypto.
A Global Power Consumer: Inside Bitcoin’s Energy Use
Bitcoin depends on mining, a process that uses powerful computers to verify transactions. These machines run continuously and consume large amounts of electricity.
Data from the U.S. Energy Information Administration shows Bitcoin mining used between 67 and 240 terawatt-hours (TWh) of electricity in 2023, with a midpoint estimate of about 120 TWh.

Other estimates place consumption closer to 170 TWh per year in 2025. This accounts for roughly 0.5% of global electricity demand. Recently, as of February 2026, estimates see Bitcoin’s energy use reaching over 200 TWh per year.
That level of energy use is significant. Global electricity demand reached about 27,400 TWh in 2023. Bitcoin’s share may seem small, but it is comparable to the power use of mid-sized countries.
The network also requires steady power. Estimates suggest it draws around 10 gigawatts continuously, similar to several large power plants operating at full capacity. This constant demand makes energy costs central to Bitcoin’s economics.
When Oil Rises, Bitcoin Falls
Bitcoin mining is highly sensitive to electricity prices. Energy is the highest operating cost for miners. When power becomes more expensive, profit margins shrink.
Recent market movements show this link clearly. As oil prices rise and inflation concerns persist, energy costs have increased. At the same time, Bitcoin prices have weakened, falling below the $70,000 level.

This is not a coincidence. Studies show a direct relationship between Bitcoin prices, mining activity, and electricity use. When Bitcoin prices rise, more miners join the network, increasing energy demand. When energy costs rise, less efficient miners may shut down, reducing activity and adding selling pressure.
This creates a feedback loop between crypto and energy markets. Bitcoin is no longer driven only by demand and speculation. It is now influenced by the same forces that affect oil, gas, and power prices.
Cleaner Energy Use Is Growing, but Fossil Fuels Still Matter
Bitcoin’s environmental impact depends on its energy mix. This mix is improving, but it remains uneven.
A 2025 study from the Cambridge Centre for Alternative Finance found that 52.4% of Bitcoin mining now uses sustainable energy. This includes both renewable sources (42.6%) and nuclear power (9.8%). The share has risen significantly from about 37.6% in 2022.
Despite this progress, fossil fuels still account for a large portion of mining energy. Natural gas alone makes up about 38.2%, while coal continues to contribute a smaller share.

This reliance on fossil fuels keeps emissions high. Current estimates suggest Bitcoin produces more than 114 million tons of carbon dioxide each year. That puts it in line with emissions from some industrial sectors.
The shift toward cleaner energy is real, but it is not complete. The pace of change will play a key role in how Bitcoin fits into global climate goals.
Bitcoin’s Climate Debate Intensifies
Bitcoin’s growing energy demand has placed it at the center of ESG discussions. Its impact is often measured through three key areas:
- Total electricity use, which rivals that of entire countries.
- Carbon emissions are estimated at over 100 million tons of CO₂ annually.
- Energy intensity, with a single transaction using large amounts of power.

At the same time, the industry is evolving. Mining companies are adopting more efficient hardware and exploring new energy sources. Some operations use excess renewable power or capture waste energy, such as flare gas from oil fields.
These efforts show progress, but they do not fully address the concerns. The gap between Bitcoin’s energy use and its environmental impact remains a key issue for investors and regulators.
- MUST READ: Bitcoin Price Hits All-Time High Above $126K: ETFs, Market Drivers, and the Future of Digital Gold
Bitcoin Is Becoming Part of the Energy System
Bitcoin mining is now closely integrated with the broader energy system. Operators often choose locations based on access to cheap or excess electricity. This includes areas with strong renewable generation or underused energy resources.
This integration creates both opportunities and challenges. On one hand, mining can support energy systems by using power that might otherwise go to waste. It can also provide flexible demand that helps stabilize grids.
On the other hand, it can increase pressure on local electricity supplies and extend the use of fossil fuels if cleaner options are not available.
In the United States, Bitcoin mining could account for up to 2.3% of total electricity demand in certain scenarios. This highlights how quickly the sector is scaling and how closely it is tied to national energy systems.
Energy Markets Are Now Key to Bitcoin’s Future
Looking ahead, the connection between Bitcoin and energy is expected to grow stronger. The network’s computing power, or hash rate, continues to reach new highs, which typically leads to higher energy use.
Electricity will remain the main cost for miners. This means Bitcoin will continue to respond to changes in energy prices and supply conditions. At the same time, governments are starting to pay closer attention to crypto’s environmental impact, which could shape future regulations.

Some forecasts suggest Bitcoin’s energy use could rise sharply if adoption increases, potentially reaching up to 400 TWh in extreme scenarios. However, cleaner energy systems could reduce the carbon impact over time.
Bitcoin is no longer just a financial asset. It is also a large-scale energy consumer and a growing part of the global power system.
As a result, understanding Bitcoin now requires a broader view. Energy prices, electricity markets, and carbon trends are becoming just as important as market demand and investor sentiment.
The message is clear. As energy markets move, Bitcoin is likely to move with them.
The post Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story appeared first on Carbon Credits.
Carbon Footprint
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The post LEGO’s Virginia Factory Goes Big on Solar as Net-Zero Push Speeds Up appeared first on Carbon Credits.
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