Devon Energy Corp. is investing in a geothermal startup as the shale giant expands into renewable energy sources.
Devon, a pioneer of the shale revolution that resurrected U.S. oil and natural gas production, will inject $10 million into Fervo Energy, the companies said in a joint announcement Tuesday.
Geothermal is a tried and true technology commonly used in volcanic areas to harness underground heat to produce electricity. Fervo, co-founded by former oil drilling engineer Tim Latimer, and other companies are looking to expand the reach of geothermal, in part by adopting advanced drilling techniques perfected by the shale industry.
“It’s becoming increasingly clear that the same drilling technology advances that launched the oil and shale gas revolution will have a similar impact on today’s geothermal industry, which is currently a fairly niche industry,” Latimer said during a interview.
–With the assistance of David Wethe.
