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U.S. shale giant Devon takes dive into geothermal energy

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Injects US$10 million into startup Fervo Energy

Bloomberg News
Mitchell Ferman
Published Apr 18, 2023

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 resuscitated U.S. oil and natural gas production, will inject US$10 million into Fervo Energy, the companies said in a joint announcement on April 18.

Geothermal is a tried-and-true technology commonly used in volcanic zones to put subterranean heat to work producing electricity. Fervo, co-founded by former petroleum drilling engineer Tim Latimer, and other firms are seeking to expand geothermal’s reach, in part by adopting advanced drilling techniques honed by the shale industry.

“It’s becoming clear that the same drilling technology breakthroughs that launched the shale oil and gas revolution are going to have a similar impact on the geothermal industry today, which is currently a pretty niche industry,” Latimer said during an interview.

— With assistance from David Wethe