Bill Gates is betting on a power source buried 15,000 feet underground, the massive Google-backed geothermal project that could change how America gets electricity

Microsoft founder Bill Gates has backed geothermal technology through Breakthrough Energy, and his Gates Notes has recently highlighted Fervo Energy's effort to generate power from heat deep underground. Fervo has now secured a deal to supply nearly 400 MW of geothermal power to Google, with deliveries planned from 2028. According to Gates Notes, Bill Gates is backing a geothermal project in Utah that is trying to turn extreme heat deep beneath the Earth into a new source of round-the-clock electricity. The project, called Cape Station, is being developed by Fervo Energy, a geothermal company backed by Gates’ Breakthrough Energy. Gates visited the site and has described the power source as being about 15,000 feet below ground.

“Geothermal power will have a big role to play in our clean energy future,” Gates stated, emphasizing the potential of Fervo’s technology to provide reliable and affordable clean energy. Cape Station is projected to deliver up to 400 MW of power, with initial production of 70 megawatts slated for 2026 and full capacity expected by 2028. The project has secured power purchase agreements to supply electricity to approximately 350,000 homes in Southern California.

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What is Bill Gates betting on?

Unlike traditional geothermal plants, which depend on naturally occurring underground reservoirs, Fervo is using enhanced geothermal systems. The company drills deep wells into hot rock and creates pathways that allow water to circulate through the heated rock. The hot water can then be brought back to the surface and used to generate electricity. The approach borrows heavily from technology developed by the oil and gas industry, including deep and horizontal drilling. Fervo has already demonstrated the technology at its Nevada pilot project, which began operating in 2023.

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"The science behind geothermal energy is pretty simple. The interior of the Earth is incredibly hot, and the deeper you go, the hotter the ground becomes. If you pump fluid deep enough to be warmed by this heat and then pump it back to the surface, you can turn the hot liquid into steam and use it to spin turbines and generate electricity—just like many other types of power plants," according to Gates Notes. "It’s a truly innovative approach, and I am glad that it is being deployed here in the United States," Bill Gates said.

Fervo has been drilling deeper and faster as it develops Cape Station. One of its wells reached 15,765 feet, or nearly three miles underground, with temperatures at the bottom expected to reach about 520°F. At those depths, the company is targeting extremely hot rock. Water sent underground can absorb that heat before returning through a separate production well, creating steam or hot fluid that can be used to generate electricity.

Gates has put serious money behind the idea

Gates' Breakthrough Energy Catalyst provided $100 million in project-level financing for Fervo as part of a $206 million financing package announced in 2025. The investment reflects Gates' broader interest in technologies that can provide reliable electricity without relying on fossil fuels. His Breakthrough Energy portfolio specifically includes geothermal among its key clean-energy technologies.

Geothermal power has one major advantage over solar and wind: it can generate electricity around the clock. Solar power depends on sunlight, while wind power varies with weather conditions. Geothermal plants can potentially provide a steady supply of electricity day and night.

That makes the technology particularly interesting as electricity demand rises. Google recently agreed to buy 396 megawatts of power from Fervo's Cape Station project, with electricity expected to become available in 2028. Google also has an option to increase its purchase by roughly another 600 MW.

Fervo's plans extend far beyond the initial project. Cape Station's broader development could eventually reach 4.3 gigawatts of capacity, according to the company. The first phase is expected to produce about 100 MW, while another 400 MW is planned to come online in 2028. Fervo has already drilled most of the wells planned for the first phase.