Fervo Energy Raises $1.89 Billion in IPO as Geothermal Startup Debuts at $7.7 Billion
Updated
Updated · The New York Times · May 13
Fervo Energy Raises $1.89 Billion in IPO as Geothermal Startup Debuts at $7.7 Billion
11 articles · Updated · The New York Times · May 13
$1.89 billion in proceeds made Fervo Energy’s IPO larger than investors had expected, with the Houston-based company selling 70 million shares at $27 each for a Nasdaq debut.
Wall Street demand reflects growing enthusiasm for geothermal power, which promises carbon-free electricity around the clock and is drawing interest as a scalable clean-energy source.
Fervo is trying to expand geothermal beyond traditional hotspots by using oil-and-gas drilling techniques to tap underground heat in more locations.
Its first commercial plant is under construction in Utah, with more projects planned across the U.S. West as rising power demand—partly from data centers—supports the sector’s growth.
Beyond the IPO hype, can Fervo manage the seismic risks and high costs that have historically stalled geothermal energy's growth?
Fervo's IPO bets on powering AI's future. Can its drilling tech scale fast enough to meet the industry's massive energy demands?