Enhanced Geothermal Energy IPOs

Fervo Energy listed on the Nasdaq at a valuation above $10 billion after raising $1.89 billion in an upsized IPO priced at $27 per share. The stock jumped another 33% on its first day of trading. The enhanced geothermal energy company uses directional drilling, adapted from the oil and gas industry, to reach hotter rocks deep underground and generate clean electricity around the clock regardless of weather conditions.

Cape Station in Utah is set to begin operations this year at 500MW, with permits for up to 2 GW and enough on-site heat to potentially support 4 GW. A separate 115MW project in Nevada will supply Google directly.

Fervo shows how enhanced geothermal’s ability to provide reliable, clean baseload power has transformed it from an overlooked technology into a leading contender in the energy infrastructure market.

Image Credit: