Story perspectives

Fervo Energy IPO Raises $1.9B, Funds $500M Utah Geothermal Project

5/14/2026

Summary

Story summary

Fervo Energy IPO on Nasdaq raised $1.89 billion, valuing the firm at about $10 billion.
The offering priced 70 million shares at $27, closed at $36.54, a 33 percent rise.
Investors included Bill Gates’ Breakthrough Energy Ventures, Devon Energy, Google, Alphabet and Shell.
Proceeds gave a $500 million cushion for the 500-MW Cape Station geothermal project in Utah, slated for power by late 2026.
The company aims to halve geothermal plant costs to $3,000 per kilowatt.

History

Historical Context

In 1998 Calpine commissioned the 110-MW Coso geothermal plant, the project financed by oil majors Shell and BP with a DOE loan guarantee. The field, since 1987 and now delivering about 270 MW from four units, proved that capital and government support could commercialize geothermal energy. Fervo Energy’s 2024 $1.89 billion Nasdaq IPO, with a $500 million reserve for a 500-MW Cape Station, aims to repeat that model.

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Story summary

Fervo Energy IPO on Nasdaq raised $1.89 billion, valuing the firm at about $10 billion.
The offering priced 70 million shares at $27, closed at $36.54, a 33 percent rise.
Investors included Bill Gates’ Breakthrough Energy Ventures, Devon Energy, Google, Alphabet and Shell.
Proceeds gave a $500 million cushion for the 500-MW Cape Station geothermal project in Utah, slated for power by late 2026.
The company aims to halve geothermal plant costs to $3,000 per kilowatt.

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