enhanced geothermal

Fervo Energy priced 70 million shares at $27 each on May 13, surging 33% on its first trading day to push its market cap past $10 billion.

Fervo Energy, the Houston enhanced geothermal developer behind Utah's Cape Station, filed an S-1 with the SEC on April 17 to list on the Nasdaq as FRVO, with banks led by J.P. Morgan and a private valuation around $3 billion.

MIT spinout Quaise Energy plans to extend its record-setting millimeter wave drilling from 118 meters to one kilometer this year, advancing a technology that could unlock superhot geothermal energy virtually anywhere on Earth.

A three-year deal to supply Organic Rankine Cycle turbines for up to 35 of Fervo's 50 MW GeoBlock power plants marks the geothermal sector's first gigawatt-scale equipment procurement and arrives as Cape Station nears first power delivery.

Fervo Energy closed a $421 million non-recourse financing package for its flagship Cape Station enhanced geothermal project in Utah, with first power expected in 2026 and an IPO filing reportedly underway.