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.

GEL's United Downs facility drills 5km into granite to generate 3MW of constant power and extract battery-grade lithium — a UK first after two decades of development.