A Start-Up Aiming to Make Geothermal Energy Mainstream Goes Public

For decades, geothermal energy has been a niche source of electricity available in a few areas like California and Iceland.

But a new wave of start-ups is aiming to expand geothermal into a workhorse of the global energy system. They are adopting advanced drilling techniques from the oil and gas industry to harvest the heat beneath the earth to generate power in many more places.

Fervo Energy, the most prominent of these start-ups, is tapping into a wave of investor enthusiasm about the technology, which offers the promise of clean, abundant electricity that is available around the clock.

This week, Fervo raised $1.89 billion in its initial public offering, more than what investors had expected even after a surge of interest from Wall Street. The company, whose stock now trades on Nasdaq, sold 70 million shares at $27 each, giving it an initial valuation of roughly $7.7 billion.

Article source: https://www.nytimes.com/2026/05/13/business/energy-environment/fervo-geothermal-energy-ipo.html