Fervo Energy, which is developing next-generation geothermal energy projects, filed on Friday with the SEC to raise up to what we estimate could be $250 million in an initial public offering.
Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) to generate electricity. It applies techniques such as horizontal drilling and hydraulic fracturing to access and circulate heat from underground rock formations, enabling geothermal power production in locations that lack natural permeability. The company also uses advanced monitoring technologies, including fiber optic sensing, to track subsurface conditions and optimize energy extraction. Its approach aims to expand the scalability and geographic reach of geothermal energy as a source of firm, always-available power.
The Houston, TX-based company was founded in 2017 and plans to list on the Nasdaq under the symbol FRVO. Fervo Energy filed confidentially on December 10, 2025. J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays, Baird, BBVA, Guggenheim Securities, MUFG Securities America, SG Americas Securities LLC, William Blair, Piper Sandler, Nomura Securities, and WR Securities are the joint bookrunners on the deal.
