Fervo Energy, which is developing next-generation geothermal energy projects, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $1.2 billion by offering 55.6 million shares at a price range of $21 to $24. Cornerstone investors intend to purchase $350 million worth of shares in the offering (28% of the deal).
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.
Fervo Energy was founded in 2017 and plans to list on the Nasdaq under the symbol FRVO. J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays, Baird, BBVA, Guggenheim Securities, MUFG Securities America, SG Americas Securities LLC, William Blair, Piper Sandler, WR Securities, and Nomura Securities are the joint bookrunners on the deal. It is expected to price the week of May 11, 2026.
