Houston Geothermal Power Company Fervo Energy Nets $1.89B in Upsized IPO

Fervo Energy believes it can make carbon-free geothermal power a foundational component of the global energy system. The Houston company said horizontal drilling, fiber-optic sensing and advanced reservoir engineering have allowed it to establish a repeatable, industrial approach to building firm, utility-scale power.

On May 11, Fervo Energy announced plans to price its initial public offering of 70 million shares between $25 and $26 a share; and that size and price range were up from the originally proposed 55.6 million shares between $21 and $24 each. Fervo also granted underwriters an option to purchase another 10.5 million shares.