Fervo Energy opens at $36 on Nasdaq, raises nearly $1.9B
Business
Fervo Energy just made a splashy entrance on Nasdaq, with shares opening at $36, up 33% from the original price of $27.
That jump pushed the company's value to over $10 billion, and they raised nearly $1.9 billion by selling 70 million shares, beating expectations.
Fervo Energy offers all-day carbon-free geothermal
Fervo's big moment comes as US electricity demand is surging, thanks to AI, data centers, EVs, and more.
Founded in 2017, Fervo's tech delivers carbon-free geothermal power all day long, offering a reliable alternative to solar and wind.
With backing from Bill Gates's Breakthrough Energy Ventures and Devon Energy, they're aiming to help keep the grid strong as America goes greener and smarter.