Fervo Energy to go public seeking $1.3B, $6.5B valuation
Business
Fervo Energy, a geothermal startup, is going public and hopes to raise up to $1.3 billion, aiming for a $6.5 billion valuation if shares hit the top of its $21 to $24 range.
This is a big step up from its earlier plans and shows how much interest there is in clean energy right now.
Fervo's Cape Station targets $3,000/kW
Fervo's IPO follows X-energy's recent splashy debut, as both companies ride the wave of demand from tech giants building AI data centers (which need tons of electricity).
Fervo's new Cape Station project aims to cut power costs by more than half (from $7,000 down to $3,000 per kilowatt), making geothermal energy way more competitive with natural gas.
If you want in, look for its ticker "FRVO" on Nasdaq soon.