Fervo Energy IPO (Nasdaq: FRVO) — enhanced geothermal systems pure-play; flagship 500 MW Cape Station EGS project in Beaver County, Utah; 3.65 GW disclosed pipeline (under construction / ready to build / advanced development)
Fervo Energy publicly announces its S-1 registration statement with the SEC for a proposed Nasdaq IPO under ticker 'FRVO'. First pure-play next-generation geothermal IPO. J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays serve as joint lead bookrunners. Flagship Cape Station EGS project in Beaver County, UT (500 MW under construction) targets first power late 2026. 3.65 GW total pipeline disclosed. Existing investors include Alphabet, Devon Energy, Breakthrough Energy Ventures, Liberty Mutual, Capricorn, and Elemental Impact. FY2025 net loss disclosed at $70.5M; share count and price range to be set in subsequent amendments.
Deal Value
500MW
Capacity
Geothermal (EGS)
Technology
UT
Location
Deal Details
- Deal Type
- IPO Filing
- Seller / Sponsor
- Fervo Energy
- Buyer / Financier
- J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays (joint lead bookrunners); Baird, BBVA, Guggenheim, MUFG, Société Générale, William Blair, Piper Sandler, Wolfe|Nomura (additional bookrunners)
- Stage
- Public Offering
- Source
- Fervo Energy
Finance Counterparties
Lenders & Capital Providers
- leadBookrunners
- J.P. MorganBofA SecuritiesRBC Capital MarketsBarclays
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