Having already been upsized prior to listing, the offering allowed Fervo to sell 70 million shares, compared to the 55.6 million initially planned, raising $1.89bn. Lead underwriters also hold an over-allotment option for an additional 10.5 million shares.

Founded in 2017 by Tim Latimer and Jack Norbeck, Fervo combines expertise from the intersection of hydrocarbons, geosciences, and the energy transition. CEO Tim Latimer worked as a drilling engineer in the oil and gas industry before attending Stanford, while CTO Jack Norbeck, who holds a PhD in energy resources engineering, notably contributed to research on geothermal reservoir stimulation. Their industrial thesis involves adapting methods from the shale revolution, including horizontal drilling and multi-stage fracturing, to continuous geothermal power generation.

Fervo is developing advanced geothermal systems designed to produce carbon-free, baseload electricity. The group utilizes horizontal drilling, multi-stage hydraulic fracturing, fiber-optic sensors, and reservoir engineering to industrialize a technology that has long been difficult to deploy at scale.

Backed by Bill Gates' investment fund Breakthrough Energy Ventures, as well as Devon Energy, the company is positioning itself in a segment that has become increasingly strategic with the growth of data centers, electric vehicles, and industrial reshoring. It claims approximately $7.2bn in potential contracted revenue, primarily linked to power purchase agreements with Southern California Edison, Shell, and Alphabet.

With its first commercial site expected to deliver electricity by the end of 2026, Fervo must now translate the market's appetite for advanced geothermal energy into tangible industrial proof points.