Overview
- Fervo opened a roadshow to sell 55,555,555 Class A shares at $21 to $24 each, a deal that could raise about $1.3 billion and value the geothermal company at up to $6.5 billion.
- The company applied to list as FRVO on Nasdaq and filed an SEC registration that is not yet effective, with a 30‑day option for underwriters to buy 8,333,333 more shares.
- J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays lead the books, joined by Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance.
- Fervo builds enhanced geothermal systems that use horizontal drilling and fiber‑optic sensing to deliver 24/7 carbon‑free power, with current costs near $7,000 per kilowatt and a target of $3,000 to compete with gas.
- The filing highlights a 500‑megawatt Cape Station project in Utah and contracts with buyers such as Southern California Edison and Shell, as investors look to firm power following X‑energy’s IPO and fast‑growing AI electricity needs.