Fervo Energy develops Enhanced Geothermal Systems (EGS) technology to generate clean, firm electricity from hot rock. The company applies proven oil-and-gas drilling techniques to unlock geothermal resources in locations previously considered unsuitable. Fervo's flagship Cape Station project in Utah is expected to deliver 500 MW of capacity, making it the largest next-generation geothermal plant in the world.
Fervo Energy is publicly traded
This company is no longer available on our private secondary market. Shares can be traded publicly under its listed ticker.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2017
Employees
51–200
Total Funding
$3.55B
9 rounds
Last Private Valuation
$7.7B
May 13, 2026
Underwriters fully exercised over-allotment option, lifting Fervo's IPO gross proceeds to ~$2.2B from the initially priced $1.89B.
Company holds more IPO cash than stored round implies; modest positive for balance-sheet-driven pricing.
Fervo secured $421M non-recourse financing for Cape Station (March 2026) led by RBC, Barclays, BBVA, HSBC, MUFG, SocGen.
Debt facility supports project economics underpinning IPO valuation.
Closed $462M Series E led by B Capital, with Google, AllianceBernstein, JB Straubel among new investors, ahead of IPO.
Pre-IPO round set a valuation floor that the subsequent public listing priced above.
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Total raised $3.55B across 9 rounds
Last updated 08-24-2026
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| May 13, 2026 | IPO | $1.89B | $7.7B | N/A |
| Mar 19, 2026 | Project Financing — Cape Station Phase I Press release | $421M | — | RBC Capital Markets, Barclays, BBVA +3 more |
| Dec 10, 2025 | Series E | $462M | — | B Capital |
Tim Latimer
CEO and Co-Founder
Jack Norbeck
CTO and Co-Founder
David Ulrey
Chief Financial Officer
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Eavor Technologies
Canadian closed-loop geothermal company using Eavor-Loop technology with fluid circulation in sealed pipes.
AltaRock Energy
Seattle-based EGS developer focused on creating permeable reservoirs in hot dry rock.
Sage Geosystems
Next-generation geothermal company with hybrid approach to enhanced geothermal systems.
Cyrq Energy
Geothermal developer managing conventional and enhanced geothermal systems across the western United States.
Ormat Technologies
Conventional hydrothermal geothermal operator with 150 MW Google deal.
GreenFire Energy
Developer of GreenLoop closed-loop geothermal technology for advanced geothermal systems.
Fervo Energy completed its initial public offering on Nasdaq under the ticker FRVO, pricing 70,000,000 shares of Class A common stock at $27.00 on May 12, 2026 — above an already upsized $21–24 range — and beginning trading on May 13, 2026. The underwriters exercised their 10,500,000-share over-allotment option in full, taking the total to 80,500,000 shares and gross proceeds to approximately $2.17 billion, the largest clean-energy IPO on record. Shares opened around $35 and closed their first session at $36.54, for a market capitalization above $10 billion against a fully diluted valuation of roughly $7.65 billion at the offer price.
Fervo Energy shares can be purchased through any standard brokerage account — including Fidelity, Charles Schwab, TD Ameritrade, and online platforms like Robinhood or E*TRADE. Search for the ticker to place an order.
Fervo Energy had a valuation of approximately $7.7B at the time of its public offering. Current market capitalization fluctuates with the share price.
Fervo Energy raised $3.55B across 9 disclosed funding rounds prior to its public listing.
Fervo Energy was co-founded by Tim Latimer, and Jack Norbeck in 2017.
Fervo Energy is headquartered in Houston, Texas, United States.
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