Fervo Energy has filed for a NASDAQ IPO with a target valuation of $1.89 billion. The company specializes in enhanced geothermal systems (EGS), using horizontal drilling and fiber optic monitoring to provide firm, carbon-free electricity for utilities and data centers. With 500 MW under construction at Cape Station in Utah and binding power purchase agreements with Google and Shell, Fervo aims to reduce geothermal costs from $7,000/kW to $3,000/kW. The IPO proceeds will fund project capital expenditures and the expansion of its geothermal lease portfolio.
