Compiled from company announcements, press releases, SEC filings, and investor disclosures through mid-2026. Fervo completed its IPO in May 2026 and now reports as a public company.
Overview
Fervo Energy develops, owns, and operates next-generation geothermal power plants using Enhanced Geothermal Systems. It was co-founded in 2017 by Tim Latimer, CEO, and Jack Norbeck, CTO, who came out of Stanford and applied oil and gas engineering disciplines, specifically horizontal drilling and hydraulic fracturing, to reach geothermal resources conventional development could not.
The mission is firm, round-the-clock carbon-free power that complements intermittent renewables. Geothermal electricity runs continuously regardless of weather or time of day, which grows more valuable as the grid absorbs variable generation and hyperscalers pursue 24/7 clean energy commitments. The timing lines up with surging demand from AI data centers, electrification of industry and transportation, and the retirement of baseload fossil generation.
The company operates from Houston, deliberately placed inside the oil and gas industry to draw engineering talent and supply chain relationships from the shale sector, and employs roughly 200 people. Its flagship development, Cape Station in Beaver County, Utah, is under construction and is expected to be the world's largest next-generation geothermal project at 500 MW of contracted capacity, with permits to expand to 2 GW on the same footprint. In May 2026 Fervo completed the largest clean-energy IPO to date.
Enhanced geothermal systems
Traditional geothermal power needs naturally occurring hydrothermal reservoirs: hot rock with pre-existing water and permeability. Those conditions exist in a handful of geographies, Iceland, parts of California, the Philippines, Kenya, which caps conventional geothermal at roughly 15 GW of global installed capacity. EGS removes the geographic constraint by engineering the reservoir. Heat exists nearly everywhere at sufficient depth, and Fervo's approach creates the permeability and fluid pathways to extract it commercially.
The process runs in four steps. A pair of deep horizontal wells is drilled, one injection and one production, using techniques taken directly from unconventional oil and gas, including multi-stage hydraulic fracturing to connect the two wellbores through hot rock. Cold water is pumped down the injection well, travels through the fracture network, and absorbs heat from the surrounding rock. The heated brine rises up the production well. At surface it drives an Organic Rankine Cycle power plant that converts thermal energy to electricity, and the cooled water recirculates back down in a closed loop.
What sets Fervo apart technically is horizontal drilling at commercial scale for geothermal, previously untested. Horizontal wells sharply increase the contact area between wellbore and hot rock, which improves heat extraction and allows multiple wells from a single surface pad, reducing land impact. Fervo also runs distributed fiber optic sensing downhole to gather real-time temperature, flow, and pressure data across the entire lateral, enabling reservoir optimization that was not previously possible.
At Cape Station, Fervo has drilled wells reaching 15,000 feet and 500°F, among the deepest and hottest EGS wells ever completed, and appraisal wells confirming the resource quality a multi-hundred-megawatt development requires. The company calls its current technology Gen 2: higher well temperatures, longer laterals, and modular ORC plants from Baker Hughes and Turboden that ship as standardized factory-built units.
Key projects
Project RedSpring Valley, NV · 3.5 MW · online Nov 2023
Project Red was Fervo's commercial pilot and the first deployment of horizontal wells in an EGS project anywhere. Two wells were drilled to approximately 8,000 feet true vertical depth, with horizontal laterals extending roughly 3,250 feet. In a 30-day well test in mid-2023 the system reached flow rates of 63 liters per second at high temperature, supporting 3.5 MW of baseload production, beating targets and validating the core technical thesis.The plant came fully online in November 2023, supplying NV Energy under a long-term offtake agreement. The electricity flows into the Nevada grid under Google's Clean Transition Tariff, crediting Google's data center operations with round-the-clock carbon-free power. Project Red was the engineering and operational proving ground for Cape Station and generated substantial peer-reviewed field data on EGS behavior at commercial scale.
Cape StationBeaver County, UT · 500 MW contracted
Cape Station is the flagship development and the world's largest planned next-generation geothermal project. Located northeast of Milford in Beaver County, Utah, the site broke ground in September 2023. As of mid-2026 construction is well advanced, with an electrical substation, three power plant facilities, drilling equipment, and multiple well pads on site, approximately 350 workers engaged, and 79 of 80 required permits secured.Phase I, 100 MW, is expected to deliver first power in late 2026 and reach roughly 100 MW of operating capacity by early 2027. It was not yet online as of mid-2026. The initial 90 MW of ORC equipment comes from Turboden. Shell Energy North America signed a 15-year PPA for 31 MW from Phase I, and Southern California Edison holds agreements for 70 MW from the first phase as part of a broader 320 MW deal.Phase II adds 400 MW, expected online by 2028, bringing Cape Station to 500 MW. Baker Hughes will supply five 60 MWe ORC units totaling approximately 300 MW of that expansion, and Southern California Edison holds agreements for 250 MW from Phase II. The Bureau of Land Management has approved permitting for the site to expand up to 2 GW on its current footprint, equivalent to two large nuclear plants. Corsac StationNorthern Nevada · 115 MW
Corsac Station is Fervo's next planned development, a 115 MW project in northern Nevada. Specific timelines and offtake agreements have not been publicly disclosed as of early 2026.
Customers & power purchase agreements
As of its 2026 S-1, Fervo had contracted roughly 658 MW of binding offtake across its projects. The portfolio includes some of the largest geothermal offtake agreements ever signed.
320 MW
Southern California Edison
Two 15-year PPAs announced June 2024, then the world's largest geothermal PPAs. 70 MW from Phase I (2026), 250 MW from Phase II (2028). Cape Station supply.
115 MW
Google (via NV Energy Clean Transition Tariff)
Round-the-clock clean power for Google data centers on the Nevada grid. Supplied by the 115 MW Corsac Station development in northern Nevada, a separate project from the 3.5 MW Project Red pilot.
48 MW
Clean Power Alliance
California community choice aggregator. Initial 30 MW PPA expanded by 18 MW across 2024 and 2025. Cape Station supply.
40 MW
Ava Community Energy
California community choice aggregator, formerly EBCE. Geothermal PPA for a Churchill County, Nevada project, with deliveries expected in Q4 2026.
31 MW
15-year PPA announced April 2025, an early contracted offtaker for Cape Station Phase I. Deliveries begin 2026.
Funding & investors
Fervo raised over $1.5 billion in combined equity, project debt, and government grants before going public. In May 2026 it completed its Nasdaq IPO at $27 per share, raising roughly $1.89 billion, about $2.2 billion including the over-allotment, the largest clean-energy IPO to date. The offering implied a valuation near $7.6 billion; shares opened about a third higher and briefly topped a $10 billion market capitalization, then traded around $8 billion by early July 2026.
IPO (Nasdaq: FRVO)
$1.89B · May 2026
Priced at $27/share, upsized to 70M Class A shares, about $2.2B including the over-allotment. Joint lead bookrunners J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays. The largest clean-energy IPO to date; shares rose about 33% on debut.
Led by B Capital. Returning: Breakthrough Energy, DCVC, Devon Energy, CalSTRS, CPP Investments, Galvanize, Centaurus Capital, Liberty Mutual, Mitsubishi Heavy Industries, Mercuria. New: AllianceBernstein, Google, Mitsui, JB Straubel, Atacama Ventures, Dr. Kris Singh.
Project finance (Cape I)
$421M · Mar 2026
Non-recourse debt financing for Cape Station Phase I construction, alongside $75M of preferred equity from Centaurus Capital.
Devon Energy led, with Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Helmerich & Payne, Congruent Ventures, DCVC, and Capricorn Investment Group.
Cape Station financing
$206M · Jun 2025
Project-level financing to advance Cape Station development.
DOE EGS grant
$25M · Apr 2024
U.S. Department of Energy EGS Demonstration Grant.
Strategic partnerships
Baker Hughes
Selected to design and supply five 60 MWe Organic Rankine Cycle units for Cape Station Phase II, about 300 MW. Equipment scope includes turboexpanders and BRUSH Power Generation generators, and Baker Hughes also supplies subsurface drilling and production technologies. The partnership marks the oil services industry moving into next-generation geothermal.
Turboden S.p.A.
Selected to supply 180 MW of Gen 2 ORC power plants for Cape Station Phase I, an initial 90 MW, and part of Phase II. Turboden is a global ORC leader and a subsidiary of Mitsubishi Heavy Industries, whose venture arm is also an equity investor in Fervo.
Google
Google signed the world's first corporate agreement to develop next-generation geothermal power with Fervo in 2021, which enabled the NV Energy Clean Transition Tariff. Google also joined the December 2025 Series E as a new equity investor, moving from offtaker to backer. In March 2026 the two signed a non-binding framework to develop up to 3 GW of geothermal for Google data centers, structuring future offtake without committing Google to purchase.
Devon Energy
The oil and gas operator led Fervo's Series D in February 2024, bringing oil-field operational expertise, supply chain relationships, and a signal that the industry views EGS as a credible transition pathway. Devon returned as an investor in the Series E.
U.S. Department of Energy
Fervo won a $25 million DOE EGS Demonstration Grant in April 2024. The company has also worked with the DOE's FORGE program at the University of Utah, which has produced peer-reviewed EGS field test results alongside Fervo's own Project Red data.
Business model
Fervo operates as an integrated independent power producer: it develops, finances, builds, owns, and operates geothermal plants, then sells the electricity under long-term power purchase agreements, typically 15 years. Revenue is contracted and predictable, closer to a regulated utility or toll road than to a merchant generator exposed to spot prices.
Development is capital-intensive and follows a sequence familiar from oil and gas: land acquisition and leasing, exploration drilling to confirm the resource, appraisal wells to characterize the reservoir, project financing secured against contracted revenue, construction, commissioning, and long-term operation. Drilling is the largest cost, typically 40% to 60% of EGS project capital, which is why Fervo's ability to apply oil and gas drilling efficiencies sits at the center of its cost thesis.
Project financing is structured at the asset level as non-recourse debt, which keeps it off the corporate balance sheet and lets the company develop several projects at once. The $421 million package for Cape Station Phase I is the model: contracted PPA revenue from SCE and Shell Energy backstops the debt, and equity investors in the project entity hold the upside. The structure is standard in large-scale power development and stretches corporate equity much further than direct construction financing would.
Key executives
Tim LatimerCo-founder & CEO
A mechanical engineer who worked as a drilling engineer at BHP until 2015, then completed an MBA at Stanford GSB alongside Jack Norbeck, where the pair worked out the conceptual framework for applying horizontal drilling to geothermal. Latimer is the company's primary public voice and has driven its commercial and capital strategy.
Jack NorbeckCo-founder & CTO
A Stanford-trained engineer specializing in subsurface reservoir engineering. Norbeck leads technical development, including the reservoir modeling, stimulation design, and fiber optic sensing that underpin the EGS approach. His academic background in geomechanics and fluid flow in fractured rock is core to the company's technical differentiation.
Recent news & milestones
May 2026
$1.89B IPO on Nasdaq
Fervo priced its upsized IPO at $27 per share, raising roughly $1.89 billion, about $2.2 billion including the over-allotment, the largest clean-energy IPO to date. Shares began trading May 13, 2026 and rose about 33% on debut, briefly implying a market cap near $10 billion.
Dec 2025
$462M Series E closed
Oversubscribed round led by B Capital, with new investors including AllianceBernstein, Google, Mitsui & Co., JB Straubel, and Atacama Ventures alongside a large group of returning investors. Brought total capital raised past $1.5 billion.
2025
Cape Station construction milestone
Approximately 350 workers on site. An electrical substation, three power plant facilities, drilling rigs, and multiple well pads are operational. Fervo drilled its deepest well at 15,000 ft and hottest at 500°F to date.
Jun 2025
$206M project financing for Cape Station
Additional project-level financing to advance Cape Station, followed later by the $421M non-recourse debt package.
Apr 2025
Shell Energy 31 MW PPA signed
A 15-year PPA with Shell Energy North America for 31 MW of Cape Station Phase I power, an early commercial offtaker for the Utah project.
Jun 2024
320 MW SCE PPAs, the world's largest geothermal PPAs
Two 15-year PPAs with Southern California Edison totaling 320 MW, at the time the largest geothermal power purchase agreements ever executed. The deals established EGS as ready for utility procurement.
Apr 2024
$25M DOE EGS Demonstration Grant
The Department of Energy selected Fervo for a $25 million grant to demonstrate EGS scalability, reinforcing federal support for next-generation geothermal as firm, clean baseload.
Feb 2024
$244M Series D led by Devon Energy
Devon Energy led the round, signaling that the oil and gas industry treats geothermal as a strategic priority.
Nov 2023
Project Red goes commercial
Fervo's Nevada EGS pilot reached commercial operation, delivering 3.5 MW of round-the-clock carbon-free power to the NV Energy grid, the first horizontal-well EGS system to do so anywhere.
Competitive landscape
Fervo is the clear leader in utility-scale EGS development globally, and no other company has reached commercial operation using horizontal wells in hot dry rock. The broader competitive context covers alternative next-generation geothermal approaches and other sources of long-duration clean baseload.
Eavor Technologies
Closed-loop geothermal
The Eavor-Loop is a closed conduction system that pulls heat through a network of sealed wellbores, with no hydraulic stimulation and no induced seismicity risk. It completed its first commercial deployment in Alberta and is backed by bp, Chevron, and Vickers Venture Capital. The system produces lower temperatures than open EGS and avoids stimulation complexity.
Quaise Energy
Millimeter-wave drilling
Developing drilling technology that uses high-powered electromagnetic waves to vaporize rock, potentially reaching superhot resources at 12 miles or more. Still pre-commercial, with the core innovation in drilling cost rather than reservoir engineering, which would complement Fervo's approach if it works.
Zanskar
AI-driven exploration
Uses machine learning to identify high-quality geothermal resources and reduce exploration risk. More an exploration and data analytics company than an EGS developer, and often named alongside Fervo as a leading geothermal startup.
Geopressure EGS and storage
Developing pressure geothermal for both power generation and energy storage. Founded in 2020 by Shell and Weatherford veterans, it agreed with Meta in August 2024 to deliver up to 150 MW, and Ormat co-led its $97M Series B in January 2026.
Ormat, CalEnergy
Conventional hydrothermal
Established operators using natural hydrothermal reservoirs, cost-competitive where the resource exists and geographically limited. Ormat is the largest U.S. geothermal operator. Not directly competitive with EGS in resource-poor geographies, and they compete for the same offtake contracts and policy incentives.
Nuclear, existing and advanced
Baseload carbon-free
The primary competing source of round-the-clock carbon-free power at scale. Existing nuclear is very cost-competitive where plants already stand. Advanced reactors chase the same hyperscaler and utility demand Fervo targets, on much longer development timelines.
Key considerations & risks
Execution risk at Cape Station. Going from a 3.5 MW pilot to a 500 MW development is a three-orders-of-magnitude jump. Drilling costs, reservoir performance, and ORC plant operations all have to hold at a scale never demonstrated in EGS. Cost overruns, well performance shortfalls, or equipment delays would push back Phase I commercial operation or raise project costs materially.
Drilling cost trajectory.Geothermal wells cost significantly more than comparably deep oil and gas wells, because the rock is harder and needs harder bits, the higher temperatures degrade downhole electronics and seals faster, and high-salinity brine demands corrosion-resistant materials. Fervo's cost thesis depends on applying oil and gas efficiencies to drive well costs well below current levels. If drilling costs stay high, the levelized cost of geothermal electricity will not be competitive.
Induced seismicity. Hydraulic fracturing in EGS can trigger felt earthquakes. Fervo runs a Seismic Monitoring and Mitigation Protocol on a traffic-light system that held seismicity to imperceptible levels at Project Red, and the Cape Station team has published proactive seismic behavior work. It stays an operational and reputational risk, particularly at a large multi-hundred-MW site where a significant event would trigger regulatory review, operational suspension, or community opposition.
Thermal longevity and reservoir depletion. Rock surrounding EGS wellbores cools as heat is extracted, reducing output over time. The rate of that decline is among the least well-characterized risks in EGS at commercial scale. Project Red has sustained performance over its operating period, and confirming the resource longevity that underpins 15-year PPA economics will take years to decades of data.
Permitting timelines. Cape Station is permitted to expand to 2 GW, and the federal permitting process for geothermal on public lands can run years to more than a decade. Growing the pipeline beyond Cape Station means working through NEPA review, Bureau of Land Management approval, and state permitting at each new site. Federal emphasis on domestic energy production has been broadly favorable to geothermal, which draws bipartisan support for its firm baseload profile. Under the 2025 One Big Beautiful Bill Act, geothermal kept the technology-neutral 45Y production and 48E investment tax credits on a longer runway with a phase-down beginning around 2034, while credits for wind and solar were cut sharply. Policy volatility remains a factor.
A development-stage company that is now public.Fervo raised roughly $1.9 billion in its May 2026 IPO to fund project development, and it trades as a development-stage business: 2025 revenue was negligible, well under $1 million, against a net loss of about $58 million. The market is pricing Cape Station's execution rather than current earnings. After a roughly 33% first-day rise, shares gave back most of the gain and traded near the $27 offer price by early July 2026. Construction progress, well performance, and the pace of new offtake drive the stock from here.