Fervo Energy — Geothermal & Baseload Renewables · fobi

Fervo Energy

Fervo Energy develops enhanced geothermal systems using horizontal drilling and fiber-optic monitoring for clean baseload power. $400M+ raised; Project Red in Nevada operational and delivering power to Google; Cape Station in Utah under development.

Google's 24/7 clean power partner proving next-generation geothermal can deliver firm, dispatchable electricity at scale.

fervoenergy.com Geothermal & Baseload RenewablesUSAprivate

At a glance

Total raised

$872M

last round series e

Headcount

201-500

approximate · public range

Headquarters

Houston

USA

Founded

2017

9 years active

Status

Private

Geothermal & Baseload Renewables

Subsector

Geothermal & Baseload Renewables

For subscribers

Subscribe to see the full profile

Including Funding rounds, Bull / Bear thesis, Stock + earnings, Roster changes, Patents, News, and Open roles.

Already subscribed? Sign in →

Date	Stage	Amount	Valuation	Lead investors
Dec 10, 2025	Series E	$462M	—	B Capital
Feb 29, 2024	Series D	$244M	—	Devon Energy

AI bull / bear

Bull case

Fervo Energy just pulled off something no next-gen geothermal company has done before — a successful IPO raising $1.9 billion at a $7.7 billion valuation. That capital, combined with the Turboden America turbine deal locking in 1.75 GW of organic Rankine cycle capacity over three years, puts Fervo in a league of its own when it comes to manufacturing scale and deployment velocity. Project Red is already delivering clean, firm power to Google, proving the horizontal drilling and fiber-optic monitoring model works in the field. Cape Station in Utah, set to be the first commercial-scale enhanced geothermal plant in the U.S., begins operations later this year. With hyperscalers desperate for 24/7 carbon-free energy to power AI data centers, Fervo is the only public-market pure play that can deliver dispatchable baseload renewables at scale. The first-mover advantage in public markets, the contracted revenue from Google, and the hard-won drilling expertise create a moat that will be difficult for later-stage competitors to cross.

Bear case

Fervo's $7.7 billion valuation implies expectations that commercial-scale enhanced geothermal economics have been proven. The evidence is not there yet. Cape Station has not delivered power. The Turboden deal reserves factory capacity but doesn't guarantee power-purchase agreements — those still need to be signed at prices that compete with cheap solar-plus-storage and the falling cost of wind. Enhanced geothermal requires drilling multiple horizontal wells per project, and every well carries geological risk that can blow up capital budgets. Fervo raises enough money in its IPO to fund a few projects, but scaling to gigawatt levels demands billions more in project finance at a time when interest rates remain elevated. Meanwhile, the DOE's enhanced geothermal loan programs and permitting timelines remain subject to political headwinds. If Cape Station hits cost overruns or delivers lower flow rates than modeled, the public market narrative flips from "first mover" to "capital-intensive science project" — and the stock gets repriced hard.

Generated by deepseek-v4-flash · June 2, 2026Refreshes quarterly · see disclosures

Fervo Energy

At a glance

Subscribe to see the full profile

Funding history

How they make money

Founder backgrounds

Tim Latimer

Jack Norbeck

AI bull / bear

In the news

Fervo Energy’s IPO is a milestone for next-gen geothermal

Fervo Energy unveils new power plant details in IPO filing

Fervo Energy inks big turbine deal to build more next-gen geothermal

Watch

Leadership

Products

Project Red (Enhanced Geothermal System)

Cape Station Geothermal Development

Open roles