# Fervo Energy

> Fervo Energy is a Houston-based next-generation geothermal company that borrows horizontal drilling and fiber-optic sensing from the oil and gas playbook to make enhanced geothermal systems (EGS) commercially viable. By drilling into hot dry rock almost anywhere - not just rare natural hotspots - Fervo produces around-the-clock, carbon-free firm power. Its flagship Cape Station project in Utah is on track to be the world's largest next-generation geothermal development, and the company has become a go-to supplier of clean baseload electricity for AI data centers and utilities.

- **Founded:** 2017
- **Headquarters:** Houston, Texas, United States
- **Founders:** Tim Latimer (Co-Founder & CEO), Jack Norbeck (Co-Founder & CTO)
- **Team size:** ~190 employees
- **Products:** Enhanced Geothermal Systems (EGS), Cape Station, Fervo Online / distributed fiber-optic sensing, Firm clean power supply
- **Notable:** Completed Project Red (2023), the first commercial EGS project using horizontal wells, delivering ~3.5 MW of baseload power., Broke ground on Cape Station, set to be the world's largest next-generation geothermal development., Cut drilling costs by roughly 75% and improved drill speed about 70% between Project Red and Cape Station.

## Products & services

- **Enhanced Geothermal Systems (EGS)** — Geothermal power generation that uses horizontal drilling and engineered reservoirs in hot dry rock, expanding viable geothermal far beyond rare natural hotspots.
- **Cape Station** — Flagship project in Beaver County, Utah - on track to be the world's largest next-generation geothermal development, delivering an initial 500 MW with up to ~2 GW permitted at the site.
- **Fervo Online / distributed fiber-optic sensing** — Real-time subsurface monitoring using fiber-optic cables in wells, combined with data analytics to optimize reservoir performance and drilling.
- **Firm clean power supply** — Around-the-clock, carbon-free baseload electricity sold to utilities, data center operators, and energy companies under long-term power purchase agreements.

## Achievements

- Completed Project Red (2023), the first commercial EGS project using horizontal wells, delivering ~3.5 MW of baseload power.
- Broke ground on Cape Station, set to be the world's largest next-generation geothermal development.
- Cut drilling costs by roughly 75% and improved drill speed about 70% between Project Red and Cape Station.
- Signed the world's largest geothermal PPAs (320 MW with Southern California Edison).
- Raised an oversubscribed $462M Series E led by B Capital (2025).
- Completed clean energy's biggest-ever IPO, debuting on Nasdaq in May 2026 at roughly a $10B valuation.

## Latest updates

- **2026-05** — Fervo Energy went public on Nasdaq under ticker FRVO, pricing an upsized IPO at $27/share for ~$1.89B in gross proceeds and reaching roughly a $10B market cap on debut - clean energy's biggest-ever IPO, fueled by AI data center power demand.
- **2026-03** — Secured $421 million in non-recourse project financing to accelerate Cape Station construction.
- **2025-12** — Closed an oversubscribed $462 million Series E round led by B Capital, with participation from Google and Mitsui.
- **2026** — Cape Station's first phase under construction with initial ~100-500 MW of firm clean power targeted to begin reaching the grid; an additional ~1.5 GW permitted at the site.

## Links

- Website: https://fervoenergy.com
- LinkedIn: https://www.linkedin.com/company/fervo-energy
- Twitter/X: https://twitter.com/fervoenergy
- Instagram: https://www.instagram.com/fervoenergy/

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Profile page: https://yespress.io/fervo-energy
Published by YesPress — https://yespress.io
Last updated: 2026-06-15