Fervo Energy reports revenue growth in US IPO filing
Fervo Energy filed paperwork on Friday to?file for an initial public offering in the United States. The geothermal developer is seeking to tap into the capital markets amid rising energy prices.
The Houston-based company reported a loss of 57.8 millions dollars on revenues of 138,000 dollars for the fiscal year ending December 31, 2025. This compares to a loss of 41.1 million dollars on revenues of 199,000 dollar a year ago.
Since the Iran War began, several energy companies have tapped the equity and debt capital'markets, hoping to take advantage of the rise in oil prices.
As technology companies increase their data-processing capacities, so does the electricity consumption. Morgan Stanley predicts that global electricity demand will rise by over a trillion kWh per year through 2030. Data centers are expected to contribute nearly 20% of the growth.
Fervo Energy produces continuous, carbon-free power using advanced geothermal technologies. This is a reliable alternative for solar and wind energy that are weather dependent.
Donald Trump, the president of the United States, has expressed his support for geothermal power. He even declared it an essential source of domestic energy as part a declaration declaring a national emergency in energy early on in his presidency.
The company is building its flagship Cape Station Project in Utah, and had 658 megawatts of power purchase agreements contracted as of December 2025. It also has a pipeline of projects spanning several?U.S. states.
The proceeds from the IPO will be used for general corporate purposes. This includes funding construction projects, advancing geothermal development and expanding its land holdings.
J.P. Morgan is the joint book-running manager, followed by BofA Securities and Barclays.
Fervo plans to list its shares under the Nasdaq symbol "FRVO." (Reporting and editing by Vijay Kishore, Maju Samuel and Pragyan Kalita in Bengaluru)
(source: Reuters)
