Fervo Energy valued at $10.21 billion in Nasdaq debut
Fervo Energy made a stunning entrance to the Nasdaq, with its stock price leaping by 33.3%, marking the company’s market value at a remarkable $10 billion. The geothermal innovator successfully garnered $1.89 billion from its initial public offeri...
By Reuters |
Fervo Energy shares rose 33.3% in the company's Nasdaq debut on Wednesday, giving the geothermal energy developer a valuation of $10.21 billion.
The shares of the Houston-based company opened at $36, above the offer price of $27.
The company raised $1.89 billion in an upsized U.S. initial public offering on Tuesday, selling 70 million shares at $27 apiece, above its marketed range.
The listing comes as surging power demand from artificial intelligence and the rapid expansion of data centers strain the U.S. grid, boosting the need for stable energy supplies.
Demand from electric vehicles and domestic manufacturing is also adding to electricity consumption, further underscoring the need for reliable power.
Backed by Bill Gates' investment firm Breakthrough Energy Ventures and shale producer Devon Energy, Fervo is among several energy developers seeking to capitalize on rising power demand from data centers.
Founded in 2017, Fervo develops advanced geothermal systems designed to generate around-the-clock, carbon-free electricity, positioning the technology as a complement or alternative to intermittent renewable sources such as solar and wind power.
The shares of the Houston-based company opened at $36, above the offer price of $27.
The company raised $1.89 billion in an upsized U.S. initial public offering on Tuesday, selling 70 million shares at $27 apiece, above its marketed range.
The listing comes as surging power demand from artificial intelligence and the rapid expansion of data centers strain the U.S. grid, boosting the need for stable energy supplies.
Demand from electric vehicles and domestic manufacturing is also adding to electricity consumption, further underscoring the need for reliable power.
Backed by Bill Gates' investment firm Breakthrough Energy Ventures and shale producer Devon Energy, Fervo is among several energy developers seeking to capitalize on rising power demand from data centers.
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Founded in 2017, Fervo develops advanced geothermal systems designed to generate around-the-clock, carbon-free electricity, positioning the technology as a complement or alternative to intermittent renewable sources such as solar and wind power.
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