Fervo Energy is seeking a valuation of up to $6.5 billion in its U.S. initial public offering. The geothermal developer aims to raise as much as $1.33 billion. It is offering approximately 55.6 million shares. The company set the price range between $21 and $24 per share. Fervo intends to list on the Nasdaq under the ticker symbol FRVO.
The company adapts horizontal drilling techniques from the oil and gas industry. These techniques create enhanced geothermal systems. The systems provide carbon-free electricity 24 hours a day. Growing demand from AI data centers for reliable, clean power is driving the offering.