Next-generation geothermal developer Fervo Energy (FRVO.US) has submitted an application for an IPO on the US stock market, aiming to raise approximately $250 million.

Fervo Energy, focusing on next-generation geothermal energy projects, submitted a listing application to the U.S. Securities and Exchange Commission (SEC) last Friday, planning to raise funds through an initial public offering (IPO) - it is estimated that the fundraising scale could reach $250 million. Fervo Energy is a geothermal energy company mainly engaged in the development of enhanced geothermal systems (EGS) and generating electricity using geothermal resources. The company utilizes techniques such as horizontal drilling and hydraulic fracturing to access underground rock layers and extract heat, enabling geothermal power generation in areas that lack natural permeability. Additionally, Fervo has deployed advanced monitoring technologies including fiber optic sensing to track underground conditions in real-time and optimize energy extraction efficiency. Its technological path aims to expand the scalability and geographical coverage of geothermal energy as a stable, all-weather power source. The company is headquartered in Houston, Texas, founded in 2017, and plans to be listed on the Nasdaq under the ticker symbol "FRVO". Fervo Energy submitted its application on December 10, 2025, through a non-public offering. The joint bookrunners for this IPO include J.P. Morgan, Bank of America Securities, Royal Bank of Canada Capital Markets, Barclays, Baird, BBVA Securities, Guggenheim Securities, Mitsubishi UFJ Financial Group, Inc. Sponsored ADR Securities America, French Industrial Bank America Securities, William Blair, Piper Sandler, Nomura Securities, and WR Securities.