Fervo Energy Co. (Ticker: FRVO US) is an American geothermal energy company developing enhanced geothermal systems (EGS) to generate electricity. The company uses horizontal drilling and hydraulic fracturing to access underground rock formations and circulate heat to produce geothermal power in locations without natural permeability.

Fervo plans to list on NASDAQ on May 13, 2026, offering 55.6 million primary shares at a price range of $21.00 to $24.00 per share. At the $22.50 midpoint, the IPO would raise approximately $1.25 billion. The IPO consists entirely of primary shares, with proceeds going to the company. According to the materials provided, Fervo’s mission is to make geothermal energy a dependable and affordable source of clean, 24/7 power. J.P. Morgan, Bank of America, Barclays and RBC are acting as bookrunners.