Fervo Energy is eyeing $1.33B in its IPO–and its market value could hit $6.5B. (Bloomberg)
The pitch: The enhanced geothermal developer applies horizontal drilling and multi-stage hydraulic fracturing—borrowed straight from the shale playbook. Fervo says it cut drilling times 75% and drilling costs 70% from 2022 to 2025.
The pipeline: Fervo's full portfolio includes 2.6 GW in advanced development, 38+ GW in the early stages, and $7.2B in potential revenue from PPAs (including agreements with SCE, Google, and Shell).