The American geothermal energy company Fervo Energy has reached a valuation of over $10 billion following its Nasdaq debut. During the IPO, the company's shares rose by more than 30%, raising $1.89 billion. This marks the largest public offering in the U.S. energy sector since 2013. This is reported by Ixbt.com .
The primary reason for this success is the rapid development of the artificial intelligence industry. Data centers and computing clusters supporting technologies like ChatGPT are driving a sharp increase in demand for continuous and stable electricity. Fervo offers solutions to meet this need through its advanced Enhanced Geothermal Systems (EGS).
Google has established a close partnership with Fervo, signing a contract in 2024 to supply its Nevada data centers with 100 MW of power. Additionally, Google led the company's $462 million funding round. Fervo's Cape Station project in Utah is expected to reach 500 MW by 2028, becoming the world's largest EGS project.
Tech giants are increasingly investing in geothermal energy to meet the demand for carbon-free power sources. Beyond Google, Microsoft and Meta are also active in this space. Microsoft has invested in projects in New Zealand and Kenya, while Meta has signed agreements with geothermal companies to diversify its energy supply.
Read “Zamin” on Telegram!
