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There’s a new geothermal energy company getting ready to make their Wall Street debut. And they have some of the largest venture capital funds in the world behind them.
What’s happening:
- Geothermal energy company Fervo Energy has increased their IPO financing round to raise roughly $1.75B USD
By the numbers:
- Fervo Energy will issue 70M common shares at a price between $25.00 and $26.00 USD as part of the IPO financing round
Why it matters:
- Fervo Energy is one of the most advanced companies in North America developing geothermal power plants that are capable of delivering carbon-free electricity and is backed by Bill Gates’ venture capital fund Breakthrough Energy Ventures
Going deeper:
- Fervo Energy’s flagship pilot project in Nevada known as Project Red has successfully validated commercial baseload output and demonstrated that horizontal drilling can consistently produce carbon-free power
- Fervo Energy has multiple other notable venture capital funds and individual investors including Facebook co-founder Eduardo Saverin’s venture capital fund B Capital, Google (NASDAQ: GOOG), Mitsubishi Heavy Industries and others
The intrigue:
- Fervo Energy has raised more than $1.5B USD USD through venture capital, debt and grant funding since first being formed
