Geothermal startup Fervo Energy to raise up to $1.3B in IPO

Fervo Energy plans to raise up to $1.3 billion in a Nasdaq IPO, with shares priced at $21 to $24.

The geothermal startup could be valued at as much as $6.5 billion and will trade under the ticker FRVO.

Fervo is betting on lower-cost geothermal power to compete with natural gas and other conventional generation.

The deal underscores investor interest in clean-power companies as AI-driven electricity demand boosts the need for new electricity supply.