Bill Gates-backed geothermal developer Fervo raises $1.89B in IPO
Fervo Energy CEO Tim Latimer rang Nasdaq’s opening bell Wednesday and said the company has “proven that geothermal deserves a spot among the major energy players.”
Geothermal energy developer Fervo Energy debuted on the Nasdaq Exchange Wednesday with an initial public offering valued at $1.89 billion, with its co-founders ringing the exchange’s opening bell. Fervo offered 70 million shares at a $27 per share IPO price, according to a release issued Tuesday.
This represents an upsized IPO for the next-generation geothermal company, which previously announced that it expected to issue about 55.6 million shares at $21 to $24 per share.
