Fervo Energy Co., a geothermal energy developer, has raised $1.89 billion in an upsized initial public offering in the US. The deal priced above the marketed range, and shares subsequently opened 33% above their IPO price.
Backed by Bill Gates and Google, the company utilizes drilling techniques from the oil and gas industry to produce power from the earth’s heat.
The offering was upsized several times after potential investors questioned why the enhanced geothermal startup was not raising more money. This IPO values the energy company at approximately $7.7 billion.