Shares of geothermal developer Fervo Energy soared in their public-market debut, a sign of investor appetite for energy companies as the U.S. faces record amounts of new power demand.
Fervo’s stock climbed 35% to $36.54 from its $27 initial public offering price. It trades on the Nasdaq under the ticker FRVO.
The details
Houston-based Fervo uses technology pioneered by oil-and-gas drillers to frack rocks, create geothermal reservoirs and crank out electricity. The company is spending more than $2 billion in Utah to build what it expects to be the world’s largest enhanced geothermal project, expected to come online later this year. It has said it can help sate power-hungry data centers, electric vehicles and growing industries.
Read more in the Wall Street Journal here.
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