May 28, 2026

Fervo Energy Crosses $10 Billion Valuation as Shares Soar in Nasdaq Debut

HXVF portfolio company, Fervo Energy (FRVO), the market leader in Enhanced Geothermal Systems (EGS), went public last week and cleared a $10B market cap on its first day of trading, marking a historical milestone for the industry. According to the underwriting banks, the offering was the largest primary energy and power IPO of all time.

Tim Latimer, Jack Norbeck, and the Fervo team have been relentless in their pursuit of scaling one of the most impactful near-term sources of clean, firm, economic baseload power to come onto the grid. They persevered through countless challenges, and we could not be more impressed with the team.

Read the full article here.