Fervo IPO

This morning, we were proud to stand with the Fervo team at the Nasdaq in New York as Co-Founder and CEO Tim Latimer and Co-Founder and CTO Jack Norbeck rang the opening bell in celebration of the company’s initial public offering (Nasdaq: FRVO).

We first invested in Fervo in 2022 based on our conviction around the strength and experience of its team, its truly differ­en­ti­ated approach to enhanced geothermal systems, and its robust technical moat. At the time, we noted that Fervo was unique in uniting decades of fracking expertise from the oil and gas industry with novel AI and sensing tech­nolo­gies. By applying its expertise to drill in hot granite rather than oil shale, Fervo can deliver clean, ²⁴⁄₇ baseload power — American innovation at its best.

Over the last four years, the company has reduced drilling times and costs per well, while targeting progres­sively higher temperature formations. In 2023, it built a 3 MW enhanced geothermal system in Nevada — and it is now building its next facility, Cape Station in Utah, a 500 MW greenfield project. 

Demand for electricity is surging in the U.S., putting immense pressure on legacy generation. Fervo provides ²⁴⁄₇ firm zero-carbon energy — insulating the grid from the geopo­lit­ical risks and market pressures inherent in a reliance on fossil fuels.

Massive congrats to Tim and the whole Fervo team: your world-changing technology is what deep tech investing exists to support.