Fervo’s IPO and the Future of Firm Power

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Fervo's IPO and the Future of Firm Power

As AI and electrification drive load growth, firm clean power is becoming increasingly valuable

We're proud to congratulate our portfolio company Fervo on its IPO, an important milestone both for the team and for the role of next-generation geothermal in the U.S. energy system.

Fervo's progress comes at a pivotal moment. For the first time in decades, electricity demand is accelerating meaningfully, driven by AI, data centers, electrification, and industrial growth. Wind and solar will continue to be the backbone of new capacity additions, but intermittent resources alone cannot meet 24/7 demand without significant overbuild, transmission, and storage. As load growth accelerates, and certain types of demand become increasingly inflexible, the system depends more and more on power that is firm, flexible, and always available.

We believe this is where next-generation geothermal stands apart. Geothermal offers always-on, weather-independent clean power. Historically limited by geography, it is now being unlocked by advances in drilling and subsurface engineering-transforming it into a scalable, repeatable resource that can grow alongside demand.

Fervo has been a leader in that shift. By applying modern drilling techniques and a data-driven approach to resource development, the company is demonstrating that enhanced geothermal can be built, financed, and deployed at scale. We're honored to partner with Tim Latimer, Jack Norbeck, and the entire team on this journey, and are excited for what comes next in the way of continued growth, rapid deployment, and more gigawatts on the grid.

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