US Stock Market Move | Geothermal developer Fervo Energy Company (FRVO.US) debuts on the U.S. stock market, opening up more than 33%.
As of the time of writing, the stock has risen by over 33%, reaching $36.28.
On Wednesday, geothermal developer Fervo Energy Company (FRVO.US) debuted on the U.S. stock market. As of press time, the stock had risen over 33%, to $36.28. The IPO price was $27. Fervo utilizes horizontal drilling and multistage hydraulic fracturing technology in its pilot projects to produce geothermal energy, and it is expected that its first commercial power plant will be connected to the grid by the end of 2026. The company has received support from Bill Gates' investment firm Breakthrough Energy Ventures and shale oil producer Devon Energy Corp., making it one of many energy producers looking to capitalize on the growing demand for power in data centers.
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