Fervo Energy reports $2.2B IPO, 3 GW Google framework, $31.8M Q1 loss as Cape Station nears

Filed June 22, 2026 · Period ending June 22, 2026 · ~1 min read

Key Changes

• high

  Completed $2.2B IPO on May 14, 2026, issuing 80.5M Class A shares at $27/share to fund commercial pipeline acceleration through 2030 and R&D to reduce installed costs toward $3,000/kW.

  Exhibit 99.1 verify on EDGAR →
• high

  Executed Geothermal Framework Agreement with Google for up to 3 GW of geothermal capacity through 2033, including 1 GW in first two years, establishing repeatable commercial model for future offtake.

  Exhibit 99.1 verify on EDGAR →
• high

  Secured $421.4M non-recourse project financing for Cape Station Phase I (~100 MW, first power Q4 2026), representing first such financing for enhanced geothermal globally on conventional power terms.

  Exhibit 99.1 verify on EDGAR →