Houston geothermal startup Fervo scored Wall Street’s biggest clean energy IPO ever, and its stock opened 35% higher on May 13 for a market cap above $10 billion.
Bill Gates-backed Fervo aims to take the nascent industry mainstream to power the AI boom in short order. The technology combines old-school geothermal science with modern oil-drilling and fracking techniques to develop reservoirs and power plants anywhere the customers want—as opposed to traditional geothermal power, dating back over 100 years, which relies on naturally occurring reservoirs.
