Fervo Energy Seeks Nasdaq IPO After $70.5M Loss, Underwriters Include Royal Bank of Canada
Fervo Energy filed to raise capital via a Nasdaq IPO under ticker FRVO after widening its net loss to $70.5M in 2025 from $41.1M, as part of a $462M Series E backing. Royal Bank of Canada joins JPMorgan, Bank of America and Barclays in leading the underwriting syndicate.
1. Filing Details
Fervo Energy filed an S-1 registration to list on Nasdaq under the symbol FRVO, disclosing a net loss of $70.5 million in fiscal 2025 compared to $41.1 million a year earlier. The move aims to fund expansion and transition the company into a publicly traded geothermal power developer.
2. Underwriting Syndicate
The IPO is being underwritten by a banking syndicate led by JPMorgan Chase, Bank of America, Royal Bank of Canada and Barclays, positioning each bank—including RBC—to earn fees and expand its renewables financing portfolio.
3. Utah Geothermal Project
Central to Fervo’s growth is the Cape Station project in Beaver County, Utah, where 500 MW of capacity is under construction across two phases. Commercial power delivery is scheduled to begin late this year, establishing a baseload renewable energy platform.
4. Series E Funding & Investors
In December, Fervo closed a $462 million Series E round led by B Capital, with participation from Alphabet, Devon Energy and Breakthrough Energy Ventures. The funding underpins development milestones and supports Fervo’s long-term scalability strategy.