Geothermal company Fervo Energy is aiming for a $6.5 billion valuation in a U.S. IPO, using enhanced geothermal systems technology to extract heat from previously inaccessible rock areas. Fervo is developing a 500-megawatt geothermal power plant in Utah, with plans to expand to 4.3 gigawatts, securing power purchase agreements with major buyers and aiming to deliver power by the end of 2022. Despite obstacles in gaining market traction, Fervo is working to lower costs and increase competitiveness with gas and nuclear power, while legislation supporting geothermal technology moves through Congress. This reflects a broader trend of institutional investors recognizing the financial risks of climate change and seeking opportunities in renewable energy and other climate-friendly sectors, emphasizing the growing importance of climate considerations in investment decisions.
https://www.eenews.net/articles/a-6-5b-geothermal-company-industry-eyes-tipping-point/