Fervo Energy Company: Fervo Energy Announces Upsized Proposed Initial Public Offering

HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Fervo Energy ("Fervo" or the "Company") today announced it has upsized its proposed initial public offering ("IPO") of its Class A common stock. The Company plans to issue 70,000,000 shares of its Class A common stock at an expected IPO price of between $25.00 and $26.00 per share. The 70,000,000 share offering represent a 14,444,445 share upsize to the originally proposed 55,555,555 share offering. The expected IPO price of between $25.00 and $26.00 per share is an increase from the originally expected IPO price of between $21.00 and $24.00 per share. Additionally, Fervo expects to grant the underwriters a 30-day option to purchase up to an additional 10,500,000 shares of the Company's Class A common stock. Fervo has applied to list its Class A common stock on the Nasdaq, subject to official notice of issuance, under the ticker symbol "FRVO."

J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays are acting as joint lead bookrunning managers for the proposed offering. Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance are acting as additional bookrunning managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from J.P. Morgan, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [e-mail] and [e-mail]; BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, or by email at [e-mail]; RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281, by telephone at [phone], or by email at [e-mail]; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at [phone], or by email at [e-mail].

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission ("SEC") but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Fervo Energy
Fervo Energy delivers 24/7 carbon-free power through the large-scale deployment of enhanced geothermal systems. By combining the application of horizontal drilling, fiber-optic sensing, and advanced reservoir engineering with an innovative approach to power systems engineering, Fervo believes it has established a repeatable, industrial approach to building firm, utility-scale power. The company is driving geothermal toward scalable, reliable, and cost-competitive deployment, making it a foundational component of the global energy system.

Contacts
V2 Communications for Fervo Energy
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ICR, Inc.
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