Fervo Energy Company: Fervo Energy Announces Pricing of its Upsized Initial Public Offering

HOUSTON, May 12, 2026 (GLOBE NEWSWIRE) -- Fervo Energy ("Fervo" or the "Company") today announced the pricing of its upsized initial public offering ("IPO") of 70,000,000 shares of its Class A common stock, at a public offering price of $27.00 per share. The 70,000,000 share offering represents a 14,444,445 share upsize to the originally proposed 55,555,555 share offering. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 10,500,000 shares of Class A common stock.

The shares are expected to begin trading on the Nasdaq on May 13, 2026, under the ticker symbol "FRVO". The offering is expected to close on May 14, 2026, subject to customary closing conditions.

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

The offering is being made only by means of a prospectus. Copies of the final prospectus 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 was declared effective by the U.S. Securities and Exchange Commission on May 12, 2026 (the "Registration Statement").

Important Information

The Registration Statement may be obtained free of charge at the SEC's website at www.sec.gov under "Fervo Energy". This press release does 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
[e-mail]

ICR, Inc.
[e-mail]