Fervo Energy, founded in 2017 and based in Houston, develops enhanced geothermal power plants using drilling methods from oil and gas, led by Cape Station in Utah. It listed on Nasdaq in May 2026, raising about $2.2 billion.
At a glance
| Price from | Custom |
| Best for | Utilities and data centres buying firm clean power |
From Fervo Energy's own website.
What stands out
- Firm, always-on clean power
- Large contracted demand
Worth knowing
- First large plant just coming online
- Heavy capital spending
How it ranks
Fervo Energy is ranked 1st of 10 in Best Geothermal Energy Companies (Lister Score 97.5).
#1 in Best Geothermal Energy Companies · Lister Score 97.5
Fervo Energy, based in Houston, develops enhanced geothermal systems using horizontal drilling. Its Cape Station in Beaver County, Utah, sent first power to the grid on 24 September 2026 and declared commercial operation of its first 33 MW unit six days later.
Fervo raised a $462 million Series E in December 2025..
| Rank | Best Geothermal Energy Companies | Score |
|---|---|---|
| 1 | Fervo Energy | 97.5 |
| 2 | Ormat Technologies | 96.2 |
| 3 | Eavor Technologies | 94.9 |
| 4 | Quaise Energy | 93.6 |
| 5 | Sage Geosystems | 92.3 |
| 6 | Mazama Energy | 91.0 |
| 7 | XGS Energy | 89.6 |
| 8 | Zanskar | 88.2 |
| 9 | Geothermal Engineering Ltd (GEL) | 86.8 |
| 10 | Rodatherm Energy | 85.4 |
Frequently asked questions
How does Fervo Energy rank on Lister?
Fervo Energy is ranked 1st of 10 in Best Geothermal Energy Companies (Lister Score 97.5).
Appears in
- #3 in Best Climate Tech Startups · Startups
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