HOUSTON, May  11, 2026  (GLOBE NEWSWIRE) -- Fervo Energy (&#34;Fervo&#34; or the &#34;Company&#34;) today announced it has upsized its proposed initial public offering (&#34;IPO&#34;) of its Class A common stock. The Company plans to issue

FRVO

Fervo Energy Announces Upsized Proposed Initial Public Offering

Fervo Energy Increases IPO Size and Price Range, Targets Nasdaq Listing

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>HOUSTON, May  11, 2026  (GLOBE NEWSWIRE) -- Fervo Energy (&amp;#34;Fervo&amp;#34; or the &amp;#34;Company&amp;#34;) today announced it has upsized its proposed initial public offering (&amp;#34;IPO&amp;#34;) of its Class A common stock. The Company plans to issue</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Fervo Energy has significantly upsized its IPO, now proposing 70 million shares at an increased price of $25-$26 each. With plans to list on Nasdaq under the symbol &#039;FRVO&#039;, the move highlights Fervo&#039;s confidence in its market position and growth potential in the geothermal energy sector.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Fervo upsizes IPO plan from 55.6M to 70M shares.</li><li>Expected IPO price increased to $25-$26 per share.</li><li>Underwriters may purchase an additional 10.5 million shares.</li><li>Fervo aims to list on Nasdaq under the ticker &#039;FRVO&#039;.</li><li>J.P. Morgan and others serve as lead underwriters for the IPO.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>J.P. Morgan (JPM)</strong>: Acting as a joint lead bookrunning manager for FRVO&#039;s IPO.</li><li><strong>BofA Securities (BAC)</strong>: Joint lead manager in FRVO&#039;s IPO, impacting investor confidence.</li><li><strong>Barclays (BCS)</strong>: Also supporting FRVO&#039;s IPO as a leading underwriter.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news is categorized as Corporate Developments, reflecting significant growth strategy and market entry for FRVO. The IPO represents a crucial capital-raising event that could catalyze future growth initiatives in geothermal energy.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>The IPO upsizing indicates strong investor interest in FRVO.</li><li>Increased price range suggests higher valuation upside for FRVO.</li><li>The Nasdaq listing could enhance visibility and liquidity for FRVO.</li><li>Successful execution of the offering may attract institutional investors.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>IPO upsized to 70 million shares from 55.6 million.</li><li>Expected IPO price raised to $25-$26 per share.</li><li>30-day option for underwriters to purchase an additional 10.5 million shares.</li><li>Fervo Energy applies to list on Nasdaq under &#039;FRVO&#039;.</li><li>Lead underwriters include J.P. Morgan and BofA Securities.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Consider accumulating FRVO shares in anticipation of strong investor demand post-IPO.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">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."</p>  <p align="justify">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 &#x7C; Nomura Alliance are acting as additional bookrunning managers for the proposed offering.</p>  <p align="justify">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 <a href="https://www.globenewswire.com/Tracker?data=MOuxdwsghAJKn5YOIaoaR9X_F4jysMCIhT1nhGTc8mE5szaXQI2Xb-fW0NVlg3sSiOHnkI5-zZGAGCT0a3pEC9UNWDpN7oLIsCnuovstokcX8qWqyNsj6VofDoO2G8Wi" rel="nofollow" target="_blank">prospectus-eq_fi@jpmchase.com</a> and <a href="https://www.globenewswire.com/Tracker?data=3__BkrgUOGUz71RwTXT6MELBDIQQ0dlT3FFYYNsCaUTj9PsNyLB_152HfnpGnZyPsIB3dHCoQEeaS4dwxayNi0GdRx1GJCaBzHIcfhmLkkXUtYaE4VMwR5gA7tOuzoXOOfmfoiJBBudTpaoHgok2kw==" rel="nofollow" target="_blank">postsalemanualrequests@broadridge.com</a>; BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, or by email at <a href="https://www.globenewswire.com/Tracker?data=u6vYlOD5x3j8ZQ2QmRFTMdHjN15fYHBIdySPPRpR4msVJtDk3788PmGylc5HeCOLXyKbvwbT3rFttmWrft2U2nb3dkxFW1w3Z4v4XjkEc5cA5Leya3ix1lcqPg8PJJw2" rel="nofollow" target="_blank">dg.prospectus_requests@bofa.com</a>; RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281, by telephone at (877) 822-4089, or by email at <a href="https://www.globenewswire.com/Tracker?data=uDGXB6_cmaxDGQ07dgMfovEN1MA3_KIfIlyAGA38e5GJRQZIdaJgiQjcJEMjrdTU5FtPR8mQPb5PHLBp8oiGuJoFtplobTv0wWOTBikC5mrOUOBQd_cZ5iGR_US8s1aV" rel="nofollow" target="_blank">equityprospectus@rbccm.com</a>; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847, or by email at <a href="mailto:barclaysprospectus@broadridge.com">barclaysprospectus@broadridge.com</a>.</p>  <p align="justify">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.</p>  <p align="justify"><strong>About Fervo Energy </strong><br></br>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.</p>  <p><strong>Contacts</strong><br></br>V2 Communications for Fervo Energy<br></br><a href="https://www.globenewswire.com/Tracker?data=uY_FVv7_kuVLewgKwIN74sAqQ8sLbVnZ9vgWBKzjOJaUGqBm8pMfe8yfxZ1H4SOcHXamtvx23odhnNaHiPqBOsTQ2RRURcefzA1KOfgatYo=" rel="nofollow" target="_blank">fervo@v2comms.com</a></p>  <p>ICR, Inc.<br></br><a href="https://www.globenewswire.com/Tracker?data=9llct_Djo5B2lpekr10iNCHpyRc7ADfLHs5tBKovkDiB3603T4Wfo8-Xiwk0AfyZP2Fg1hQyKGC3_2RbwzH6TqRdujrQgZzTxLlm4nfpyQM=" rel="nofollow" target="_blank">Fervo@icrinc.com</a></p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTcxNzM2OCM3NTk1MzA5IzIzMTAyNDE="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/ZmUyYjdjZTYtZjEwMi00M2QyLWEwMzItNWZjZTQ5ZDFkMDk5LTEzMjE3OTEtMjAyNi0wNS0xMS1lbg==/tiny/Fervo-Energy-Company.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/2a1a4ca6-1fa7-4a9a-82c2-eee94b57f31a"><img src="https://ml.globenewswire.com/media/2a1a4ca6-1fa7-4a9a-82c2-eee94b57f31a/small/fervo-logo-primary-png.png" border="0" width="150" height="33" alt="Primary Logo"></img></a></p>

Fervo Energy has significantly upsized its IPO, now proposing 70 million shares at an increased price of $25-$26 each. With plans to list on Nasdaq under the symbol 'FRVO', the move highlights Fervo's confidence in its market position and growth potential in the geothermal energy sector.

Fervo Energy Announces Upsized Proposed Initial Public Offering

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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