May. 12 at 12:27 PM
$DVN A HUGE under the radar move which will benefit DVN holders!!! Fervo Energy Co., a geothermal energy developer, is seeking to raise as much as
$1.82 billion in a US initial public offering, raising its target from
$1.33 billion.
With backing from DVN, Fervo is among a number of energy producers seeking to capitalize on the growing power demand for data centers. The company has about a
$7.2 billion potential backlog of contracted revenue from power purchase agreements across its full portfolio, according to the filing.
Fervo also has power agreements with Southern California Edison Co., Alphabet Inc.’s Google and Shell Plc. Alphabet was part of a
$462 million investment round in December.
The company’s Cape Station project in Beaver County, Utah, would be one of the world’s largest geothermal projects with 500 megawatts of power. All told, Fervo disclosed 595,900 total leased acres as well as 2.6 gigawatts in advanced development and more than 38 gigawatts in early-stage development.
