Amazon · MIT Technology Review
Solv Energy mentioned data centers over a dozen times in documents filed with the Securities and Exchange Commission
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And Fervo and X-energy are particularly connected to the tech giants driving AI.
Key facts
- The company was founded in 2017, and it raised about $1.5 billion from investors over the years before its IPO
- And it has leases for land that could together generate more than 40 gigawatts of electricity. (As of 2024, the entire US geothermal fleet had a capacity of 4 gigawatts.)
- These reactors will each generate 80 megawatts of electricity, less than one-tenth the output of larger ones like Unit 4 at Plant Vogtle in Georgia, the most recent addition to the commercial nuclear
- The solar and battery company Solv Energy went public in February, to the tune of $6 billion
Summary
This year, there’s been a wave of notable energy companies going public via IPO in the US. The solar and battery company Solv Energy went public in February, to the tune of $6 billion. Those are all success stories in the IPO world. Let’s start with Fervo Energy, a company they've covered a lot over the years that’s working to develop enhanced geothermal energy. (The team included it on their 2025 list of Climate Tech Companies to Watch.) While conventional geothermal requires finding specific spots with hot rock, water, and fractures to support a power plant, Fervo uses fracking techniques to create the necessary conditions. The company was founded in 2017, and it raised about $1.5 billion from investors over the years before its IPO.