U.S. geothermal capacity has crept upward as states chase diversification, but the sector still supplies only about 0.2 % of summer electricity. Enhanced geothermal systems (EGS) promise to multiply output by creating artificial hydrothermal reservoirs with fracking‑style drilling. The U.S. Geological Survey sees up to 150 GW of clean power in the Southwest alone, a jump from today’s 2.7 GW of conventional geothermal. Investors and utilities monitor pilots.

Houston‑based Fervo Energy secured a three‑year supply of 1.75 GW of organic Rankine‑cycle turbines from Turboden America to power its next projects. The firm is building a 100 MW pilot at Utah’s Cape Station, which sits on a resource estimated at 4.3 GW, and a 115 MW Corsac plant in Nevada destined for Google and NV Energy. The Utah site will also supply power to nearby data centers.

Fervo filed for a Nasdaq IPO under the ticker FRVO, aiming to fund a portfolio that already covers roughly 600,000 acres and could eventually host over 42 GW of capacity. Federal backing—including a $171.5 million DOE grant under the Unleashing American Energy order—bolsters the business case, positioning EGS as a viable, low‑carbon supplement to the nation’s power mix. The listing could attract climate‑focused investors seeking long‑term returns.