NATURE OF BUSINESS |
6 Months Ended |
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Jun. 30, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS Fervo Energy Company (the “Company” or “Fervo”) is a Delaware corporation formed on May 27, 2017, to commercialize technology to build, own, and operate geothermal assets. Fervo’s innovations include technologies such as advanced computational models, horizontal drilling, and distributed fiber optic sensing that were developed with various partners to increase the productivity and lifetime of geothermal wells. The Company’s geographical area of operation is in the western region of the United States. The U.S. federal government encourages production of electricity from thermal energy derived from the Earth’s natural heat (“geothermal resources”). The Company requested and received grants for research and development and project development from the Department of Energy (“DOE”). As of June 30, 2026, the Company has not yet commenced large-scale commercial operations. The Company’s activities to date have been primarily focused on technological development, capital raising, and the establishment of geothermal production capabilities. Initial Public Offering On May 14, 2026, the Company completed its IPO of Class A common stock of Fervo Energy Company, par value $0.0001 per share (“Class A common stock”), at a price of $27.00 per share. The Company's common stock trades on the Nasdaq under the symbol "FRVO". In the IPO, the Company sold an aggregate of 80,500,000 shares of Class A common stock, including 10,500,000 shares issued upon the underwriters' full exercise of their option to purchase additional shares. An additional 10,162,468 shares of the Company’s existing common stock were converted into Class A common stock. The IPO generated gross proceeds of approximately $2.2 billion, before deducting underwriting discounts and commissions and offering expenses. Prior to completion of the IPO, incremental costs directly attributable to the offering were deferred. Upon completion of the IPO, deferred offering costs, together with underwriting discounts and commissions and other directly attributable offering costs, were recorded as a reduction of the proceeds from the IPO within Additional paid-in capital. Costs that were not directly attributable to the IPO were expensed as incurred. In connection with the IPO, the Company effected a 0.7194-for-1 reverse stock split of its common stock. See Note 2 – Significant Accounting Policies for additional information. Immediately upon completion of the IPO and after giving effect to the reverse stock split, all outstanding shares of redeemable convertible preferred stock automatically converted into shares of Class A common stock, par value $0.0001 per share. The Company also completed a reorganization of its capital structure, including the establishment of Class A common stock and Class B common stock, and completed a founder share exchange that resulted in the issuance of Class B common stock, par value $0.0001 per share, to certain existing holders. In addition, the Company's amended and restated certificate of incorporation and amended and restated bylaws became effective upon completion of the IPO.
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