Europe didn’t have a Fervo Energy IPO – but its geothermal future could be even hotter
18 maj 2026
05:00
Breakthrough Energy-backed Fervo Energy just IPO'd at a valuation of $10bn –the largest cleantech listing in history.
Thomas Lambaa Giehm, investment manager at Europe's only geothermal venture capital firm, Underground Ventures, breaks down why "superhot rock" tech may be Europe's answer to Fervo – and what the continent needs to do to make it happen.
Thomas Lambaa Giehm, investment manager at Europe's only geothermal venture capital firm, Underground Ventures, breaks down why "superhot rock" tech may be Europe's answer to Fervo – and what the continent needs to do to make it happen.
Last week, Fervo Energy became the first next-gen geothermal company to go public. Raising $2.17bn and reaching a $10bn valuation on its debut day, it also marks the largest cleantech IPO in history.
Next-gen geothermal is in many ways a North American-grown energy technology, developed largely in the western United States. However, Fervo’s IPO is a reminder of the technology's potential to reach global scale.