Geothermal energy companies draw attention as AI data center power demand rises; Fervo Energy lists on Nasdaq
Geothermal energy companies are drawing attention as power demand from AI data centers increases. Geothermal startup Fervo Energy, on 13, saw its share price at the time of its Nasdaq listing rise by about 35% compared with its IPO price, and its market capitalization is 124billion dollars. It has signed contracts worth about 72billion dollars through power purchase agreements (PPAs).
As power demand from AI data centers rises sharply, interest in geothermal energy companies is growing. Geothermal power is drawing attention because it is less affected by weather and can provide 24hours of power generation. The relative lack of supply chain bottlenecks is also being cited.
Fervo Energy is a startup that produces geothermal energy using hydraulic fracturing (fracking) technology. Fervo listed on Nasdaq on 13. Immediately after the listing, its share price rose by about 35% compared with its IPO price.
Fervo's market capitalization is around 124billion dollars. The company has signed contracts worth about 72billion dollars through power purchase agreements (PPAs) with Alphabet, Shell, NV Energy, and others. The contract value is linked to the company's long-term supply commitments.
Fervo is targeting power supply through its “Cape Station” project in Utah by 10month1. Preparations for commercial operation and the commissioning schedule for the project are underway.
Meanwhile, several nuclear startups are targeting commercialization by 2030. However, many small modular reactors (SMRs) have yet to receive final design certification from regulators.
Sources: 뉴시스 경제
Bullstory synthesized this report from the linked sources. AI may have assisted the writing process. Check the original reports for factual confirmation.