- cross-posted to:
- nyt_gift_articles@sopuli.xyz
- cross-posted to:
- nyt_gift_articles@sopuli.xyz
Fervo Energy, which uses drilling techniques from the oil and gas industry to produce power from the earth’s heat, raised $1.9 billion in an initial public offering.
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Geothermal companies need to significantly lower costs of drilling and setting up their plants. In its filing, Fervo said that Cape Station would cost approximately $7,000 for each kilowatt of electricity it produced. That would make it cheaper than new nuclear plants but still more than twice as expensive as natural gas plants.
Honestly double doesn’t seem too bad for a brand new technology. Seems pretty doable to bring prices down to a more competitive level.
But going public means they are beholden to shareholders and therefore there is a heavy, anti-consumer profit motive.
