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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.

A Fervo Energy project near Milford, Utah. The company is trying to adapt drilling techniques from the oil and gas industry to unlock vast amounts of energy from Earth’s interior. Credit... Brandon Thibodeaux for The New York Times

May 13, 2026, 12:38 p.m. ET

For decades, geothermal energy has been a niche source of electricity available in a few areas like California and Iceland.

But a new wave of start-ups is aiming to expand geothermal into a workhorse of the global energy system.…