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Geothermal startup Fervo Energy to raise up to $1.3B in IPO

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Geothermal startup Fervo Energy said Monday it hopes to raise up to $1.3 billion in its initial public offering. 

The company would be valued at up to $6.5 billion if shares sell at the top of its $21 to $24 price target. That’s more than twice what Fervo had reportedly been seeking earlier this year when it confidentially filed paperwork with the SEC to start the IPO process.

The stock will trade on Nasdaq under the ticker FRVO.

Fervo’s price target comes on the heels of X-energy’s successful IPO. The nuclear power startup raised $1 billion in an upsized IPO. When the company set its price target for the IPO, it sought a valuation of around $7 billion. Today, X-energy’s market capitalization i over $8 billion.

Both Fervo and X-energy have been boosted by surging electricity demand from tech companies, which have been racing to secure supplies to feed their AI data centers. The scramble has driven prices for new natural gas power plants up 66% in the last two years. 

Fervo says it’s Cape Station power plant — its first large-scale project — will generate electricity at $7,000 per kilowatt of installed capacity. The company’s goal is to reduce that to $3,000 per kilowatt of capacity, at which point it will start being cost competitive with natural gas. 

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Coach Kuforiji Olusola Warns Flamingos Against Defensive Lapses Ahead of Benin Return Leg

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Head Coach of Samba Tornadoes Football Club, Coach Kuforiji Olusola, has expressed concerns over the defensive performance of Nigeria’s Flamingos despite their 3-2 victory over the Benin Republic in the first leg of the final qualifying round for the 2026 FIFA U-17 Women’s World Cup.

READ ALSO: Flamingos Coach Akeem Busari Warns Nigeria Against Complacency After 5-0 Win Over Guinea

Speaking with Sports247 after the thrilling encounter at the Remo Stars Stadium in Ikenne, the experienced tactician described the result as a risky one, urging Coach Akeem Busari to address the team’s defensive weaknesses before the decisive second leg.

“It’s quite a big risk for the Flamingos with the first-leg result,” Kuforiji said. “Coach Akeem Busari needs to work more on the defensive line ahead of the second leg because conceding two goals at home could become costly.”

Nigeria had to come from behind to secure a narrow advantage after Benin’s Young Amazons took an early lead through Yenido Romaine Gandonou in the 14th minute.

The Flamingos responded positively, with Queen Joseph restoring parity in the 24th minute before Oluwakemi Adegbuyi put the hosts ahead in the 62nd minute.

However, Benin once again showed resilience as Nazifatou Dangui levelled matters ten minutes later, raising concerns over Nigeria’s defensive organisation.

Kindness Ifeanyi eventually scored the winning goal in the 75th minute to hand the Flamingos a slim 3-2 victory and a narrow advantage heading into the return fixture.

Despite praising the team’s fighting spirit and attacking quality, Kuforiji believes the two goals conceded have left the tie finely balanced.

“The Flamingos showed character to keep coming back and find the winning goal, but they must be more disciplined defensively. At this level, small mistakes can make a huge difference.”

Nigeria will now travel to Lomé, Togo, for the second leg scheduled for July 11 at the Stade de Kégué, Benin Republic’s adopted home ground.

The winner on aggregate will secure one of Africa’s coveted tickets to the 2026 FIFA U-17 Women’s World Cup in Morocco, set to take place from October 17 to November 7.

With qualification now within touching distance, all eyes will be on Coach Busari and his young side to see whether they can tighten up defensively and finish the job away from home.

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Alake warns mining firms over host community agreements, threatens licence revocation

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The Minister of Solid Minerals Development, Dele Alake, has warned mining companies operating in Nigeria that failure to comply with their Community Development Agreements (CDAs) could lead to sanctions, including the revocation of their licences.

Mr Alake gave the warning on Saturday during the ministry’s 2026 Ministerial Retreat in Abuja.

He said although the government has made significant progress in reforming the solid minerals sector, greater emphasis would now be placed on accountability and ensuring that host communities benefit from mining activities.

“Our reforms have restored confidence, attracted serious investors and made the sector a key part of Nigeria’s economic diversification. Now, our focus is on accountability,” he stated.

The minister stressed that companies must honour the agreements reached with their host communities.

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“Mining companies that fail to honour their Community Development Agreements will face sanctions, including the revocation of their licences,” he said.

He added that, “Host communities deserve to benefit from the resources in their land, and there will be consequences for those who ignore that responsibility.”

Community Development Agreements are legally required arrangements between mining companies and host communities, outlining commitments on social amenities, employment, infrastructure and other development projects.

READ ALSO: Alake calls for united African front to capture greater value from global mineral economy

Illegal mining

Mr Alake also reaffirmed the Federal Government’s commitment to tackling illegal mining across the country.

According to him, the ministry will strengthen the operations of the Mining Marshals while adopting practical and innovative measures to improve security in the sector.

“I also reaffirmed our commitment to ending illegal mining by strengthening the Mining Marshals and embracing practical, innovative ideas that will make the sector more secure and more beneficial to all Nigerians,” he said.

The minister said the government’s ongoing reforms are aimed at building a more transparent, secure and investment-friendly mining sector capable of contributing more significantly to Nigeria’s economic diversification.


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