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.
The National Economic Council has approved the adoption of 112 as Nigeria’s national emergency number, marking a major policy shift to establish a unified and coordinated emergency response system nationwide.
The decision was taken at the Council’s 157th meeting, held virtually and chaired by Vice President Kashim Shettima, who says the reform is a critical test of governance and public trust during emergencies.
“This is not only a technical reform. It is a test of the state’s humanity,” Shettima says. “In moments of fire, accident, robbery, medical emergency, flood, violence, or panic, citizens do not need bureaucracy. They need response.”
Kashim Shettima, Vice President of Nigeria. Image credit: Kashim Shettima/X.
“This is not only a technical reform. It is a test of the state’s humanity,” Shettima says. “In moments of fire, accident, robbery, medical emergency, flood, violence, or panic, citizens do not need bureaucracy. They need response.”
112 move to eliminate fragmented emergency systems
Under the new framework, 112 will serve as a single, nationwide access point for emergency services, replacing the current patchwork of hotlines that often delay response times.
The Council says the unified system is designed to eliminate inefficiencies caused by fragmented emergency numbers and bureaucratic bottlenecks that hinder timely intervention in life-threatening situations.
To drive implementation, NEC approves the establishment of a multi-agency committee, jointly led by the Office of the Vice President and the Nigerian Communications Commission, to oversee nationwide rollout and coordination.
Nigeria’s adoption of 112 builds on earlier initiatives rather than introducing a completely new system.
The Nigerian Communications Commission first introduced the toll-free emergency number between 2019 and 2020, alongside the deployment of Emergency Communication Centres (ECCs) across several states.
These centres were designed to receive distress calls and route them to relevant agencies, including police, fire services, and medical responders, using a universal short code accessible across mobile networks.
At the time, the NCC describes 112 as a “universal, toll-free emergency telephone short code” intended to connect citizens to the nearest response agency for faster intervention.
The system also forms part of broader efforts to strengthen emergency healthcare coordination, including integration with the National Emergency Medical Service and Ambulance System, which aims to improve emergency medical response and reduce mortality rates.
Despite its initial rollout, the 112 system has faced persistent challenges, including uneven nationwide coverage, limited public awareness, and weak coordination among responding agencies.
Emergency Communication Centres exist in multiple states, but operational effectiveness has varied due to infrastructure gaps and inconsistent standard operating procedures.
NEC acknowledges these limitations, noting that Nigeria’s challenge lies less in the absence of systems and more in the lack of coordination and enforcement.
112 alignment with global standards
The move to standardise 112 aligns Nigeria with global emergency response frameworks, where a single number connects citizens to multiple services.
In the United States, the 911 system provides nationwide emergency access, while 112 serves a similar function across Europe as a GSM-standard emergency number.
The 112 system is designed to function across mobile networks and, in some cases, can be accessed even with limited connectivity, making it suitable for broad national deployment.
NEC’s decision signals a shift in focus from infrastructure deployment to governance, coordination, and accountability.
The Vice President notes that Nigeria is “not beginning from zero,” but must now prioritise institutional ownership, standardisation, and public trust.
The multi-agency framework led by the Nigerian Communications Commission is expected to coordinate federal and state actors, ensuring that emergency calls are properly routed and acted upon without delay.
What 112 emergency system means for Nigerians
If fully implemented, the unified emergency number is expected to deliver several benefits for citizens:
A single national emergency line replacing multiple numbers
Faster routing of calls to the nearest response agencies
Improved coordination across security, health, and disaster management services
Strengthened nationwide emergency preparedness
NEC emphasises that the success of the system will depend not only on technology, but also on public awareness and inter-agency discipline.
As Nigeria advances its digital public infrastructure, the adoption of 112 signals an effort to build a more responsive and reliable emergency system, where citizens can access help quickly and efficiently in critical moments.
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A frontline aspirant for the House of Representatives in Plateau State, Hon. Darim Ezekiel Dachomo, has visited the leadership of RCC Rop in Barkin Ladi, seeking spiritual support as he intensifies consultations ahead of his political ambition.
Dachomo, who leads the “Yes We Can” movement, said the visit was part of his broader engagement with key stakeholders, emphasizing the importance of faith and moral guidance in leadership.
During the meeting, he appealed for prayers, counsel, and blessings from the church leadership, noting that spiritual backing remains crucial for anyone aspiring to serve the people.
He also used the opportunity to outline his vision for inclusive governance, integrity in leadership, and sustainable development across Plateau communities.
The church leaders, in response, offered prayers for wisdom, strength, and direction, while encouraging him to remain committed to service and the welfare of the people.
The visit underscores Dachomo’s approach to leadership, which prioritizes community engagement, respect for institutions, and reliance on moral and spiritual guidance as he pursues public office.