Geothermal Stocks List

Fervo Energy Company (NASDAQ: FRVO) is a Houston-based developer of enhanced geothermal systems (EGS), applying horizontal drilling and hydraulic fracturing techniques from the shale industry to access geothermal heat from low-permeability rock. The company was co-founded in 2017 by CEO Tim Latimer and CTO Dr. Jack Norbeck. Fervo completed its Nasdaq IPO on May 14, 2026, issuing 80.5 million Class A shares, including the underwriters' full over-allotment option, at $27 per share for approximately $2.2 billion in gross proceeds; shares trade under FRVO.

Cape Station is Fervo's flagship 500 MW next-generation EGS development in Beaver County, Utah, targeting first power in late 2026 and approximately 100 MW operating by early 2027. Phase I is backed by a $421 million non-recourse project finance facility. Fervo holds 658 MW of binding PPAs and, in March 2026, signed a non-binding 3 GW Geothermal Framework Agreement with Google Energy.

Ormat Technologies is the world's only pure-play, vertically integrated geothermal company that designs, develops, builds, owns, manufactures and operates geothermal power plants worldwide, listed on the NYSE. The company's total generating portfolio stands at approximately 1,835 MW as of Q1 2026 – of which 1,340 MW is geothermal and solar generation across the United States, Kenya, Guadeloupe, Indonesia, Honduras, and Guatemala, and 495 MW is energy storage. Ormat also manufactures and sells its proprietary Ormat Energy Converter (OEC) – a binary cycle geothermal generator deployed by independent operators worldwide – giving it both operational and equipment revenue streams.

The company's US geothermal portfolio is anchored by complexes in Nevada and California, with international growth driven by its Olkaria III complex in Kenya (150 MW). Ormat is a major supplier in the global binary geothermal equipment market through its Ormat Energy Converter (OEC) product line. The fast-growing Energy Storage segment (495 MW) and a data centre-driven PPA pipeline, including a 15-year portfolio PPA of up to 150 MW to supply Google's data centre operations through NV Energy (announced February 2026), position Ormat as a key beneficiary of 24/7 clean power demand. The company targets a total portfolio of approximately 2.6–2.8 GW by 2028.

Contact Energy is one of New Zealand's largest integrated electricity gentailers – generating, trading, and retailing energy to residential, commercial, and industrial customers – listed on both the NZX and ASX under ticker CEN. The company operates seven geothermal stations across the Wairākei and Tauhara fields: Wairākei (124 MW), Te Mihi (155 MW), Tauhara (174 MW), Te Huka (27 MW), Te Huka 3 binary (51 MW), Poihipi (53 MW), and Ohaaki (41 MW) – combined nameplate geothermal capacity of approximately 625 MW, producing 4,544 GWh in FY2025, up 34% year on year. In July 2025, Contact completed a NZ$2.5 billion acquisition of Manawa Energy, materially expanding its hydro portfolio to over 26 schemes and its total renewable development pipeline to approximately 11–12 TWh.

The Tauhara geothermal project, officially opened in November 2024 at 174 MW, holds the world's largest single-shaft geothermal turbine. Contact has a further geothermal project under active development, Te Mihi Stage 2 (101 MW binary, approximately NZ$712 million investment, targeting online by Q3 2027).

Mercury NZ is a New Zealand electricity generation and retail company listed on the NZX and ASX under ticker MCY, operating one of the world's largest listed geothermal portfolios. The company's five geothermal stations – Rotokawa, Ngā Awa Pūrua, Ngā Tamariki, Kawerau, and Mōkai – added a further 46 MW of geothermal capacity with the commissioning of the Ngā Tamariki OEC5 expansion in early 2026, ranking Mercury among the world's leading geothermal operators by output. Mercury is a mixed ownership model company, with the New Zealand Government holding a legislated minimum 51% shareholding.

Mercury's complementary nine-station hydro system on the Waikato River delivers around 10% of New Zealand's total electricity, providing flexible renewable firming capacity alongside the company's high-capacity-factor geothermal baseload. The company retails electricity, gas, broadband, and mobile to approximately 578,000 electricity connections and around 906,000 total customer connections. It is actively growing its renewable pipeline – including the Kaiwera Downs Stage 2 and Kaiwaikawe wind farms under construction – targeting delivery of 3.5 TWh of new generation capacity by 2030.

PT Pertamina Geothermal Energy Tbk (PGE) is Indonesia's largest geothermal energy company and a majority-owned subsidiary of state oil major Pertamina, listed on the Indonesia Stock Exchange following its February 2023 IPO. The company directly operates five geothermal working areas across Sumatra, Java, and Sulawesi – Kamojang (235 MW), Ulubelu (220 MW), Lahendong (120 MW), Lumut Balai (110 MW, with Unit 2 commissioning June 2025), and Karaha (30 MW) – with own-operation installed capacity of approximately 727 MW and record production of 5,095 GWh in 2025. PGE also holds Joint Operation Contract arrangements covering an additional ~1,205 MW across the Sarulla, Wayang Windu, Gunung Salak, and Darajat complexes, with total managed capacity of approximately 1,932 MW.

Around its 2023 IPO, PGE highlighted a roughly 82% share of Indonesia's installed geothermal capacity once its joint-operation contracts were counted; more recent PGE materials describe its working areas as accounting for approximately 70% of Indonesia's total installed geothermal capacity. The share it operates directly is considerably smaller, at 727 MW of own-operation capacity within the ~1,932 MW it manages in total today. Indonesia holds the world's largest theoretical geothermal resource potential. Revenue is secured through long-term US dollar-denominated Steam Sales Contracts and Power Purchase Agreements with state utility PLN, underpinning consistently high EBITDA margins characteristic of contracted geothermal generation. The company targets approximately 1 GW of own-operation capacity by 2028 and 1.8 GW by 2034, backed by the Hululais 110 MW and Lumut Balai Units 3 & 4 projects in active development.

Polaris Renewable Energy Inc. (formerly Polaris Infrastructure) is a Canadian renewable energy company listed on the Toronto Stock Exchange, operating a diversified portfolio of clean energy assets across Latin America and the Caribbean. Its flagship asset is the San Jacinto-Tizate geothermal power plant in Nicaragua, totalling approximately 82 MW following the commissioning of a 10 MW binary cycle expansion in late 2022, with all output sold under a long-term power purchase agreement with state utility Disnorte-Dissur extending to 2039.

Beyond geothermal, Polaris operates three run-of-river hydro plants in Peru (~33 MW combined) and one in Ecuador (6 MW), solar plants in the Dominican Republic (25 MW) and Panama (10 MW, spot market), and the Punta Lima Wind Farm in Puerto Rico (~26 MW, acquired March 2025, PPA to 2044) – giving it a total portfolio of approximately 182 MW across six operating jurisdictions. San Jacinto has encountered normal steamfield management dynamics in recent years including cycling wells, but remains operational within expected output ranges and is the company's largest and most distinctive asset.