Geothermal Stocks: 7 Listed Geothermal Companies (2026)

Fervo Energy

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 priced its upsized Nasdaq IPO on May 12, 2026 at $27 per share, selling 70 million Class A shares for $1.89 billion in gross proceeds; shares began trading May 13 under FRVO, with the offering expected to close May 14. The deal was reportedly approximately 15 times oversubscribed.

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 representing approximately $7.2 billion in potential revenue backlog across Southern California Edison, Shell, Google/NV Energy, Clean Power Alliance, Desert Community Energy, and CalChoice. In March 2026, Fervo signed a non-binding 3 GW Geothermal Framework Agreement with Google Energy.

Ormat Technologies

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 with full institutional liquidity. 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, 84% capacity factor). Ormat also dominates the global binary geothermal equipment market, supplying approximately 57–58% of all binary geothermal capacity built worldwide between 2020 and 2025 through its Ormat Energy Converter (OEC) product line. The fast-growing Energy Storage segment (495 MW/1,358 MWh) and a data centre-driven PPA pipeline – including a 150 MW 15-year portfolio PPA with Google – 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

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 Wairakei and Tauhara fields: Wairakei (138 MW), Te Mihi (166 MW), Tauhara (174 MW), Te Huka 1 & 2 (26 MW), Te Huka 3 binary (51 MW), Poihipi (53 MW), and Ohaaki (41 MW) – combined nameplate geothermal capacity of approximately 649 MW producing roughly 5 TWh per year, representing approximately 50% of all national geothermal output. 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 and was the single largest geothermal addition globally in 2024. Contact has further geothermal projects under active development, including Te Mihi Stage 2 (101 MW binary, ~NZ$712M investment, targeting Q3 2027 online) and Tauhara 2 (~50–70 MW, pre-FID drilling underway), as part of its Contact31+ strategy targeting NZ$1.2–1.3 billion EBITDAF by FY31.

Mercury NZ

Mercury NZ is a New Zealand electricity generation and retail company listed on the New Zealand Stock Exchange, 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 – deliver a combined geothermal installed capacity of about 520 MW following 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.

Pertamina Geothermal Energy

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.

PGE contributed approximately 82% of Indonesia's total installed geothermal capacity at the time of its 2023 IPO – the country with 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, delivering EBITDA margins consistently in the 76–82% range and free cash flow of US$231 million in 2025. The company targets approximately 1 GW of own-operation capacity by 2028 (per its latest roadmap) and 1.8 GW by 2033, backed by the Hululais 110 MW and Lumut Balai Units 3 & 4 projects in active development.

Polaris Renewable Energy

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 (6.75 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.

Climeon

Climeon is a Swedish cleantech company listed on Nasdaq First North Premier Growth Market, developing low-temperature heat power technology based on an Organic Rankine Cycle (ORC) system designed to generate electricity from heat sources in the 75–105°C range. This threshold covers both low-enthalpy geothermal resources and marine vessel exhaust heat – and the company's near-term commercial traction has come primarily from marine waste heat recovery, with HeatPower 300 systems commissioned on container ships built for A.P. Møller–Maersk at South Korean shipyards.

Climeon remains pre-profitability, with an operating loss of SEK 119 million in FY2025 on revenues of SEK 13.4 million, and has disclosed going concern considerations in its annual reports. Two directed share issues raised approximately SEK 55 million in FY2025, alongside a 10-for-1 share consolidation in January 2025, partially stabilising its financial position. Its geothermal addressable market remains strategically relevant – low-temperature ORC expands viability to resources previously uneconomical – but marine applications now lead near-term revenues. At approximately $12M market cap, Climeon represents a highly speculative, technology-stage position.

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