Goethe was right when he said that “A man sees in the world what he carries in his heart.” What you see in others is mostly a reflection of yourself. Before you judge what you see in others, ask what it might be revealing in you.

JUST IN: GEOTHERMAL ENERGY COMPANY FERVO $FRVO JUST POPPED 37% ON ITS IPO DEBUT 🇺🇸 The order book was oversubscribed 15 times. The full picture, per Bloomberg: The deal: - IPO price: $27 (above the marketed $25-26 range, which had already been raised) - Open price: $36 (+33%) - Total raised: $1.89 billion (upsized) - Order book: ~15x oversubscribed - Bookrunners: JPMorgan, Bank of America, RBC, and Barclays The valuation: - Market cap: $10.2 billion at the open - 2025 revenue: $138,000 - 2025 net loss: -$70.5 million - Contracted PPA backlog: $7.2 billion (potential) The business: - Houston-based developer of enhanced geothermal energy - Uses horizontal drilling and multi-stage hydraulic fracturing (applies fracking techniques to geothermal) - First commercial station expected to deliver power by the end of 2026 - Cape Station project in Beaver County, Utah: 500 MW capacity, one of the world's largest geothermal projects - First startup to commercialize an enhanced geothermal system The backers and customers: - Backers include Bill Gates' Breakthrough Energy Ventures and Devon Energy $DVN - Power purchase agreements with Southern California Edison, Alphabet's Google $GOOGL, and Shell $SHEL - Alphabet participated in a $462 million round in December CEO Tim Latimer to Bloomberg: "There's just a laser focus of investors right now on what are we going to do to solve the power demand imbalance we're seeing in the country right now."

ONGC has commissioned India’s first & deepest geothermal wells in Ladakh’s Puga Valley, drilled 1,000m deep at 14,000+ ft altitude, paving the way for India’s first 1 MW geothermal power plant. With temperatures exceeding 200°C, the project could provide 24×7 clean power, heating & greenhouse support in Ladakh. 🇮🇳♻️

Happy to join @SwedishPM & @narendramodi in Gothenburg. Our 🇪🇺🇮🇳 agreement - the mother of all deals! - heralds a new era in our relations. We're working hard to have it applied this year. To fast-forward its benefits for our people & businesses ↓

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