Baron Opportunity Fund on Fervo Energy Company

Fervo is a pioneer and market leader in enhanced geothermal systems, using techniques developed in oil and gas drilling to expand geothermal energy beyond traditional volcanic regions. Its proprietary drilling methods and plant designs have been developed over eight years and its first commercial project is approaching operation. The company already has 658 megawatts under power-purchase agreements and believes it controls access to at least 42 gigawatts of potential resources. Continued reductions in drilling costs could make its levelized electricity costs competitive with alternative sources while retaining geothermal's baseload and low-emission advantages. The manager expects successful execution of the first commercial plant to accelerate contracting and deployment over the next decade.