Green Economy Banking

[gentle music]

Tim Latimer:

We're truly in a once-in-a-generation moment of asking our power grid to grow like it's never grown before. From electrification of vehicles to onshoring of manufacturing to, of course, the thing that everyone is talking about these days: AI and data centers. To meet this historic moment of new power demand is a critical role that Fervo plays in our future. Geothermal energy is a really important energy resource. It can work 24/7, reliably, carbon-free. It's long been overlooked because historically, it's only worked in very special geologic locations.

Dr. Sarah Kapnick:

Traditionally, geothermal had to be in places that were tectonically active with energy close to the Earth's surface. Now, with these new technologies and drilling capabilities that Fervo has, you can actually put geothermal plants in many more places around the country.

Michael Johnson:

They really have cracked the code on horizontal drilling and fracturing, how to go down, drill sideways, create an underground radiator, and make geothermal work in places it could never have worked before.

Tim Latimer:

Figuring out how you actually scale something to like, it works in a lab, to it works in a prototype, to actually, this is a true utility-scale infrastructure project that is mature and ready for traditional project finance. Having a partner like J.P. Morgan that is familiar with every step of that journey and can help advise us as we move from that seed stage to that mature stage has been a really unique attribute of our relationship.

Michael Johnson:

We have spent a lot of time with Fervo figuring out their next ability to raise capital, where's the company going to go in the long term. We've been advisor to the board. As a team at J.P. Morgan, we have experts that go very deep on some of the technologies, people like myself that are former engineers, and our real talent is taking the technique and the technology that they have perfected and figuring out how to tell that story to investors.

Tim Latimer:

I think if Fervo is successful, we'll be able to look back and say, "We added a new resource that has immense value when it comes to its reliability, and its affordability, and its sustainability, and that didn't exist at scale before us and has moved the world forward in a meaningful way."

END