Geothermal Stocks: How to Invest in Geothermal Energy in 2026

By Geothermal Insider · Updated August 1, 2026

Geothermal has a good story for investors right now — clean power that runs around the clock, which lines up well with the electricity demand coming from AI data centers — and a frustratingly short list of ways to actually buy into it. (If you want the underlying resource explained first, our guide to what geothermal energy actually is covers the fundamentals.) For years, the answer to "what are the geothermal stocks?" was essentially one name. In 2026 that list finally grew, but it's still small, and a lot of what circulates online points you at stocks that no longer exist.

This guide sorts it out: the geothermal stocks you can buy today, the ones that are coming, the private companies you keep reading about but can't purchase, and a widely-listed ticker that was delisted years ago. Every share price below carries the date it was captured — stock prices are stale the moment they're written down.

The Short List That Just Grew

Here's the lay of the land. If you want direct, geothermal-focused stock exposure that a U.S. retail investor can buy, you're really looking at two names today: Ormat Technologies (NYSE: ORA), a long-established operator, and Fervo Energy (Nasdaq: FRVO), which went public in May 2026 and is still development-stage. A third, Controlled Thermal Resources, has a listing pending via a SPAC merger but was not independently trading as of this writing.

Beyond those, "investing in geothermal" means accepting some indirection: the oil-field-services companies that drill for it, broad clean-energy ETFs that may or may not hold any of it, or private companies you mostly can't touch. We'll walk through each, and we'll flag a trap worth knowing about — a "geothermal stock" that still shows up on recommendation lists and hasn't traded since 2018.

Ormat Technologies (ORA): The Established Name

The long-established name here is Ormat Technologies, which trades on the NYSE under ORA. Ormat designs, develops, builds, owns, manufactures, and operates geothermal and recovered-energy power plants around the world, organized into Electricity, Product, and Energy Storage segments. It's the closest thing the sector has to an established, vertically integrated pure-play, and several industry write-ups describe it that way — though, with Fervo now public, "the only pure-play" is a claim worth retiring.

On July 28, 2026, ORA closed at $98.47 per share, with a market capitalization around $6 billion. For its full fiscal year 2025, Ormat reported revenue of about $989.5 million, up roughly 12% from the prior year. Those are the numbers of a real, profitable operating business — a different animal from a development-stage newcomer.

One more wrinkle worth knowing: Ormat also invests in the next generation. In January 2026 it co-led (with Carbon Direct Capital) a Series B round for the private developer Sage Geosystems. So an ORA shareholder gets a little indirect exposure to early-stage geothermal startups on top of the operating plants.

Fervo Energy (FRVO): The 2026 Newcomer

The big change in 2026 is Fervo Energy, the enhanced-geothermal developer that spent years as a widely covered private company. It completed its IPO in May 2026 and now trades on the Nasdaq under FRVO — which means the ticker so many people were searching for finally exists.

Fervo priced its upsized IPO at $27.00 per share on May 12, 2026, and began trading the next day. The headline attractions are its commercial traction: as of the quarter ended March 31, 2026, Fervo reported roughly 658 MW of binding PPAs and other power-sale arrangements, representing a stated ~$7.2 billion in potential revenue backlog, plus a framework agreement with Google that could support up to 3 GW of geothermal power through 2033. Fervo's own SEC filings describe that Google agreement as non-binding — it's a large stated ambition, not a signed 3 GW contract.

The counterweight: Fervo earns almost nothing today. In that same quarter it reported about $61,000 of revenue against a net loss near $31.8 million, spending heavily to build its flagship Cape Station project in Utah. And the stock has not simply gone up — at the July 28, 2026 close it traded at $21.12, below its $27 IPO price. That's not a prediction about where it goes next; it's the reality that a big backlog and a marquee customer don't guarantee a smooth ride for the share price.

We go deeper on the IPO, the Google deal, and the risk profile in our dedicated piece: Fervo Energy stock, explained.

Coming Soon: CTR and the SPAC Route

Another name you may encounter is Controlled Thermal Resources (CTR), developer of the Hell's Kitchen geothermal-plus-lithium project in California's Imperial Valley. CTR agreed to a SPAC merger (with Plum Acquisition Corp. IV) at a stated valuation around $4.7 billion, paving the way for a Nasdaq listing expected to close in 2026.

Two cautions. First, CTR was not independently trading when we checked. The March 2026 announcement says the combined company is expected to list on the Nasdaq under the ticker CTRH once the deal closes — but CTRH had no active independent quote. What is trading today is the SPAC itself, Plum Acquisition Corp. IV (Nasdaq: PLMK), which is a different thing from owning the operating geothermal business. Second, the SPAC route carries its own well-documented risks: deals can fall through, structures can dilute shareholders, and SPACs as a group have a rough historical track record. Treat CTR as a pending, speculative situation rather than a stock you can buy today.

The Oil-Drilling Crossover

There's a genuinely interesting thesis here: the skills that made the shale boom — deep drilling, subsurface engineering, reservoir management — are exactly the skills next-gen geothermal needs. That's why you'll see oil-field-services and major-oil names mentioned in geothermal coverage:

• Baker Hughes (BKR) has an Industrial & Energy Technology segment spanning climate technologies including geothermal, and has collaborated with drilling partners to advance U.S. geothermal.
• SLB has repositioned toward energy-transition services that explicitly include geothermal drilling.
• Chevron (CVX) runs a New Energies division that includes geothermal and has made venture investments in closed-loop developer Eavor; BP invested alongside it.

None of these companies breaks out geothermal as a material line in its public revenue reporting. Buying BKR, SLB, CVX, or BP is not buying geothermal — it's buying a large, diversified energy company that happens to have some geothermal optionality. If the drilling-crossover thesis is what excites you, fine, but size the expectation accordingly.

The ETF Route

Investors often ask for "a geothermal ETF." We went looking and could not find a dedicated geothermal ETF — if one exists, it isn't a mainstream product. The closest single-ticker option is a broad clean-energy fund like iShares Global Clean Energy (ICLN), which tracks a global clean-energy index across roughly 105 holdings, with a stated expense ratio of 0.39%.

Here's the caveat that matters, and it cuts harder than most write-ups admit: when we checked ICLN's published holdings (as of July 30, 2026), neither Ormat nor Fervo was in the fund. So buying ICLN is not a backdoor into the two geothermal stocks named above — it's a broad renewables and utilities basket that may include geothermal-exposed operators indirectly. Holdings change, so pull the fund's live holdings file rather than trusting any article, including this one. Note too that a solar-specific ETF like TAN is exactly that — solar, not geothermal.

The Companies You Can't Buy (Yet)

A lot of geothermal search traffic is for companies that are still private — you'll read about them constantly, but you can't buy their shares on an exchange:

• Sage Geosystems — a private next-gen developer (pressure-geothermal / energy-storage approach) that closed a $97M+ Series B in January 2026, co-led by Ormat and Carbon Direct Capital. Private; not traded.
• Dandelion Energy — the residential geothermal installer, which has raised at least $110M across disclosed rounds — a $40M Series C in 2024 on top of an earlier $70M round. Private databases put the lifetime total nearer $176M. No public listing found.
• Eavor — a Canadian closed-loop developer backed by BP's and Chevron's venture arms. Private; not traded.

You may see pre-IPO marketplaces advertising "shares" of some private companies. Those venues are generally restricted to accredited investors and are illiquid — not a route an ordinary retail investor should assume is open. For most people, the practical answer on Sage, Dandelion, and Eavor is simply: you can't buy them yet.

The Stale Ticker to Avoid

Here's the trap. Search "geothermal stocks" and you'll still find listicles recommending "U.S. Geothermal" under the ticker HTM. Do not act on that. U.S. Geothermal Inc. was acquired by Ormat and delisted in 2018 — NYSE American suspended trading in HTM before the market opened on April 24, 2018, and the shares were bought out for cash. Any page listing HTM as a current geothermal stock is running on years-old information it never updated. It's a good reminder to check that any ticker you're handed is actually live before you go looking for it.

A Note on Home Geothermal and Tax Credits

If you landed here as a homeowner rather than an investor, one accuracy note. The 30% federal residential geothermal tax credit (IRC Section 25D) expired for systems placed in service after December 31, 2025. A geothermal system installed in 2026 gets no federal 25D credit — the trigger is the placed-in-service date. If you're weighing a home system, our federal geothermal tax credit guide has the current details, and our installation cost guide covers what that means for the math. (This is separate from the utility-scale story above.)

Frequently Asked Questions

Related Reading

• Fervo Energy Stock, Explained
• Enhanced Geothermal Systems Hit a Commercial Milestone
• The 2025 U.S. Geothermal Market Report
• Federal Geothermal Tax Credit Guide
• Geothermal Installation Cost Guide