Geothermal energy stocks

Ormat is positioned as a direct geothermal generation competitor and can benefit from hyperscaler demand for firm clean PPAs.

Ormat has an established geothermal development and equipment position, including a leading global geothermal market share and prior EGS work.

Ormat is an established geothermal developer and equipment provider, so broader EGS commercialization can directly expand its development and equipment opportunity set.

Ormat Technologies, Inc. (ORA) is a global enterprise dedicated to geothermal and recovered energy power solutions, with significant operations in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and various other international locations. The company's operations are divided into three distinct business units: Electricity Generation, Product Manufacturing, and Energy Storage Solutions. The Electricity Generation division handles the full spectrum of power plant development, from designing and constructing to owning and operating facilities that harness geothermal, solar photovoltaic, and recovered energy, subsequently selling the generated power. Through its Product Manufacturing segment, Ormat designs, produces, and distributes specialized equipment for geothermal and recovered energy electricity generation, including remote power units like fossil fuel-powered turbo-generators and heavy-duty direct-current generators. This segment also provides complete engineering, procurement, construction (EPC), and ongoing operation and maintenance (O&M) services for geothermal and recovered energy power plants. Its diverse clientele includes contractors, developers, owners, and operators of geothermal power facilities, as well as industrial entities such as operators of interstate natural gas pipelines, gas processing plants, cement factories, and other energy-intensive industrial processes. The Energy Storage Solutions segment delivers a wide array of services related to energy storage, encompassing the engineering, procurement, construction (EPC), and operational maintenance (O&M) of energy storage units. Ormat Technologies, Inc. was founded in 1965 and is headquartered in Reno, Nevada.

Fervo is a direct selected project participant and the named work includes drilling, completion, stimulation, and seismic/geochemical operations.

Fervo is directly developing EGS electricity generation, and the selected project is intended to advance commercial geothermal power from engineered reservoirs.

Fervo Energy Company, a geothermal energy developer, builds, owns, and operates geothermal power facilities. The company's product incorporates horizontal drilling and distributed fiber optic sensing that increase the productivity and lifetime of geothermal wells. The company employs precision directional drilling technology to drill horizontally in geothermal reservoirs and develops a data analytics algorithm that enables the identification of existing resources and optimizes flow distribution through the reservoir for heat mining efficiency. The company was incorporated in 2017 and is based in Houston, Texas, with an additional location in Berkeley, California.

PT Pertamina Geothermal Energy Tbk, a subsidiary of PT Pertamina Power Indonesia, was established in 2006 and maintains its headquarters in Central Jakarta, Indonesia. This company, alongside its various affiliates, specializes in harnessing and developing geothermal energy resources. Its operations encompass the full spectrum of the geothermal industry, from initial exploration and production (upstream) to power generation and distribution (downstream), with activities spanning both domestic markets within Indonesia and international ventures.

Established in 2018 and headquartered in Jakarta, Indonesia, PT Barito Renewables Energy Tbk focuses on generating and selling geothermal electricity across Indonesia. Beyond its core energy operations, the company also offers management advisory services. It functions as a subsidiary of PT Barito Pacific Tbk.

Polaris Renewable Energy Inc., a company established in 1984 and headquartered in Toronto, Canada, focuses on the acquisition, development, and operation of sustainable power generation projects across Latin America. Its operational portfolio includes a 72 MW (net) geothermal power facility located in Nicaragua. Additionally, the company manages three separate run-of-river hydroelectric plants in Peru, boasting individual net capacities of approximately 5 MW, 8 MW, and 20 MW. Polaris also oversees a 32.6 MWdc solar energy project situated in the Dominican Republic. The firm adopted its current name, Polaris Renewable Energy Inc., in July 2022, having previously operated as Polaris Infrastructure Inc.

Arverne Group's primary focus is on geothermal energy. The company was founded in 2014 and maintains its headquarters in Pau, France. As of September 19, 2023, Arverne Group became a publicly traded entity by completing a reverse merger with Transition S.A.

Daldrup & Söhne Aktiengesellschaft, founded in 1946 and based in Grünwald, Germany, offers a broad spectrum of drilling and environmental services. The company's drilling capabilities extend to various applications: from near-surface geothermal energy, utilizing heat collectors and geothermal probes for heating or cooling purposes, to deep geothermal probes for heat recovery, and the development of hydrothermal and petrothermal systems for both electricity generation and heat. They also specialize in drilling wells for diverse water sources, including potable, service, medicinal, mineral, boiler-feed, and cooling water, as well as thermal brine. In addition to drilling, Daldrup & Söhne provides extensive environmental solutions. These encompass the hydraulic remediation of contaminated land, the installation of gas extraction wells at landfills, mobile environmental analysis, the establishment of groundwater quality monitoring points, the operation of water treatment plants, and the collection of water samples. Moreover, the company undertakes exploration for fossil fuels such as anthracite, oil, and natural gas, alongside various mineral raw materials like rock salt, copper, and nickel. Their services also include the exploration and securing of abandoned mining systems, as well as the construction of gas extraction wells for the recovery of mine gas.

Vulcan directly captures the potential revenue and operating economics of the new 21,100-tonne-per-year lithium carbonate supply stream.

Vulcan Energy Resources Ltd. operates as a lithium producer with net zero greenhouse gas emissions. Its Zero Carbon Lithium project intends to produce a battery-quality lithium hydroxide chemical product from its combined geothermal energy and lithium resource. The company was founded by Francis Wedin and Horst Kreuter on February 5, 2018 and is headquartered in Perth, Australia.

Mitsubishi Heavy Industries captures geothermal value through Turboden ORC turbines and related plant equipment, but the current development does not disclose a new incremental award.

MHI is identified as a leading geothermal turbine supplier, giving it downstream plant-equipment exposure if exploration progresses to construction.

The successful first GeoBlock and planned 400 MW expansion increase the addressable market for Mitsubishi Heavy Industries’ Turboden ORC turbines, generators, and geothermal plant equipment. Commercial operation provides stronger validation for follow-on geothermal equipment orders, although additional awards are not disclosed.

Mitsubishi Heavy Industries owns Turboden, the ORC turbine supplier supporting Fervo. A successful Google-backed EGS rollout could expand the addressable market for Turboden geothermal power-conversion equipment and related MHI revenue.

Founded in 2009 and headquartered in Marseille, France, Enogia SAS is engaged in the worldwide design, production, and distribution of micro-turbomachines. The company's offerings feature Organic Rankine Cycle (ORC) systems, which are engineered to convert thermal energy into electricity, alongside air compressors specifically developed for hydrogen fuel cell technology. These solutions find application across diverse sectors, including industrial processes, maritime operations, power generator sets, and geothermal energy initiatives.

Operating as an energy enterprise, Kalina Power Limited extends its reach across Australia, China, Canada, and the United States. The company primarily generates electricity by utilizing its proprietary Kalina Cycle technology, drawing power from waste heat and geothermal sources. Formerly known as Enhanced Systems Technologies Limited, the organization rebranded to Kalina Power Limited in June 2015. Established in 1950, its corporate headquarters are situated in Hawthorn, Australia.

APTN Inc. is a South Korean company specializing in geothermal and hydrothermal heating and cooling systems. The company also provides solar energy and fuel cell systems and is involved in the lithium extraction business. It serves domestic customers and public institutions. The company was formerly known as APT Neuroscience Inc.

Sino Energy Conservation International Limited, an investment holding company, engages in the research, development, and promotion of geothermal energy as alternative energy for building’s heating applications in the People's Republic of China. The company operates through four segments: Shallow Geothermal Energy, Air Conditioning/Shallow Geothermal Heat Pump, Property Investment and Development, and Securities Investment and Trading. The company is also involved in the planning and design, supply of renewable energy, intelligent manufacturing, engineering construction, and operation and maintenance; trading of air conditioning/shallow geothermal heat pump products; investment in properties; and trading securities and other types of investments. In addition, it provides sinking wells; property management; technical support services; and installs energy systems, as well as produces and sells geothermal energy systems. The company was formerly known as CHYY Development Group Limited and changed its name to Sino Energy Conservation International Limited in July 2026. Sino Energy Conservation International Limited was incorporated in 2000 and is headquartered in Central, Hong Kong.

GOW is the subject company and provides well logging technologies and distributed sensing solutions for energy companies.

GOWell Energy Technology is an international company that provides a wide range of innovative well logging technologies and distributed sensing solutions for energy companies globally. Its solutions can be applied to a wide range of wells from traditional energy to energy transition applications, such as geothermal, carbon capture and storage. The company operates as a developer, manufacturer, and service provider, offering equipment, data interpretation, and repair and maintenance services.

International Battery Metals Ltd. is an advanced technology company, which engages in developing technologies for the extraction and processing of lithium from various sources. The firm is focused on lithium extraction from salars, geothermal brines and oil field brines for petro lithium extraction projects. The company was founded on July 29, 2010 and is headquartered in Vancouver, Canada.

GeoSolar Technologies, Inc. focuses on developing sustainable energy systems by leveraging both solar and geothermal power. The company designs "SmartGreen Home" solutions, which are engineered to significantly reduce energy consumption and lower the carbon footprint of both residential and commercial properties. Additionally, it provides "SmartGreen Buildings" specifically for the commercial market, among other innovative projects. Established in 2020, GeoSolar is headquartered in Denver, Colorado.