Fervo Energy Company

Fervo Energy Reports Third Quarter 2026 Results

Fervo declared commercial operation at Cape Station GeoBlock 1 on September 30, ahead of its contractual date, with GeoBlocks 2 and 3 on track for commercial operation by January 1, 2027. Fervo signed what it believes is the largest enhanced geothermal PPA to date with Google: a 15-year, take-or-pay deal for 396 megawatts with first power expected mid-2028, plus an option for roughly 600 megawatts more, bringing total contracted capacity to 1,054 megawatts and approximately $11.9 billion in contracted revenue. Q3 revenue was immaterial at $116 thousand with a $43.7 million operating loss and EPS of $(0.07); the quarter showed net income only due to a $29.9 million tax benefit and an $11.8 million swap gain. The company ended with $1.9 billion in unrestricted cash, and an updated independent study nearly doubled Cape Station capacity potential to approximately 8.4 gigawatts.

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Fervo Energy Declares Commercial Operation at Cape Station Ahead of Schedule, Leading the Race for Next-Generation Geothermal Energy

Fervo Energy's first power plant at Cape Station in Beaver County, Utah reached contractual commercial operation on September 30, one day ahead of its COD, and is now generating revenue under its power purchase agreement. The first GeoBlock delivered 33 MW of net power, meeting the PPA production threshold, and was built in just 23 months — the first greenfield enhanced geothermal project in the world to achieve commercial operations. Phase I totals approximately 100 MW across three GeoBlocks, with the remaining two expected to reach COD by January 1, 2027, and a 400 MW Phase II under construction for 2028. Fervo cites over 1 GW of binding PPAs across its portfolio.

•1mo ago

Fervo Energy Achieves First Power at Cape Station, a Landmark Moment for the Future of Enhanced Geothermal Systems

Fervo Energy achieved First Power at Cape Station in Beaver County, Utah, the first time a utility-scale greenfield enhanced geothermal project has synchronized to the grid anywhere in the world. The milestone comes just over four months after Fervo's May 2026 IPO. Cape Station Phase I is an approximately 100 MW installation, with the first GeoBlock expected to reach its contractual commercial operations date by October 1, 2026, and the remaining two by January 1, 2027. Fully contracted offtake at Cape Station sits at roughly 900 MW — enough to power nearly 1 million U.S. homes annually — with an additional 400 MW under construction for 2028 COD and more than 4 GW of capacity in the pipeline. The validation positions EGS as a firm, 24/7 carbon-free power source targeting surging demand from AI data centers, utilities, and reshored manufacturing.

•1mo ago

Fervo Energy and Google Sign 396 MW PPA

Fervo Energy announced a 396-megawatt power purchase agreement with Google to support the development of its Cape Station enhanced geothermal systems project in Utah, expected to come online in 2028. The agreement includes an option for Google to expand its energy purchase by approximately 600 MW by June 2030, creating a pathway for the project to reach a total capacity of nearly 1 GW. This deal expands on Fervo's existing relationship with Google, which began with the Project Red pilot in Nevada and a 115 MW PPA signed in 2024, solidifying Fervo's role in powering hyperscaler infrastructure.

•2mo ago

Fervo Energy Reports Second Quarter 2026 Results

Fervo Energy reported its inaugural quarterly results as a public company, highlighting a Q2 operating loss of $28.7 million and net loss of $55.9 million against revenue of $113,000. Operationally, the company achieved mechanical completion on GeoBlocks 1 and 2 at Cape Station Phase I and set a new drilling record with Sawtooth 7, reaching nearly 19,500 feet in just 21 days. Management raised its long-term development target to 1.1 gigawatts by 2030, driven by strong commercial demand from data centers and utilities, and maintains a cash position of over $2.1 billion to fund the $850-$900 million in expected H2 capital expenditures.

•2mo ago

Fervo Energy Learning Curve Continues on 3rd Generation Well Design, Boosting Drilling Rates by 143% Since Its First Cape Station Well

Fervo Energy completed drilling of Sawtooth 7, the ninth well at Cape Station Phase II, reaching a total depth of 19,448 feet in just 21 days. The 3.0 well design achieved this pace despite being substantially deeper and hotter than previous designs, resulting in a 143% boost in drilling rates compared to the first Cape Station well. The company reiterated its cost target of $5,500 per kilowatt for Phase II and a long-term goal of $3,000 per kilowatt, with Phase I expected to deliver first power later this year.

•4mo ago

Fervo Energy Reports First Quarter 2026 Results

Fervo Energy reported Q1 2026 results, highlighting the successful completion of a $2.2 billion IPO and the execution of a 3GW framework agreement with Google to develop capacity through 2033. Operationally, the company confirmed Cape Station Phase I is on track for commercial operations in Q4 2026 with commissioning underway, while Phase II construction has commenced with an expected COD in 2028. Financially, Fervo posted a net loss of $31.8 million driven by $172.8 million in development capital expenditures, bolstered by the closing of $421.4 million in non-recourse project debt.

•4mo ago

Fervo Energy and PNNL Leverage AI and NVIDIA Accelerated Computing for New Digital Twin Platform Designed to Advance Geothermal Development

Fervo Energy, NVIDIA, and Pacific Northwest National Laboratory (PNNL) announced a partnership to develop EGS-Twin, a digital twin platform for Enhanced Geothermal Systems. The platform integrates high-resolution field data from Fervo’s Nevada and Utah sites with physics-based modeling and AI-driven forecasting on NVIDIA infrastructure. PNNL will train the AI models using Fervo’s proprietary data and DOE supercomputing resources, with the platform scheduled for implementation by 2029.

•4mo ago

Fervo Energy Names Sarah Jewett Chief Operating Officer as Geothermal Build-Out Accelerates

Fervo Energy promoted Sarah Jewett to Chief Operating Officer, centralizing leadership of core corporate operations. Jewett has been with the company for six years, previously leading strategy, and brings extensive field operations experience from Schlumberger and Select Energy Services. The appointment coincides with the acceleration of Fervo’s commercial deployment of its standardized GeoBlock and GeoCluster enhanced geothermal systems.

•4mo ago