Is Fervo Energy (FRVO) Stock a Buy After Google’s Record Geothermal Deal?
TLDR
- Fervo Energy (FRVO) stock rose 7.3% to $18.41 on Friday, hitting an intraday high of $18.58
- Alphabet/Google signed a 396-megawatt power purchase agreement with Fervo, the largest enhanced geothermal deal on record
- The deal involves Fervo’s Cape Station plant in Utah, with the GeoCluster system expected online in 2028
- Analysts hold a “Moderate Buy” consensus with an average price target of $44, roughly 139% above current price
- Several institutional investors initiated new positions in Q2, including Resolute Advisors ($5.3M) and Readystate Asset Management ($4.4M)
Fervo Energy (FRVO) stock closed at $18.41 on Friday, up 7.3% on the day, after a landmark power deal with Alphabet’s Google sent the stock surging 25% earlier in the week.
The agreement, announced September 1, covers 396 megawatts of carbon-free electricity from Fervo’s under-construction Cape Station plant in Utah. It is the largest power purchase agreement for enhanced geothermal systems ever recorded.
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