Fervo Energy (FRVO) Stock Surges 15% as Google Bets Big on Geothermal Power
TLDR
- Fervo Energy stock rose 15% after reports of its largest-ever power deal with Google
- The deal covers nearly 400 megawatts of electricity from Fervo’s Cape Station project in Utah
- Power delivery to Google is set to begin in 2028, with Google holding an option to expand by 600MW by June 2030
- Fervo is spending more than $2 billion at Cape Station, which it plans to develop into the world’s largest enhanced geothermal facility
- Google intends to use the power for a data center in Utah, though the location has not yet been determined
Fervo Energy (FRVO) stock climbed 15% on Tuesday morning after the Wall Street Journal reported the geothermal company had signed its largest-ever power deal with Alphabet’s Google.
The deal covers nearly 400 megawatts of electricity from Fervo’s Cape Station project in southwestern Utah. That is enough to power a midsize city.
Fervo plans to start delivering power to Google in 2028. Cape Station is being developed into what Fervo intends to become the world’s largest enhanced geothermal facility.
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