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Fervo Energy Deal with Google Sparks Sharp Share Price Rise

Guavy AI Editorial Team
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GOOGL
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Fervo Energy's shares skyrocketed on Tuesday after the company announced a landmark agreement with Alphabet's Google. Under the deal, Fervo will supply Google with up to 1 gigawatt (GW) of carbon-free energy.

The energy will be generated from Fervo's flagship Cape Station enhanced geothermal systems GeoCluster in southwest Utah, which is projected to go online in 2028.

Google plans to use the energy to power a data center in the area and has also obtained an option to purchase an additional 600 MW by June 2030.

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