Fervo Energy Lands $100 Million+ Annual Deal with Google on Geothermal Power

Fervo Energy has signed its largest geothermal power deal to date with Google, covering 396 megawatts of electricity from Fervo's Cape Station project in Utah. The contract, worth over $100 million annually, marks a significant milestone for the company and reinforces its partnership with Google.

The agreement includes an option for Google to expand its off-take by approximately 600 megawatts, bringing total potential capacity to nearly one gigawatt by June 2030. Fervo's Cape Station project is expected to come online in 2028 and aims to become the world's largest enhanced geothermal system.

The deal follows a previous agreement between Fervo and Google, which included a non-binding framework for up to three gigawatts of potential future capacity. The 396-megawatt PPA is the first major binding tranche drawn from this framework, as reported by Crypto Briefing.