Fervo Energy Soars on 396-MW Power Deal with Google
Fervo Energy (NASDAQ:FRVO) shares surged by 28.41% after announcing a major power purchase agreement with Google. The deal is for 396 megawatts of clean energy from Fervo's Cape Station project in Utah, which will supply power to Google starting in 2028.
The agreement also includes the option for Google to expand the deal by an additional 600 megawatts, bringing it to nearly 1 gigawatt in 2030. This would make it one of the largest clean energy deals in the industry.
Ormat Technologies (NYSE:ORA) and NextEra Energy (NYSE:NEE) also saw gains, with shares up 5.23% and 0.69%, respectively. The strong interest in clean-power names is tied to growing demand from data centers like Google's.
Fervo Energy has fallen by 46% since its initial public offering in 2026, but the new agreement provides visibility into potential revenue for years to come.