Fervo Energy Soars on Landmark Deal with Google
Fervo Energy's stock skyrocketed on Tuesday after the company struck a landmark agreement with Google. The deal is worth 396 megawatts of power and will help Fervo further develop its Cape Station enhanced geothermal systems GeoCluster in southwest Utah.
The project, which has a projected online date of 2028, aims to supply carbon-free energy to Google's data center in the area. As part of the deal, Google obtained an option to purchase an additional 600 megawatts by June 2030.
Fervo CEO Tim Latimer said that customers like Google need energy resources that can be deployed at scale and deliver where power is needed. The company's partnership with Google has been ongoing since 2023, with Fervo supplying power to the tech giant's data centers in Nevada.