Stocks
Fervo Energy Stock Soars 28% on $1 Billion+ Power Deal with Alphabet's Google
Fervo Energy's stock price surged 28% to $19.75 after announcing a 396-megawatt power purchase agreement with Alphabet's Google.
The deal, which will provide Fervo with visibility into potential revenue for years to come, allows Google to expand the contract by an additional 600 megawatts in 2030, bringing it close to 1 gigawatt of clean energy.
Fervo can begin selling power to Google from its Cape Station project in Utah starting in 2028. The project is still in progress, and investors are watching next quarter's earnings and milestones.