Fervo Energy Surges on 396-Megawatt Power Deal with Alphabet's Google
Fervo Energy's stock price surged 28% to $19.75 on September 1, following an announcement of a 396-megawatt power purchase agreement with Alphabet's Google.
The deal will see Fervo supply carbon-free thermal energy to Google from its Cape Station project in Utah starting in 2028, with the option for Google to expand the contract by 600 MW in 2030, bringing it close to 1 GW.
Investors are closely watching Fervo's progress as a developer of enhanced geothermal power and an independent power producer. The company's projects are still in development, but this major deal with Google provides visibility into potential revenue for years to come.
The stock's rise is significant, given that it has fallen 46% since going public in 2026. Trading volume reached 35 million shares, significantly higher than its three-month average of 3.7 million shares.