Fervo Soars on Record-Breaking Geothermal Deal with Google

Fervo Energy (NASDAQ: FRVO) has reportedly secured its largest-ever geothermal power deal with Google (NASDAQ: GOOGL). The news sent Fervo shares soaring by 20.7% to $18.37, according to consolidated US exchange data.

The deal was first reported by the Wall Street Journal on September 1, 2026, but its terms were not disclosed. However, it's clear that Google's relationship with Fervo has been growing steadily over the past few years. In 2023, a pilot plant delivered around 3.5 megawatts of power to Google, which later agreed to take 115 megawatts from Fervo through Nevada utility NV Energy.

Fervo's Cape Station project in Utah is designed to reach 400 megawatts of round-the-clock output by 2026, with full commercial capacity expected by 2028. Any new agreement touted as record-setting would need to clear this bar.