Google Lands Massive Geothermal Power Deal with Fervo Energy

Fervo Energy has signed a massive geothermal power deal with Alphabet, the parent company of Google, to supply up to 396MW of clean energy for a prospective data centre in Utah starting from 2028.

The contract also includes an option for another 600MW by 2030, which would bring the total close to a gigawatt. Fervo shares rose as much as 25% following the announcement, but its Cape Station project still requires regulatory approval from the state of Utah.

This deal is significant not just for Fervo and Alphabet, but also for the European Union's renewable energy goals. Currently, geothermal power supplies only 0.5% of the EU's renewable electricity, despite having a total capacity of around 1GW in 2022.