Google Locks in Record-Breaking Geothermal Power Deal with Fervo Energy

Fervo Energy (FRVO) has locked in a massive geothermal power deal with Google to supply electricity to a data center in Utah. The agreement, announced on Tuesday, is for 396 megawatts of electricity from Fervo's Cape Station project and marks the world's largest 'enhanced' geothermal power purchase agreement ever signed.

Fervo's enhanced geothermal systems don't require naturally occurring steam reservoirs, allowing for a wider scope and range of locations to tap. This makes it an attractive option for tech giants like Google, which is looking to secure steady and clean power for its AI data centers.

The deal highlights the growing demand for reliable clean energy as companies build out their AI capabilities. Fervo's backlog has grown significantly with the addition of the Google contract, which adds to its existing contracts worth $7.2 billion in revenue.