On September 24, Fervo Energy Co. rose 11.53% in regular trading, trading at 18.24 USD/share.
On the news front, the company announced that its Cape Station geothermal project in Utah has generated its first power, marking a critical milestone in its transition from project construction to commercial operations. The first phase of Cape Station will have approximately 100 megawatts of capacity across three 33-MW units. The first unit is expected to reach commercial operations by October 1, while the remaining two units are expected to begin operations by January 1. An additional 400 MW is under construction and expected to begin operating in 2028.
The milestone follows a series of positive catalysts. Earlier this month, Fervo signed a 396-megawatt power purchase agreement with Google to supply energy from Cape Station for a potential data center in Utah, with an option for Google to expand offtake by approximately 600 MW for a total capacity of nearly 1 gigawatt by June 2030. The company also recently received two U.S. Department of Energy grants totaling $20 million for geothermal projects in Idaho and Nevada.
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