Fervo Energy Signs Record Geothermal Power Deal With Google

Fervo Energy signed a 396-megawatt power purchase agreement with Google to provide carbon-free electricity for a potential data center in Utah. The deal is the largest enhanced geothermal power purchase agreement on record and includes an option for Google to expand its offtake by approximately 600 megawatts by June 2030, potentially bringing the total capacity to nearly 1 gigawatt.

The power will be sourced from the Cape Station project in southwestern Utah. An initial phase is expected to feed the grid by the end of 2026, with the project slated to be fully online by 2028. This agreement expands a partnership that previously included a 2023 pilot plant and a 115-megawatt deal in Nevada.

Following the announcement, Fervo shares surged nearly 30% to trade near $20 per share, though the stock remains down 53% from its historical high. Despite raising over $2 billion through its May 2026 IPO, the company remains largely pre-revenue with widening quarterly losses.