Fervo Signs 396 MW Geothermal PPA with Google, Largest Enhanced Geothermal Deal to Date
FRVO sits 18% above its 52-week low of $14.6.
Summary
Fervo Energy signed a 396 MW power purchase agreement with Google for its Cape Station geothermal project, with a 600 MW expansion option that could bring total contracted capacity to nearly 1 GW by 2030.
Key Events · M&A and Partnerships · FRVO
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396 MW PPA with Google
Fervo's Cape Generating Station 6 LLC entered a 15-year PPA with Google Energy LLC for 396 MW of enhanced geothermal capacity at Cape Station, Utah, delivered in four 99 MW sub-tranches with target commercial operation dates beginning Q3 2028.
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600 MW Expansion Option
Fervo agreed to offer Google a capacity expansion option of approximately 600 MW, bringing total contracted capacity to not less than approximately 950 MW with a guaranteed commercial operation date no later than June 2030.
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Parent Guaranties
Fervo provided a parent company guaranty for CGS 6's obligations, and Alphabet Inc. provided a parent company guaranty for Google's obligations under the PPA.
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Regulatory and Reimbursement Risk
The project relies on flexible power delivery pathways under Utah SB 132, subject to regulatory approvals. If Fervo fails to make the required expansion offer, it must reimburse Google for amounts paid for deemed delivered energy, an amount not currently estimable.
Analysis · FRVO · Energy & Transportation
Fervo Energy has secured a 396 MW power purchase agreement with Google for its Cape Station enhanced geothermal project in Utah, with delivery in four 99 MW tranches beginning Q3 2028. The deal includes a 600 MW expansion option that would bring total contracted capacity to approximately 950 MW by June 2030. This is a transformative commercial validation for Fervo's EGS technology, adding to its $7.2B contracted revenue backlog and providing a clear path to scale. The agreement is subject to regulatory approvals under Utah SB 132, and Fervo has a reimbursement obligation to Google if it fails to make the required expansion offer.
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At the time of this filing, FRVO was trading at $17.28 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $14.60 to $42.65. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.