Fervo's geothermal orders hit $12 billion

Fervo's orders surge in one quarter

Geothermal company Fervo reported $11.9 billion in contracted revenue in its third quarter earnings, up from $7.2 billion the previous quarter.

Google's 396 megawatt plant on track

Fervo is building a 396 megawatt power plant for Google at Cape Station in Utah, expected to be grid connected by the end of 2028.

First plant already connected to grid

Fervo connected its first 100 megawatt power plant to the grid earlier this year, demonstrating it can meet its construction deadlines.

Cape Station's potential doubled

Cape Station in Utah could generate 8.4 gigawatts of electricity, exceeding earlier expert estimates of about 4 gigawatts for the same resource.

Grid connection gives both parties flexibility

The Google project will be grid connected, allowing Google to draw power and sell excess to other customers while developing its data center on its own schedule.

“We build Cape Station on our schedule. Google can develop a potential data center on their schedule, and neither party is waiting on the other.”

Modular wells speed up deployment

Fervo's newer wells generate 15 megawatts gross power each and link into GeoBlocks sized to match data center demand, allowing hyperscalers to bring capacity online as completed.

Costs falling but still above natural gas

Cape Station's first phase cost $7,000 per kilowatt; the Google project costs $5,500 per kilowatt. With subsidies, that equals natural gas at $6 per million BTUs, still twice current gas prices.

Long-term target could undercut gas

If Fervo reaches its $3,000 per kilowatt target, it could significantly undercut natural gas power even at today's prices, though the company still operates at a loss.