# Fervo's geothermal orders hit $12 billion

> The geothermal power company has tripled its contracted revenue in one quarter as hyperscalers race to power AI data centers.
- Title: Fervo's geothermal orders hit $12 billion · TechCrunch
- Summary: The geothermal power company has tripled its contracted revenue in one quarter as hyperscalers race to power AI data centers.
- Keywords: fervo energy, geothermal power, google, cape station, data centers, renewable energy, TechCrunch
- Source: TechCrunch — https://techcrunch.com/2026/11/09/fervo-now-has-12b-in-orders-for-its-geothermal-power-tech
- Author: Tim De Chant
- Published: 2026-11-09T20:55:34+00:00
- Read time: 1 min
- Topics: fervo energy, geothermal power, google, cape station, data centers, renewable energy, technology, startups
## 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.
## Key takeaway

Fervo Energy has $11.9 billion in contracted orders for geothermal power plants, up from $7.2 billion last quarter, as tech companies seek reliable electricity for AI data centers.