Fervo signs 396-MW geothermal power supply deal with Google; shares jump

Geothermal developer Fervo Energy said on Tuesday it had signed a deal to supply 396 megawatts of geothermal power to Alphabet's Google from its Cape Station project in Utah, sending ‌its ⁠shares up ⁠nearly 14% in premarket trading.

The deal highlights ​growing interest from large power consumers in securing around-the-clock ​clean energy supplies, as rising electricity demand from data centers drives investment in ​new generation capacity across the ⁠U.S.

Here are ‌more details:


The agreement ​gives ​Google an option to increase its ⁠power purchases by about 600 MW, ​bringing total potential capacity under the ​arrangement to nearly 1 gigawatt by June 2030, Fervo said.

In 2024, Fervo signed a 115-MW power purchase agreement with Google and NV Energy, helping ‌bring additional geothermal power onto Nevada's grid.

The companies began working ​together through ​Fervo's Project ⁠Red geothermal pilot project in Nevada, which came online in 2023.

Cape Station, an enhanced ​geothermal project in Utah expected to come online in 2028, is intended to support Google's potential data center development in the state.