Fervo Energy Raises Contracted Revenue to $11.9 Billion

Fervo Energy’s contracted revenue reached $11.9 billion in the third quarter, up from $7.2 billion a quarter earlier, as the geothermal developer advances a large Google project in Utah.

At Cape Station, Fervo connected a 100-megawatt plant to the grid earlier this year. Its first GeoBlock has reached its first-power milestone. The first phase is designed to produce 100 megawatts through three 33-megawatt GeoBlocks.

Fervo is on track to complete a 396-megawatt power plant for Google at the Utah site by the end of 2028. The Google project will connect to the grid.

“We built Cape Station on our schedule. Google can develop a potential data center on their schedule, and neither party is waiting on the other,” Fervo co-founder and CEO Tim Latimer said. The grid connection would let Google draw power from the project and sell it to other customers if it is not ready to use the electricity.

Construction costs are $7,000 per kilowatt of capacity for Cape Station’s first phase and $5,500 per kilowatt for the Google project. Fervo’s long-term target is $3,000 per kilowatt.

Fervo ended the quarter with an operating loss of $43.7 million, cash and cash equivalents of $1.9 billion, and long-term debt of $301.6 million. The Google project is targeted for completion by the end of 2028.