Fervo Energy Signs Framework with Google for Up to 3 GW of Geothermal Capacity
Fervo Energy (NASDAQ: FRVO) has entered into a non-binding framework agreement with Google Energy, covering up to 3 gigawatts (GW) of enhanced-geothermal capacity by 2033. The Wall Street Journal reported that the deal includes priority geographies and standard contract structures but does not obligate Google to purchase all 3 GW or constitute specific power purchase agreements. Under the agreement, Fervo must propose at least 1 GW in projects within the first two years of the framework's term. Google has been granted a right of first refusal for parts of Fervo’s near-term pipeline but the arrangement is not exclusive. The deal could potentially limit other commercial or financing opportunities for Fervo. The agreement can be terminated by either party if no definitive off-take contract is completed by March 2028.
Tickers: $FRVO
Topics: geothermal energy infrastructure power purchase agreements (PPAs) renewables