Fervo Energy Secures New Power Purchase Agreement with Google, Shares Rise Sharply
Fervo Energy (NASDAQ:FRVO) surged by nearly 28% on Tuesday after announcing a new power purchase agreement (PPA) with Google to supply energy for the tech giant's data center in Utah. The deal involves delivering 396 megawatts from Fervo’s Cape Station project, with an option for Google to expand its offtake capacity by another 600 MW, potentially reaching a total of around 1 GW by 2030. This follows the success of Project Red in Nevada, where Fervo and Google previously collaborated on delivering geothermal power. In addition to this new deal, Fervo reported $113 million in Q2 revenues compared to none last year, though net losses rose sharply due to higher operating costs. The company has also attracted significant institutional interest from hedge funds. Fervo Energy is a relatively new public company that went public in May 2026 and continues to gain traction amid growing demand for energy solutions supporting the artificial intelligence industry.
Topics: Data Centers Energy Geothermal Energy Power Purchase Agreement (PPA)