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Fervo Energy Shares Surge Up to 24% After Signing 396 MW Geothermal Power Deal With Google
Fervo Energy Company $FRVO
$19.75+28.37%as of publication
- 5D Change
- +20.06%
- Notional
- $690.91M
Fervo Energy, the Bill Gates-backed geothermal developer, signed a 396-megawatt power purchase agreement with Alphabet's Google on Tuesday, its largest such deal to date, sending shares up as much as 24% by midday after jumping roughly 14% in premarket trading.
The agreement covers power from Fervo's Cape Station enhanced geothermal systems GeoCluster project in Utah, which is expected to come online in 2028. Google also holds an option to add approximately 600 MW by June 2030, which would bring the total partnership to nearly 1 gigawatt and support a planned Utah data center. The deal is structured so that existing utility customers do not bear the added power costs.
The agreement expands a prior partnership between the two companies that began with Fervo's Project Red geothermal facility in Nevada. Options activity in Fervo Energy surged following the announcement, and the stock was among the biggest movers in midday trading alongside Palo Alto Networks, Chevron, and Apple.
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Sources
- FirstSquawkFERVO ENERGY SIGNED A DEAL TO SELL NEARLY 400 MEGAWATTS OF ELECTRICITY TO GOOGLE FROM PLANNED GEOTHERMAL FACILITY IN UTAH - WSJ
- Seeking AlphaFervo Energy signs its largest geothermal power deal, with Google - WSJ
- Wallstengine$GOOGL SIGNS 396MW GEOTHERMAL DEAL WITH $FRVO Google signed a 396 MW PPA with Fervo Energy to supply carbon-free power from its Cape Station geothermal project in Utah, expected online in 2028. Google also has an option to add another ~600 MW by June 2030, potentially taking the partnership to nearly 1 GW to support a future Utah data center. The deal expands a partnership that began with Fervo’s Project Red in Nevada and is structured so existing utility customers don’t bear the added power costs.
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- BarronsFervo Energy Stock Soars as Bill Gates-Backed Company Scores Deal With Google
- OpenOutcrier$FRVO (+14.2% pre) Fervo Energy stock jumps on $GOOGL Google geothermal power deal
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- InvestingFervo Energy signs 396 MW geothermal power deal with Google
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- BarronsonlineFervo Energy Stock Soars as Bill Gates-Backed Company Scores Deal With Google
- reuters.comFervo signs 396-MW geothermal power supply deal with Google; shares jump
- NasdaqFervo Energy, Google Ink 396 MW Power Purchase Agreement; Fervo Up Over 13% In Pre-Market
- Yahoo FinanceFervo Energy signs record 396 MW geothermal deal with Google
- MarketRebelsRebel's Edge 1pm Line up: NAJARIAN SPORTS with @petenajarian @jonnajarian $GPRO $FRVO $CRK $DUOL
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