Google has signed a 396 MW geothermal power purchase agreement with Fervo Energy for the Cape Station project in Beaver County, Utah, with deliveries set to begin in 2028. This deal represents Fervo’s largest power agreement to date, with the company having invested over $2 billion in Cape Station, targeting approximately 100 MW by early 2027 and scaling to 500 MW by 2028. The agreement accounts for more than half of Fervo’s 658 MW committed capacity across binding power purchase agreements worth a combined $7.2 billion in backlog revenue. Google and Fervo have been collaborating since 2021, starting with a pilot project in Nevada that went live in late 2023. Google also participated in Fervo’s $462 million Series E funding round in December 2025, and Fervo went public in May 2026 at an approximate valuation of $1.9 billion.
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