Fervo Energy signed a 15-year, 396 MW power purchase agreement with Google, raising its contracted backlog to approximately $11.9 billion. The take-or-pay contract increased its contracted capacity from 658 MW to 1,054 MW, or roughly 60%, and includes an expansion option that could raise total offtake to nearly 1 GW. Deliveries to Google are scheduled to begin in mid-2028, while the first phase of its Cape Station project in Utah is expected to reach commercial operation in early 2027. Founded in 2017, Fervo has raised around $1.5 billion before going public on Nasdaq under the ticker FRVO in May 2026.
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