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Startup tests offshore geothermal power. 12 Oct 2026 Fervo Energy has turned on a 33-megawatt unit of its geothermal power plant in Utah. It synchronized to the grid on 24 September and began commercial operation six days later. The geothermal startup Fervo Energy is now selling power to the grid from its Cape Station project in Utah - marking the first time a utility-scale, next-generation geothermal facility has achieved such a feat worldwide. The Houston-based firm turned on an initial 33-megawatt unit late last week and has been testing and ramping up output since. On Thursday, Fervo will officially begin commercial operations, supplying carbon-free electricity to Shell Energy, a retail power provider in California. Cape Station, a $2 billion project that will eventually be 500 MW, is unique among the world's commercial geothermal plants. While other facilities draw on naturally occurring hot water and steam, Fervo has engineered its own geothermal resource deep underground. The startup uses drilling techniques from the oil and gas industry to create reservoirs in hot, dry rocks that generate steam to produce electricity. "Traditional geothermal would have never been done in southern Utah," says Dawn Owens, Fervo's senior vice president and head of development and commercial markets. With the first unit online, Fervo says it is working to commission two more 33-MW power blocks by 1 January, 2027. The project's remaining 400 MW - which is supported by a new agreement with Google - is under construction and slated to come online in 2028. Fervo's next-generation geothermal journey. Fervo already operates a 3.5-MW commercial pilot plant in Nevada, which went online in late 2023. Owens says the pilot, called Project Red, was important for demonstrating the technology itself. But firing up Cape Station proves that Fervo's approach can achieve utility scale and export power to wider markets. "This is massive for both Fervo and the geothermal industry at large," she says. Fervo, which went public in May, is leading the fast-growing movement to develop clean, always-on geothermal power to meet soaring demand from data centers and balance growing supplies of intermittent solar and wind energy. Next-generation geothermal firms have raised billions of dollars in private capital in recent years to develop and deploy technologies that can harness energy in harsh, deep environments. Drilling continues at Fervo Energy's Cape Station geothermal plant in Beaver County, Utah, where the company plans to ramp up production to 500 MW. Fervo Energy Today, geothermal represents just 0.4 percent of total U.S. electricity generation every year. Expanding geothermal's share of the mix will require not just building more projects like Cape Station but also tackling high upfront drilling costs and other economic and regulatory barriers - all while working to limit potential impacts on communities and the environment, experts say. "Fervo's first power achievement shows investors the size and scale of the opportunity to fuel many more such milestones across developers and sites in the future," says Mitchell Smith, who serves as grid lead for the Mountain West Geothermal Consortium. The bipartisan initiative is calling for increased public and private financing "to help bring more projects online responsibly and at the speed of demand," he added. Enhanced geothermal energy gets cheaper. Fervo has declined to disclose the terms of its power purchase agreements for in-progress and future development, which together represent about 1,000 MW, or enough to power roughly 1 million U.S. homes every year. Phase 1 of Cape Station is set to deliver power at $7,000 per kilowatt, while Phase 2 should come at $5,500 per kilowatt, the company previously told Canary Media. (By comparison, the average cost to build a natural gas-fired power plant was $2,157 per kilowatt in 2025.) Along with slashing drilling costs, enhanced geothermal projects could improve their economics by delivering power when it's most valuable to utilities, according to researchers. While geothermal plants traditionally provide around-the-clock, baseload power, next-generation facilities might operate flexibly during certain periods - like in the evening, when solar output declines - to reduce overall grid costs. Geothermal plants could also operate "behind the meter" to directly power data centers so that the costs of adding new electricity capacity aren't passed on to utility customers, Owens says. "We've been saying all along that our technology makes geothermal more scalable and affordable in more places," she says. On Cape Station's powering-up, she adds, "That's just something no next-generation geothermal company has ever been able to do before." From Your Site Articles Show more comments 5 hours ago 16 Oct 2026 19 Oct 2026

Fervo Energy launches Ground Truth, a six-part podcast on the creation of america's leading next-generation geothermal company. From a Stanford class project to a $2.2 billion Nasdaq IPO, the series tells the Fervo story through the people who lived it - beginning with Episode One, available now. HOUSTON, Oct. 08, 2026 (GLOBE NEWSWIRE) - Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation geothermal energy, today announced the launch of Ground Truth, a six-part narrative podcast tracing the company's decade-long path from a graduate-school pitch to a public offering. Episode One, "Twenty Feet of Water," is available today on Spotify, Apple Podcasts, and YouTube, and at fervoenergy.com/podcast/. Hosted by Fervo multimedia producer Olivia Johnson, Ground Truth tells the Fervo story one decision at a time, through the voices of the people who were there to make them. Each episode is structured around original interviews with the people who built the company, paired with field recordings from Cape Station, and each functions as a lens on a larger question rather than a straight recap of the timeline. The series follows Fervo from CEO and co-founder Tim Latimer's decision to leave the oil and gas industry after witnessing Houston's catastrophic 2015 floods, through the Stanford classroom where he met CTO and co-founder Jack Norbeck, the long stretch of overcoming setbacks, and the 2023 breakthrough at Project Red in the Nevada desert that proved enhanced geothermal systems could work commercially. Later episodes trace the contracts that financed Fervo's growth, the build-out of Cape Station in Beaver County, Utah, and the company's May 2026 debut on Nasdaq. Featured voices across the series include Latimer, Norbeck, SVP of the GeoBlock Factory Christian Gradl, CFO David Ulrey, SVP of Development and Commercial Markets Dawn Owens, and COO Sarah Jewett. "At Fervo, we talk a lot about drilling times and well temperatures, the science behind what we've built," said Megan Baldino, Head of Communications & Brand at Fervo Energy. "Ground Truth is our chance to tell the human story: the people who spent a decade betting their careers on an idea almost no one else believed in. Now it's a reality. We think it's a story worth hearing in their own words." New episodes of Ground Truth will be released on Spotify, Apple Podcasts, YouTube, and at fervoenergy.com/podcast/. About Fervo Energy Fervo Energy (Nasdaq: FRVO) is a modern power company built around one of the market's most important needs: affordable, dependable new power supply. Through the large-scale deployment of enhanced geothermal systems, Fervo has established a repeatable, industrial approach to building utility-scale power. The company is transforming geothermal into a clean, reliable, cost-competitive solution designed to meet rising demand from AI hyperscalers, utilities, and a more electricity-intensive economy. For more information, visit www.fervoenergy.com. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, are forward-looking statements. When used in this press release, the words "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "model," "outlook," "plan," "positioned," "potential," "predict," "project," "seek," "should," "target," "will," "would," and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Fervo believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Fervo's control. Accordingly, forward-looking statements are not guarantees of future performance, and Fervo's actual outcomes could differ materially from what Fervo has expressed in its forward-looking statements. Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks related to expanding its geothermal operations and accessing new markets; challenges in maintaining compliance with extensive environmental regulations and permitting requirements; uncertainties in forecasting future operational results and growth due to economic conditions and market demand; compliance with environmental regulations and climate change initiatives impacting operational costs; inherent risks in the geothermal industry, including potential operational disruptions and associated liabilities; the influence of consumer preferences, government policies, and competition on the demand for geothermal energy; risks associated with fluctuations in energy prices and material costs; dependence on a complex supply chain and successful maintenance of its geothermal infrastructure; financial performance influenced by fluctuations in interest rates, capital availability, and other market conditions; capacity actually constructed or for which GovCloud Network enter power purchase agreements under non-binding agreements, like the Geothermal Framework Agreement; exposure to legal proceedings and claims arising from its business operations; protecting its brand reputation and facing potential negative public perception; negative public perception and political opposition impacting its ability to secure regulatory approvals and market acceptance; the successful and timely execution of its growth strategy, with risks of delays or failures; reliance on key personnel and the potential impact of labor costs and workforce challenges; heavy reliance on technology systems and potential cybersecurity threats; global economic and political conditions affecting its operations, supply chain, and customer demand; the risk that its estimates of capacity potential and heat initially in place are inaccurate or that GovCloud Network is unable to produce quantities of electrical energy commensurate with such estimates; and other risks and uncertainties, including those set forth under "Risk Factors" in Fervo's Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission (the "SEC") on May 11, 2026, and Fervo's other filings with the SEC. In light of these factors, the events anticipated by Fervo's forward-looking statements may not occur at the time anticipated or at all. Moreover, Fervo operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Fervo cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this press release or, if earlier, as of the date they were made. Fervo does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law. V2 Communications for Fervo Energy

Fervo Energy has become the world's first enhanced geothermal company to deliver commercial electricity to the grid. The company announced that its Cape Station power plant began selling power on 30 September, one day ahead of schedule. The first block of the facility was completed in 23 months from groundbreaking to commercial operations. Once fully operational, Cape Station will generate 100 megawatts, with potential expansion to 4 gigawatts. Fervo aims to complete future blocks in 18 months. Google, Southern California Edison, and other companies have committed to purchasing power from the project. Unlike traditional geothermal plants, enhanced geothermal systems drill deeper to access hotter rock, enabling development in more locations. Fervo went public in May, raising $1.9 billion.