Fervo Energy's Google deal is far off while its risks are near. Google signed to buy 396 MW of geothermal power from Fervo starting only in 2028, with up to another 600 MW by 2030. Fervo is still pre-revenue, with heavy capex and execution risk, including about $1.2B of planned spending through Q1 2027. The market isn't buying data-center stories right now, and the stock's 20% gain had shrunk to 9%. x.com 

Google's power deal validates Fervo Energy's story after a rough August. On September 1 Google signed a 396MW PPA for Fervo's Cape Station enhanced geothermal power, scalable to nearly 1GW by 2030. That followed August 12 earnings that revealed Cape Station curtailment and cut guidance to $60-80M, and Hagens Berman is probing pre-IPO disclosure of that risk. The stock broke a falling wedge on monster volume; holding $18.79 points to $20.07, then $22.26 and $26.17. x.com  x.com 

Fervo Energy's first power at Cape Station in Utah is the first time a utility-scale enhanced geothermal project has reached that milestone anywhere, proving it for a multi-gigawatt build. Phase I's first 33 MW GeoBlock should reach commercial operation by October 1, the other two by January 1, 2027, and a further 400 MW is under construction for 2028. About 900 MW is contracted, with over 4 GW of capacity. Oil-and-gas horizontal drilling unlocks resources traditional geothermal could not reach. … Show more