Fervo Energy Achieves First Power at Cape Station, a Landmark Moment for the Future of Enhanced Geothermal Systems

* First greenfield Enhanced Geothermal Systems (EGS) project synchronized to the grid and exporting electricity (First Power) * Industry-leading milestone validates EGS as a scalable source of 24/7 carbon-free power * Marks the first megawatts of a multi-gigawatt development, with 900 MW fully contracted and more than 4 GW of capacity HOUSTON, Sept. 24, 2026 (GLOBE NEWSWIRE) -- Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation geothermal energy, today announced that Cape Station, its flagship geothermal development in Beaver County, Utah, has achieved First Power, marking the first time a utility-scale enhanced geothermal development has reached this milestone anywhere in the world.

The achievement comes just over four months after Fervo’s May 2026 initial public offering and is one of several industry leading operational milestones for the company. Following the successful deployment of Fervo’s EGS technology at Project Red, which has been supplying electricity to the grid since 2023, First Power at Cape Station represents a significant scale-up of the technology in a greenfield setting. With this milestone, the company converts years of subsurface and surface development, drilling, and project financing into an operating power plant selling electricity to the grid.