Fervo Energy Declares Commercial Operation at Cape Station Ahead of Schedule, Leading the Race for Next-Generation Geothermal Energy
Key Highlights
- ➤Cape Station GeoBlock 1 reached commercial operation one day before contractual COD
- ➤First GeoBlock generates revenue under Fervo Energy’s (FRVO) power purchase agreement
- ➤GeoBlock 1 achieved 33 MW of net power production, meeting PPA threshold
- ➤Fervo signed over 1 gigawatt of binding PPAs across its portfolio
- ➤Remaining Phase I GeoBlocks expected to reach contractual COD by January 1, 2027
Expert Statements
Tim Latimer, CEO and Co-Founder of Fervo Energy
“Reaching commercial operations at Cape Station is both a huge milestone for Fervo, and a turning point for the entire energy industry”
Tim Latimer, CEO and Co-Founder of Fervo Energy
“No team has ever built a project like this anywhere in the world, and we did it ahead of schedule.”
Tim Latimer, CEO and Co-Founder of Fervo Energy
“We are excited to prove that Fervo Energy can bring a new track record of execution to the power sector, an industry where project delays are often the norm.”
David Ulrey, CFO of Fervo Energy
“This is a defining moment at Fervo and it's one we’re proud to deliver ahead of schedule”
David Ulrey, CFO of Fervo Energy
“With over 1 gigawatt of binding PPAs signed across our portfolio, the COD of this first GeoBlock is the beginning of our build into a durable base of predictable, long-term revenue generation.”
David Ulrey, CFO of Fervo Energy
“We remain focused on disciplined capital execution as we bring the remaining Phase I GeoBlocks online and advance Phase II toward its 2028 COD.”
Dawn Owens, SVP, Head of Development & Commercial Markets at Fervo Energy
“Getting our first GeoBlock to commercial operation reflects the strength of our execution and the discipline of our team on the ground.”
Dawn Owens, SVP, Head of Development & Commercial Markets at Fervo Energy
“We are on track to bring the remaining Phase I GeoBlocks online by January 1, 2027.”
Dawn Owens, SVP, Head of Development & Commercial Markets at Fervo Energy
“Every GeoBlock we bring online makes the next one faster and more predictable, and that repeatability is the foundation of how we scale and bring down costs.”
* First GeoBlock reaches contractual commercial operation date (COD) and is generating revenue under the terms of Fervo’s Power Purchase Agreement (PPA) * First GeoBlock achieved 33 MW of net power production – meeting the expected production threshold under the PPA HOUSTON, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation geothermal energy, today announced that its first power plant at Cape Station in Beaver County, Utah, has reached commercial operation, making it the first greenfield enhanced geothermal development in the world to achieve contractual commercial operations. The landmark milestone marks a pivotal moment for Fervo and for the broader geothermal industry, demonstrating that enhanced geothermal systems (EGS) can deliver reliable, 24/7 carbon-free electricity at commercial scale on an industry-leading timeline.
Cape Station synchronized to the grid on September 24 and declared commercial operation just six days later on September 30, one day before its contractual COD. Revenue is now being generated under Fervo’s power purchase agreement.
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