Fervo Energy Secures Two U.S. Department of Energy Awards to Develop Next-Generation Geothermal in Idaho and Nevada

* Two grants, one each for new developments in Idaho and Nevada * Grants support a targeted appraisal campaign and developing new technology for high-temperature EGS operations HOUSTON, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation geothermal energy, today announced it has received two U.S. Department of Energy awards totaling approximately $20 million to accelerate the development of Enhanced Geothermal Systems (EGS) in Idaho and Nevada and to expand next-generation geothermal across the western United States.

In Idaho, Fervo will use the funding for drilling and completing EGS wells in Elmore County in partnership with multiple national labs. Fervo will also deploy and test new technology for high-temperature EGS operations, extending the reach of enhanced geothermal into hotter, more demanding conditions. This work is expected to unlock advanced geophysical data collection, pushing the limits of high-temperature geophones.