On September 8, Fervo Energy Co. rose 5.29% in regular trading, trading at $19.08 per share, with turnover of approximately $33.72 million. The stock continued to benefit from the recently announced 396-megawatt power purchase agreement with Alphabet's Google, combined with broad strength across the renewable electricity sector.

Under the agreement disclosed on September 1, Google will purchase energy from Fervo Energy's Cape Station geothermal project in Utah to power a potential data center. Google also secured an option to expand offtake by approximately 600 megawatts by June 2030, bringing total capacity to nearly 1 gigawatt. The Cape Station project is slated to come online in 2028. Financial terms were not disclosed.

Fervo Energy is a pioneer in enhanced geothermal systems, applying horizontal drilling and multi-stage hydraulic fracturing to convert geothermal energy into utility-scale electricity. The company is constructing the 500 MW Cape Station project and has signed binding PPAs with investment-grade counterparties including Southern California Edison and Shell. Its backlog reached $7.2 billion as of Q2.

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