Why Fervo Energy Stock Skyrocketed Today
Yahoo Finance ·
Shares of Fervo Energy ( FRVO +28.41% ) soared on Tuesday after the next-generation geothermal systems builder struck a landmark agreement with Alphabet 's ( GOOGL -1.28% ) ( GOOG -1.01% ) Google. Fervo entered into a 396-megawatt (MW) power purchase agreement with Google. The deal is intended to help Fervo further the development of its flagship Cape Station enhanced geothermal systems GeoCluster in southwest Utah. The multi-phase project is projected to go online in 2028. Google plans to use the carbon-free energy Fervo generates to power a data center in the area. "As demand for reliable electricity grows, customers like Google need energy resources that can be deployed at scale, operate around the clock, and deliver where power is needed," Fervo CEO Tim Latimer said.
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