Tech Giants Step Up Geothermal Investments as Fervo Energy Hits First Grid-Connection Milestone

Wolfe Research upgraded Fervo Energy's stock rating to Outperform from Peer Perform and set a $29 price target. The company's shares were trading at $16.71 in pre-market, up 2.20%.

Fervo Energy achieved first power at its Cape Station project in Utah, marking the first utility-scale enhanced geothermal project. The initial phase has a 100 MW capacity, with a 400 MW expansion planned for 2028, totaling 900 MW. CEO Tim Latimer highlighted the technology's potential to meet clean power demands, especially for AI-driven electricity needs. The company secured a 396 MW power purchase agreement with Google, validating its technology and ensuring revenue visibility.

Fervo Energy's shares rose 5% after the company announced its Cape Station geothermal project in Utah achieved First Power, exporting electricity to the grid. The stock traded at $17.17, up from a previous close of $16.35. It has a 52-week range of $14.60 to $42.65.

Fervo Energy (FRVO) stock rose 7.6% premarket after achieving first power from its Utah geothermal plant, a milestone for utility-scale enhanced geothermal development, according to the company.

Fervo Energy (FRVO) shares rose 8% after its Cape Station geothermal project achieved first power, a global milestone. The 100 MW Phase I is on track for full commercial operations by 2027, with an additional 400 MW phase planned for 2028. The project uses enhanced geothermal technology to provide carbon-free, always-on power.

Fervo Energy's stock rose 7.3% in pre-market trading after its Cape Station geothermal facility achieved First Power, becoming the first utility-scale enhanced geothermal systems project to export electricity. The company has a 396 MW power purchase agreement with Google and a $27 price target from Northland analyst Jeff Grampp. Fervo's stock is trading at $17.55, below its 52-week high of $42.65, despite a broader market decline.