Fervo Energy Shares Rise as Cape Station Delivers First Power to the Grid

Shares of FRVO rose on September 24 after Fervo Energy said its Cape Station project in Beaver County, Utah, achieved first power . Coverage of the announcement described it as the first time a utility-scale enhanced geothermal systems project has reached this milestone, and RTTNews called Cape Station the first greenfield enhanced geothermal project to synchronize to the grid and export electricity.

The market reaction was a gain rather than a surge. RTTNews reported the stock up 5.02% at $17.17 in morning trading, while Motley Fool cited a rise of 2.20% to $16.71. Barron's framed the move around Fervo's status as a Google power supplier, calling it a geothermal milestone for "the Google Partner". That relationship dates to a separate event on September 2, when Fervo signed a 396-megawatt power purchase agreement with Google tied to Cape Station, with first capacity targeted for 2028; the stock rose 28.41% to $19.75 that day.

Cape Station Phase I is approximately 100 MW made up of three 33 MW GeoBlocks, with the first GeoBlock now producing power and Phase I expected to reach commercial operations by October 1. An additional 400 MW is under construction with expected commercial operations in 2028. Fervo's CEO described the milestone as establishing "EGS as the defining new power generation technology of our time."

Fervo went public on Nasdaq in May 2026 and carries a market value near $5.8 billion. It reported Q2 2026 revenue of $113 million with a net loss of $55.9 million. Watch whether Phase I reaches commercial operations on schedule, how the remaining GeoBlocks ramp, and progress on the 400 MW expansion.