Fervo now has $12B in orders for its geothermal power tech

Summary

• Fervo reported $11.9 billion in contracted revenue for the third quarter, an increase from $7.2 billion in the previous quarter.
• The company completed its first 100 megawatt power plant at Cape Station in Utah earlier this year.
• Fervo is on track to complete a 396 megawatt plant for Google by the end of 2028 at the same Utah site.
• Experts initially estimated the Cape Station site could produce 4 gigawatts, but it now has the potential to generate 8.4 gigawatts.
• The Google project, renamed Cape Google 400, allows Google to draw power or sell excess electricity to other customers.
• Construction occurs on Fervo's schedule while Google develops data centers on its own timeline, avoiding mutual delays.
• Newer wells at the site are deeper & hotter, with each capable of generating 15 megawatts gross power.
• Recent GeoBlocks link multiple wells to generate 50 megawatts, sized to match typical data center hall demand.
• Fervo ended the quarter with an operating loss of $43.7 million, $1.9 billion in cash & cash equivalents, & $301.6 million in long-term debt.
• The first phase of Cape Station cost $7,000 per kilowatt of capacity, while the Google project cost $5,500 per kilowatt.
• With subsidies, the Google project cost is equivalent to a natural gas plant running on fuel costing $6 per million BTUs.
• Fervo aims to reach a long-term target of $3,000 per kilowatt to significantly undercut natural gas power prices.