Overview
- Fervo said it pushed 400 megawatts of capacity into advanced development and expanded its mineral rights to more than 650,000 acres to build a larger project pipeline.
- The company has 658 megawatts covered by signed, binding power purchase agreements that represent roughly $7.2 billion of contracted revenue backlog.
- GeoBlocks 1 and 2 have reached mechanical completion, GeoBlock 3 is expected soon, and the firm reiterated plans for initial generation at Cape Station in the fourth quarter of 2026 with full power from GeoBlock 1 targeted by year-end.
- Fervo reported a $55.9 million net loss for the quarter and $226.5 million in quarterly capital spending, finished the period with $2.1 billion in cash, and expects $850 million–$900 million of spending in the second half of 2026.
- Third-party heat-in-place studies moved 10.5 gigawatts across two geoclusters into early development and the company’s progress could supply 24/7 carbon-free power to utilities and large data‑center and industrial customers while exposing Fervo to tight near-term execution and funding demands.