- First greenfield Enhanced Geothermal Systems (EGS) project synchronized to the grid and exporting electricity (First Power)
- Industry-leading milestone validates EGS as a scalable source of 24/7 carbon-free power
- Marks the first megawatts of a multi-gigawatt development, with 900 MW fully contracted and more than 4 GW of capacity
HOUSTON, Sept. 24, 2026 (GLOBE NEWSWIRE) -- Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation geothermal energy, today announced that Cape Station, its flagship geothermal development in Beaver County, Utah, has achieved First Power, marking the first time a utility-scale enhanced geothermal development has reached this milestone anywhere in the world.
The achievement comes just over four months after Fervo’s May 2026 initial public offering and is one of several industry leading operational milestones for the company. Following the successful deployment of Fervo’s EGS technology at Project Red, which has been supplying electricity to the grid since 2023, First Power at Cape Station represents a significant scale-up of the technology in a greenfield setting. With this milestone, the company converts years of subsurface and surface development, drilling, and project financing into an operating power plant selling electricity to the grid.
"This is a gamechanger for the geothermal industry. It establishes EGS as the defining new power generation technology of our time and we believe it shows that the commercial and technical maturity of EGS is ready to meet the urgent need for reliable, clean power,” said Tim Latimer, CEO and Co-Founder of Fervo Energy. “I could not be more proud of the years of hard work from Fervo’s employees, investors, suppliers, customers, and partners, which brought us to this moment. We are just getting started.”
Cape Station Details
Cape Station Phase I is an approximately 100 MW installation comprising three 33-megawatt GeoBlocks, the first of which has achieved First Power and is expected to reach its contractual commercial operations date (COD) by October 1, 2026. Fervo will continue ramping up the first GeoBlock as it brings the full well system online while commissioning the remaining two GeoBlocks, which are expected to reach contractual COD by January 1, 2027. The next phase, an additional 400 MW, is already under construction, with an expected COD in 2028. Fully contracted offtake at Cape Station sits at approximately 900 MW, enough to power the equivalent of nearly 1 million U.S. homes annually.
Fervo uses horizontal drilling techniques adapted from the oil and gas industry, allowing multiple wells to be drilled from a single pad and unlocking geothermal resources that were previously inaccessible with traditional technology.
“Cape Station works because we treated the subsurface like an engineering challenge,” said Jack Norbeck, Chief Technology Officer and Co-Founder of Fervo Energy. “Years of drilling, completion design, subsurface modeling, and flow testing led to this moment, and this is the validation that matters most. First Power is proof the science works.”
24/7 Firm Power
Enhanced geothermal draws continuously on heat deep underground, producing electricity around the clock regardless of weather or time of day. That makes it one of the only carbon-free resources capable of delivering firm, always-on power, a critical advantage as data centers, AI infrastructure, and reshored manufacturing drive the fastest growth in U.S. electricity demand in decades.
Geothermal plants also require a comparatively small surface footprint relative to their output, produce zero operational emissions, and draw on a domestic and largely U.S.-based supply chain.
About Fervo Energy
Fervo Energy (Nasdaq: FRVO) is a modern power company built around one of the market’s most important needs: affordable, dependable new power supply. Through the large-scale deployment of enhanced geothermal systems, Fervo has established a repeatable, industrial approach to building utility-scale power. The company is transforming geothermal into a clean, reliable, cost-competitive solution designed to meet rising demand from AI hyperscalers, utilities, and a more electricity-intensive economy. For more information, visit www.fervoenergy.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, are forward-looking statements. When used in this press release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Fervo believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Fervo’s control. Accordingly, forward-looking statements are not guarantees of future performance, and Fervo’s actual outcomes could differ materially from what Fervo has expressed in its forward-looking statements.
Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks related to expanding our geothermal operations and accessing new markets; challenges in maintaining compliance with extensive environmental regulations and permitting requirements; uncertainties in forecasting future operational results and growth due to economic conditions and market demand; compliance with environmental regulations and climate change initiatives impacting operational costs; inherent risks in the geothermal industry, including potential operational disruptions and associated liabilities; the influence of consumer preferences, government policies, and competition on the demand for geothermal energy; risks associated with fluctuations in energy prices and material costs; dependence on a complex supply chain and successful maintenance of our geothermal infrastructure; financial performance influenced by fluctuations in interest rates, capital availability, and other market conditions; capacity actually constructed or for which we enter power purchase agreements under non-binding agreements, like the Geothermal Framework Agreement; exposure to legal proceedings and claims arising from our business operations; protecting our brand reputation and facing potential negative public perception; negative public perception and political opposition impacting our ability to secure regulatory approvals and market acceptance; the successful and timely execution of our growth strategy, with risks of delays or failures; reliance on key personnel and the potential impact of labor costs and workforce challenges; heavy reliance on technology systems and potential cybersecurity threats; global economic and political conditions affecting our operations, supply chain, and customer demand; the risk that our estimates of capacity potential and heat initially in place are inaccurate or that we are unable to produce quantities of electrical energy commensurate with such estimates; and other risks and uncertainties, including those set forth under “Risk Factors” in Fervo’s Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2026, and Fervo’s other filings with the SEC.
In light of these factors, the events anticipated by Fervo’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Fervo operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Fervo cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this press release or, if earlier, as of the date they were made. Fervo does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.
Contact
V2 Communications for Fervo Energy
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1bd4d1a1-0e84-4870-aac0-b0a93bde091e
