Fervo Energy's Utah Geothermal Project Is Set To Reach Commercial Operation Next Month

According to CNBC, Fervo Energy's Cape Station project in Milford, Utah, is on track to send power to the grid next month, which would make it the first enhanced geothermal system in the U.S. to reach commercial operation. The company said its total contracted power has risen to about 1 GW after a new offtake agreement with Google, and it is in advanced commercial talks with several potential buyers, including Southern California Edison, Shell Energy and NV Energy. Fervo went public in May in an oversubscribed IPO that raised nearly $2 billion, and shares are down about 57% from a record high on May 15. The company said it plans to use the IPO proceeds for expansion, while CEO Tim Latimer said Fervo aims to scale enhanced geothermal across the Western U.S. and eventually globally.