Fervo's backlog jumps to $11.9B after record 396 MW Google geothermal deal
Fervo Energy signed a 15-year, 396 MW power purchase agreement with Google, pushing its contracted backlog to roughly $11.9 billion. The deal, disclosed in Q3 2026 earnings on November 9, is the largest of its kind in enhanced geothermal and swells Fervo's binding contracts by about 60%. Power starts flowing in mid-2028.
- Original source: cryptobriefing.com.
- The source published it on Nov 9, 2026 at 8:59 PM.
- No second outlet has reported it yet. Treat it as a single-source claim.
Google is buying 396 MW of geothermal power from Fervo Energy under a 15-year agreement structured as take-or-pay, meaning the tech giant pays for the electricity whether or not it uses all of it. Fervo disclosed the contract in its Q3 2026 earnings release on November 9, 2026, and said it lifts the company's contracted backlog to approximately $11.9 billion. An expansion option attached to the deal could push total offtake to nearly 1 GW. Deliveries are scheduled to begin in mid-2028.
The contract moves Fervo's binding power purchase agreements to 1,054 MW, roughly 60% more than the 658 MW it had locked in before. Fervo calls it the largest enhanced geothermal PPA ever signed. The company specializes in enhanced geothermal systems, which tap underground heat in spots that couldn't support a conventional geothermal plant.
The proof point sits in Beaver County, Utah. Cape Station's first GeoBlock hit first power on September 30, 2026 at an initial 33 MW, and Phase I is on track for commercial operation by January 1, 2027, with the full phase expected to reach about 100 MW in early 2027. Fervo also raised its resource estimate for the site, now projecting Cape Station could support up to roughly 8.4 GW.
Fervo was founded in 2017 and has raised about $1.5 billion, including a $462 million Series E in December 2025 led by B Capital with Google participating. The company went public on Nasdaq under the ticker FRVO in May 2026, and its shares rose after the Q3 results and the Google news landed.
The catch is timing: Google's deliveries don't start until mid-2028, leaving a multi-year gap between signature and revenue while Fervo scales a technology that only recently reached commercial operation. Google wears three hats here — investor, customer and holder of an expansion option toward nearly 1 GW — so one relationship carries heavy weight in Fervo's outlook. The next checkpoints are Phase I reaching full commercial operation in early 2027 and any movement on that expansion option.
TopicsFervo Energy · Google · Cape Station · B Capital · Nasdaq · FRVO
Source: cryptobriefing.com
Written by Paparazzi with AI. Not financial advice.
More stories
- EV & Energybreakingthenews.net0viewsSpaceX wants $24B gas plant and super-compute hub in Starbase
- EV & Energyblockchain.news1viewSpaceX's $1.75T IPO buzz can't lift SPCX past its chart's ceiling
- EV & Energyaboutamazon.com0viewsAmazon Leo's first Vulcan flight will haul 40 satellites to orbit
- EV & Energyarstechnica.com1viewSpaceX VP says the rocket company is now an infrastructure company