Update: Fervo Signs 396 Megawatt Power Purchase Agreement With Google

08:42 AM EDT, 09/01/2026 (MT Newswires) -- (Updates with details from the company's press release throughout, and the latest stock move in the fifth paragraph.) Fervo Energy (FRVO) has signed a 396-megawatt power purchase agreement with Alphabet's (GOOG, GOOGL) Google, the company said on Tuesday. Under the agreement, Google will purchase energy from Fervo Energy's Cape Station geothermal project to power a potential data center in Utah, according to the company. Fervo Energy said that the agreement includes an option for Google to expand its offtake by about 600 megawatts, for a total capacity of nearly 1 gigawatt, by June 2030. Financial details related to the agreement were not disclosed. The Cape Station geothermal project is slated to come online in 2028, meanwhile, the potential data center remains subject to factors like engineering feasibility, state and local approvals, and commercial conditions, Fervo Energy said. Shares of Fervo were up 14.9% in Tuesday premarket activity.