Geothermal energy company Fervo has secured a deal with Google to supply nearly half a gigawatt of electricity. The agreement commits Google to buying 396 megawatts from Fervo's Cape Station power plant in Utah.
The power plant is anticipated to come online in 2028. Google also holds an option to purchase an additional 600 megawatts from Fervo, which can be exercised through June 2030.
This deal follows Google's previous agreement in April for 933 megawatts of natural gas power. Google has been a significant buyer of clean energy, including wind, solar, and batteries, as it aims for net-zero emissions by 2030.
Fervo's stock reportedly rose by approximately 30% yesterday following news of the Google deal, before traders took some profits today.