On September 24, Fervo Energy Co. rose 8.04% in pre-market trading, trading at $17.66 per share, with turnover of approximately $902,400.

The move was driven by the announcement that the company's Cape Station geothermal project in Utah has generated its first power, marking a critical milestone in the company's commercialization roadmap. The first phase of Cape Station will deliver approximately 100 megawatts of capacity across three 33-MW units. The first unit is expected to reach commercial operations by October 1, with the remaining two units slated to begin operations by January 1, 2027. An additional 400 MW is under construction and is expected to come online in 2028.

The milestone follows a series of positive developments, including two U.S. Department of Energy grants totaling $20 million announced earlier this week to support Enhanced Geothermal Systems projects in Idaho and Nevada, as well as a previously announced 396-megawatt power purchase agreement with Google to supply a potential Utah data center. Fervo Energy is a pioneer in enhanced geothermal systems, applying horizontal drilling and multi-stage hydraulic fracturing to deliver utility-scale clean power, with binding purchase agreements signed with investment-grade buyers including Southern California Edison and Shell.

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