Fervo Energy reported $11.9 billion in contracted revenue in its third-quarter earnings, up from $7.2 billion last quarter. The geothermal power company connected its first 100 megawatt plant to the grid earlier this year and is on track to complete a 396 megawatt power plant for Google by the end of 2028, both at Cape Station in Utah.
The Google project, called Cape Google 400, will operate as grid-connected infrastructure. "We built Cape Station on our schedule. Google can develop a potential data center on their schedule, and neither party is waiting on the other," CEO Tim Latimer said on the earnings call Monday.
Fervo's geothermal wells are designed in linked units called GeoBlocks. The first completed GeoBlock generated 33 megawatts, while recent ones hit 50 megawatts. Each well can generate 15 megawatts of gross power and is sized to match typical data center demand.
Cape Station's resource potential was also upgraded. Experts previously estimated the site could produce 4 gigawatts of electricity. The company now says it could generate 8.4 gigawatts.
Fervo ended the quarter with an operating loss of $43.7 million but holds $1.9 billion in cash and cash equivalents against $301.6 million in long-term debt. The company's cost per kilowatt of capacity dropped to $5,500 for the Google project from $7,000 for the first Cape Station phase. Fervo targets $3,000 per kilowatt long-term.