Fervo’s contracted backlog nears $12B after record Google geothermal deal

Fervo Energy spent years promising that enhanced geothermal could work at commercial scale. Now it has power flowing and a revenue backlog of approximately $11.9 billion to show for it.

The jump came from a 15-year, 396 MW power purchase agreement with Google. Fervo disclosed the deal in its Q3 2026 earnings release on November 9, 2026.

The Google deal, by the numbers

The agreement is structured as take-or-pay. Google pays for the contracted power whether or not it actually uses all of it.

The contract lifts Fervo’s binding PPAs from 658 MW to 1,054 MW. A single deal increased its contracted capacity by roughly 60%.

Deliveries under the Google contract are scheduled to begin in mid-2028. The deal also carries an expansion option that could push total offtake to nearly 1 GW.

The PPA is described as the largest of its kind in enhanced geothermal history. But 396 MW is a meaningful number in any power market, geothermal or otherwise.

Fervo specializes in enhanced geothermal systems, or EGS. The goal is to tap underground heat in places that would not otherwise support a conventional geothermal plant.

Cape Station moves from blueprint to grid

The operational centerpiece is Cape Station in Beaver County, Utah. The project’s first GeoBlock reached first power on September 30, 2026, with an initial capacity of 33 MW.

Phase I is on course for commercial operation by January 1, 2027. The full first phase is expected to total roughly 100 MW once complete in early 2027.

Fervo also raised its resource estimate for the site. The company now projects Cape Station could support up to ~8.4 GW of capacity.

From startup to Nasdaq listing

Fervo was founded in 2017 and has raised around $1.5 billion since then. Its most recent private round was a $462 million Series E in December 2025. B Capital led that raise, and Google participated.

The company went public on Nasdaq under the ticker FRVO in May 2026. Its shares rose after the Q3 results and the Google announcement.

What this means for Fervo and the power market

The core shift is from promise to proof. Before Cape Station delivered power, Fervo was selling a technology thesis. Now it is selling electricity from an operating plant, with a contracted backlog of approximately $11.9 billion behind it.

Google’s deliveries do not start until mid-2028, leaving a multi-year gap between signature and revenue. Fervo has to keep executing on construction timelines while scaling a technology that has only recently reached commercial operation.

With Google as investor, customer and holder of an expansion option toward nearly 1 GW, a single relationship carries a lot of weight in Fervo’s outlook.

The next milestones to watch are Phase I reaching full commercial operation in early 2027 and any movement on Google’s expansion option.