Fervo Energy jumps after Google power deal
FRVO•Stock performance
As of last close, FRVO is down 43% from its May IPO price.
Shares rise after Google power deal
Shares of geothermal energy developer Fervo Energy FRVO.O rise 14% to $17.5 premarket.
The company signs a deal to sell 396 megawatts of electricity to Alphabet's GOOGL.O Google from its Cape Station project in Utah.
Google has the option to expand the agreement by about 600 megawatts by June 2030.
Project timeline and prior agreement
FRVO in March inked a 3-gigawatt non-binding framework agreement with Google for future projects.
It plans to begin supplying power to Google in 2028 from the Utah project.
