Fervo rises after Cape Station starts power production ahead of schedule
FRVO•Fervo Energy shares rose 2.4% premarket after the company declared commercial operation at its Cape Station geothermal project. The first power unit began commercial production ahead of schedule, with remaining Phase I units expected to start operations by early 2027.
1. Cape Station begins production
Fervo Energy said Cape Station’s first power unit started commercial power production ahead of schedule and declared commercial operation at the geothermal project. The company expects the remaining Phase I units to begin commercial operations by early 2027.
2. Shares and other projects
Fervo shares were up 2.4% at $13.90 premarket. Earlier in September, the company was selected for two U.S. Department of Energy-funded geothermal projects in Idaho and Nevada. Since its May IPO, the stock has fallen about 63%.
