Fervo Energy (NASDAQ:FRVO) has achieved a significant milestone with its Cape Station project in Beaver County, Utah. The facility has become the first utility-scale enhanced geothermal systems project to synchronize with the electrical grid and export power.
Cape Station Phase I comprises three 33-megawatt units, totaling approximately 100 MW. The project has contracted approximately 900 MW of offtake capacity. Fervo Energy has stated it has more than 4 GW of total capacity in development.
The facility uses horizontal drilling techniques adapted from the oil and gas industry to access geothermal resources. Enhanced geothermal systems draw on underground heat to produce electricity continuously, operating independently of weather conditions or time of day. Geothermal plants require a small surface footprint relative to output and produce zero operational emissions.
Tim Latimer, CEO and Co-Founder of Fervo Energy, stated: "This is a gamechanger for the geothermal industry." Cape Station represents a scale-up of the technology previously used in Project Red in a greenfield setting.
Fervo Energy's initial public offering (IPO) occurred in May 2026. The first unit of Cape Station Phase I is expected to begin commercial operations on October 1, 2026, with the remaining two units scheduled to start in January 2027. An additional 400 MW phase is expected to come online in 2028. Fervo's previous project, Project Red, began supplying electricity to the grid in 2023.
