Fervo Energy shares rose Thursday after the company announced that its Cape Station project in Beaver County, Utah, achieved First Power. The project is the first utility-scale enhanced geothermal plant to operate and sell electricity to the grid.
Cape Station's first phase is roughly 100 megawatts; a 400-MW second phase is under construction and projected to begin commercial operations in 2028. Fervo's total contracted generation at the site is about 900 MW, enough to power nearly 1 million U.S. homes annually.
Fervo's enhanced geothermal technology taps heat deep underground to generate electricity around the clock, regardless of sunshine or wind. The article also lists zero operational emissions among the plants' benefits.
