Fervo Energy (NASDAQ:FRVO) soared by 28.41 percent on Tuesday to close at $19.75 apiece after bagging home a new power purchase agreement (PPA) with Google to support the development of its data center facility in Utah.
Under the agreement, the energy company will deliver 396 megawatts of power to Google from its Cape Station project to serve as a foundational building block for the technology giant's future data center.
The first phase of the project has already advanced toward commercial operations, while the second phase is currently underway. Eight GeoBlocks are slated to come online in 2028.
Photo from Fervo Energy
Additionally, Google will have the option to expand its offtake by another 600 MW, which would bring its overall contracted capacity to around 1 GW by 2030.
#energy #data #phase
Under the agreement, the energy company will deliver 396 megawatts of power to Google from its Cape Station project to serve as a foundational building block for the technology giant's future data center.
The first phase of the project has already advanced toward commercial operations, while the second phase is currently underway. Eight GeoBlocks are slated to come online in 2028.
Photo from Fervo Energy
Additionally, Google will have the option to expand its offtake by another 600 MW, which would bring its overall contracted capacity to around 1 GW by 2030.
#energy #data #phase
30 days ago
