Fervo Energy hits first power at Utah enhanced geothermal plant, stock rises

Fervo Energy shares rose after the company said its Cape Station project in Beaver County, Utah reached first power. The first phase is roughly 100 MW of enhanced geothermal generation, and the company says it is the first utility-scale project of this type to sell power to the grid. A 400 MW phase is under construction with commercial operations targeted for 2028. Fervo has about 900 MW of contracted generation at Cape Station, enough to supply roughly one million U.S. homes. Enhanced geothermal produces carbon-free electricity around the clock, which makes it an option for data center load and other demand that wind and solar cannot cover without storage. The company says the plant has zero operational emissions and a mostly U.S.-based supply chain. Investors are treating first power as validation of the technology, but the bigger test is whether the next phases can be built on schedule and at projected cost. The stock move reflects the milestone, not the long-term economics.