Fervo Energy Breaks Ground on the World's Largest Next-gen Geothermal Project

Fervo Energy ("Fervo"), the leader in next-generation geothermal technology, today held a groundbreaking ceremony to mark the start of its exploration drilling campaign at Cape Station, a next-generation geothermal energy project set to deliver 400 MW of 24/7 carbon-free electricity. Cape Station will begin delivering around-the-clock, clean power to the grid in 2026 and reach full scale production in 2028.

Located in Beaver County, Utah, Cape Station will provide roughly 6,600 jobs during construction and 160 full-time jobs throughout its operations, generating more than $437 million in earned wages. Federal, state, and local officials joined Fervo to celebrate this milestone.

"Today's event highlights the Biden-Harris administration's all of government approach to helping usher in a legacy of clean and sustainable energy that will live on far beyond our tenures," said Principal Deputy Assistant Secretary for Land and Minerals Management Laura Daniel Davis. "At the Interior Department, we have been moving quickly to meet President Biden's goal of achieving a carbon pollution-free power sector by 2035. The Cape Station geothermal energy project we are celebrating today is an important milestone in our effort to make that goal a reality."

In February, the Utah Bureau of Land Management (BLM) approved the project's first Environmental Assessment (EA), issuing a Finding of No Significant Impact pursuant to the National Environmental Policy Act. This EA allows Fervo to commence exploration activities at Cape Station site. Across all operations, Fervo maintains a strict commitment to environmental health and safety and robust community engagement.

Utah is home to immense geothermal potential. Researchers estimate that the southwest portion of the state contains more than 10 GW of high-quality geothermal reserves. Additionally, Cape Station will benefit from the Department of Energy's Frontier Observatory for Research in Geothermal Energy (FORGE). Over the last six years, FORGE has completed groundbreaking research that has dramatically advanced geothermal development in the region.

Utah Governor Spencer Cox said, "Utah is no stranger to energy leadership. For decades, oil and gas workers in the Uinta Basin have produced energy vital to the growth of not just our state but our nation. Geothermal innovations like those pioneered by Fervo will play a critical role in extending Utah's energy leadership for generations to come."

Earlier this year, Fervo announced breakthrough result of its commercial pilot project, Project Red. Using drilling technology honed in the oil and gas industry, Fervo performed a 30 day well test, the results of which established Project Red as the most productive enhanced geothermal system in history.

"Beaver County, Utah is the perfect place to deploy our next-generation geothermal technology," said Tim Latimer, Fervo Energy CEO and Co-Founder. "The warmth and hospitality we have experienced from the communities of Milford and Beaver have allowed us to embark on a clean energy journey none of us could have imagined just a few years ago. Thanks to cutting edge research and data collection from FORGE, Fervo can accelerate the production of the region's geothermal resources."

Cape Station is now positioned to channel $1.1 billion to supply chains and local businesses, catalyzing critical growth in the county. Fervo is working with experienced oil and gas companies, including Helmerich & Payne, Devon Energy, and Liberty Energy.

"Fervo's Cape Station will be a tremendous asset to the Milford Valley, breathing life into the local economy and providing jobs to our hard-working residents," said Nolan Davis, Mayor of Milford, Utah.

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About Fervo Energy

Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Fervo's mission is to leverage innovation in geoscience to accelerate the world's transition to sustainable energy. Geothermal has a major role to play in the future electric grid, and Fervo's key advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost competitive. For more information, please visit www.fervoenergy.com.