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Fervo Energy syncs Cape Station to the grid and exports power

Fervo reached first grid power after its May 13 IPO, but investors are still focused on when commercially viable profitability will arrive.

Reported · Written up by our desk · Previews

Fervo Energy, listed on NASDAQ as FRVO, reached a geothermal milestone by syncing its Cape Station plant to the grid and exporting power for the first time, a step no other utility scale geothermal project has previously achieved, according to MarketBeat Ratings.

The company’s executives, which MarketBeat Ratings says likely celebrated the result, still have work ahead toward profitability, because delivering power is separate from delivering it on time and at a commercially viable scale.

MarketBeat Ratings also notes that Fervo completed its IPO on May 13, opening at $27, and that the project targets enhanced geothermal systems that use oil and gas style techniques, including horizontal drilling and fracturing, to access heat deposits conventional methods could not reach.

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