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OwnershipPublicly listed · Nasdaq: FRVOSEC EDGAR company record and tickers file (Nasdaq: FRVO) · checked Nov 11, 2026
Commercial developmentNot yet assessedWe only state a stage once a source supports it. Having a product on sale does not show it works or makes money.
Investment accessVerified public listingListed as Nasdaq: FRVO, per the SEC's company tickers file. A listing means shares trade publicly; it says nothing about whether they are a good investment.Source · checked Nov 11, 2026

Evidence is labelled on each development below (company-reported, regulatory filing or government record), not on the company as a whole. Next scheduled recheck: Dec 11, 2026.

44developments published
$32.4MUS federal obligations on record
6private-offering notices since 2019
Nov 9, 2026latest development

Timeline

  1. Nov 9, 2026 · Project: commissioning

    Cape Station GeoBlock 2: exporting test energy (company reported)

    Company-reported
  2. Nov 9, 2026 · Project: commissioning

    Cape Station GeoBlock 2: synchronised to the grid (company reported)

    Company-reported
  3. Nov 9, 2026 · Project: construction

    Cape Station GeoBlock 3: mechanically complete (company reported)

    Company-reported
  4. Nov 9, 2026 · Reported results

    Fervo Energy Company

    Company-reported
  5. Nov 9, 2026 · Project: stated target

    Cape Station GeoBlock 2: commercial operation targeted for Jan 1, 2027

    Company-reported
  6. Nov 9, 2026 · Project: commissioning

    Cape Station GeoBlock 3: cold commissioning (company reported)

    Company-reported
  7. Nov 9, 2026 · Project: stated target

    Cape Station GeoBlock 3: commercial operation targeted for Jan 1, 2027

    Company-reported
  8. Oct 1, 2026 · Project: operational delivery

    Cape Station GeoBlock 1: GeoBlock 1 net output at commercial operation (company-reported) and Phase I configuration (commercial operation)

    Company-reported
  9. Oct 1, 2026 · Project: customer / offtake

    Cape Station GeoBlock 1: Revenue being generated under Fervo's PPA from GeoBlock 1 (offtaker not named) (supply under contract started)

    Company-reported
  10. Oct 1, 2026 · Project: stated target

    Cape Station: commercial operation targeted for Jan 1, 2027

    Company-reported
  11. Oct 1, 2026 · Company announcement

    Fervo Energy Declares Commercial Operation at Cape Station Ahead of Schedule, Leading the Race for Next Generation Geothermal

    Company-reported
  12. Sep 30, 2026 · Project: operational delivery

    Cape Station GeoBlock 1: GeoBlock 1 declared commercial operation (one of three Phase I GeoBlocks; one day before its contractual COD) (commercial operation)

    Company-reported
  13. Sep 24, 2026 · Project: commissioning

    Cape Station GeoBlock 1: GeoBlock 1 (33 MW) synchronized to the grid (synchronised to the grid)

    Company-reported
  14. Sep 1, 2026 · Project: customer / offtake

    Cape Station: 396 MW PPA for the Cape Station EGS GeoCluster expansion (expected online 2028), with an option for about 600 MW more (agreement signed)

    Company-reported
  15. Aug 26, 2026 · Company announcement

    Fervo Energy and Google Sign 396 MW PPA

    Company-reported
  16. Aug 13, 2026 · Project: permissions

    Cape Station: Aggregate count: 79 of 80 government permits and approvals needed for Phase I commercial operation received, one still in process (company-reported) (permission issued)

    Company-reported
  17. Aug 13, 2026 · Project: customer / offtake

    Cape Station: Phase II PPAs with SCE and Clean Power Alliance, including expansions (384 MW combined); Fervo discloses its transmission rights cover only the original contracts (agreement signed)

    Company-reported
  18. Aug 12, 2026 · Project: financing

    Cape Station: closed (company reported)

    Company-reported
  19. Aug 12, 2026 · Project: construction

    Cape Station GeoBlock 1: mechanically complete (company reported)

    Company-reported
  20. Aug 12, 2026 · Project: construction

    Cape Station GeoBlock 2: mechanically complete (company reported)

    Company-reported
  21. Aug 12, 2026 · Project: financing

    Cape Station: Project Granite: non-recourse project debt for Cape Station Phase I (closed Q1 2026; proceeds repaid the earlier XRC loan) (closed)

    Company-reported
  22. Aug 12, 2026 · Reported results

    Fervo Energy Company

    Company-reported
  23. Aug 12, 2026 · Project: stated target

    Cape Station: first power targeted for Q4 2026

    Company-reported
  24. Aug 12, 2026 · Project: stated target

    Cape Station GeoBlock 1: exporting test energy targeted for Q4 2026

    Company-reported
  25. Aug 12, 2026 · Project: stated target

    Cape Station GeoBlock 1: first power targeted for Q4 2026

    Company-reported
  26. Aug 12, 2026 · Project: stated target

    Cape Station GeoBlock 2: first power targeted for 2027

    Company-reported
  27. Aug 12, 2026 · Project: stated target

    Cape Station GeoBlock 3: first power targeted for 2027

    Company-reported
  28. Aug 12, 2026 · Project: stated target

    Cape Station GeoBlock 3: mechanically complete targeted for Date not disclosed

    Company-reported
  29. Aug 12, 2026 · Project: commissioning

    Cape Station: Phase I: mechanical completion of GeoBlocks 1 and 2; GeoBlock 1 commissioning with first wells connected and turbines spinning (commissioning)

    Company-reported
  30. Aug 12, 2026 · Project: technical milestone

    Cape Station: Phase II drilling: Sawtooth 7 well (Fervo 3.0 design), depth, temperature and drilling time (testing reported)

    Company-reported
  31. Jun 30, 2026 · Project: financing

    Cape Station: Amount drawn (outstanding) under the Project Granite facility as of June 30, 2026 (partial draw of about $421.4 million in commitments) (drawn / disbursed)

    Company-reported
  32. Jun 22, 2026 · Reported results

    Fervo Energy Company

    Company-reported
  33. Jun 22, 2026 · Project: construction

    Cape Station: Construction of Cape Station Phase II (about 400 MW) commenced (construction)

    Company-reported
  34. Jun 10, 2026 · Leadership change

    Fervo Energy Names Sarah Jewett Chief Operating Officer as Geothermal Build-Out Accelerates

    Company-reported
  35. Apr 17, 2026 · Project: financing

    Cape Station: Project-level preferred equity in Cape Phase I HoldCo, LLC (Cape Station Phase I) (closed)

    Company-reported
  36. Dec 10, 2025 · Private financing (Form D)

    Fervo Energy reports $452 million of equity sold in a private offering

    Regulatory filing
  37. Apr 15, 2025 · Project: customer / offtake

    Cape Station: 15-year PPA, 31 MW, Shell Energy as first offtaker from Phase I (agreement signed)

    Company-published
  38. Oct 17, 2024 · Project: permissions

    Cape Station: BLM approval of the Fervo Cape Geothermal Power Project (up to 2 GW; about 631 acres, 148 on public land); a federal land decision, not every permit needed to build or operate (permission issued)

    Government-published
  39. Oct 8, 2024 · Project: permissions

    Cape Station: Finding of No Significant Impact and decision approving the project, BLM Cedar City Field Office; 30-day appeal window (permission issued)

    Secondary report
  40. Sep 12, 2024 · Project: technical milestone

    Cape Station: 30-day well test at Cape Station: flow rate and potential generation (company claim, reported by trade press); not sustained plant output (testing reported)

    Secondary report
  41. Jun 28, 2024 · Project: customer / offtake

    Cape Station: Two 15-year PPAs totalling 320 MW from Cape Station (agreement signed)

    Secondary report
  42. Jun 28, 2024 · Project: stated target

    Cape Station: commercial operation targeted for 2026

    Secondary report
  43. Sep 26, 2023 · Project: permissions

    Cape Station: First environmental assessment with a finding of no significant impact, covering exploration activities only (permission issued)

    Secondary report
  44. Sep 26, 2023 · Project: construction

    Cape Station: Groundbreaking for the exploration drilling campaign (site work)

    Secondary report

Profile

Legal name
Fervo Energy Co
Listing
Nasdaq FRVO
SEC filer
CIK 0001853868 ↗
SEC industry code
Electric Services
Incorporated
DE
Coverage
Filings + federal awards

Mix of developments

Project: stated target 10Project: commissioning 5Project: construction 5Project: customer / offtake 5Project: permissions 4Project: financing 4Reported results 3Project: operational delivery 2Company announcement 2Project: technical milestone 2Leadership change 1Private financing (Form D) 1

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Projects on record

Projects Fervo Energy develops or takes a sourced role in. Each dimension of each unit moves only when a source says so; covering several projects does not imply a complete pipeline.

Next-generation geothermal · United States: Utah (federal BLM land and private land)

Cape Station

Fervo Energy · Public (FRVO) · Enhanced geothermal systems (EGS) with modular power plants Fervo calls GeoBlocks (33 MW in Phase I, 50 MW in Phase II)

Technical milestones
Testing reported
Permissions
Permission issued
Financing
Drawn / disbursed
Customer / offtake
Agreement signed
Construction
Construction
Commissioning
Commissioning
Operational delivery
Not established

Whole-project scope shown. 3 units with their own record: GeoBlock 1, GeoBlock 2, GeoBlock 3. 37 public records reviewed · latest dated 9 November 2026

Private offerings reported to the SEC (Form D)

A Form D is a notice a company files after selling securities without a public registration. Amount sold is cumulative for that offering as reported by the company; an amendment (D/A) updates an earlier notice, so rows are not added together. None of these is a valuation or an open offer.

FiledFormAmount soldOffering sizeFirst saleInvestorsExemptionRecord
Dec 10, 2025D$452 million$462 millionDec 4, 202539Rule 506(b)SEC ↗
Dec 27, 2024D$135 million$135 millionDec 13, 202414Rule 506(b)SEC ↗
Mar 5, 2024D/A$164 million$244 millionFeb 7, 202417Rule 506(b)SEC ↗
Feb 22, 2024D$138 million$221 millionFeb 7, 202412Rule 506(b)SEC ↗
Aug 23, 2022D$138 million$138 millionAug 8, 202224Rule 506(b)SEC ↗
Apr 2, 2021D$26.3 million$28.3 millionMar 18, 202111Rule 506(b)SEC ↗

US federal awards

From USAspending.gov. Obligated is money the government has committed, not company revenue and not the contract’s potential ceiling. Outlays is what has actually been paid. Totals: $32.4 million obligated, $9.0 million paid out across 6 awards.

AgencyDescriptionObligatedPaid outPeriodRecord
Department of EnergyTHE GOALS OF THIS PROJECT ARE TO 1) DELIVER A TRIPLET HORIZONTAL WELL EGS SYSTEM CAPABLE OF GENERATING AT LEAST 5 MW OF ELECTRIC POWER (T…$23.1 million$3.2 millionJul 1, 2024 – Jul 31, 2027USAspending ↗
Department of EnergyFERVO ENERGY COMPANY: NEW OPEN 2021 FULLY FUNDED COOPERATIVE AGREEMENT. CONTROL NUMBER: 2459-4533 PROJECT TITLE: FERVOFLEX: LONG DURATIO…$3.8 million$3.4 millionAug 22, 2022 – Aug 21, 2024USAspending ↗
Department of EnergyBIPARTISAN INFRASTRUCTURE LAW (BIL) RED ROCKS DAC HUB: A GEOTHERMAL ENERGY-DRIVEN DIRECT AIR CAPTURE AND SEQUESTRIAN HUB IN SOUTHWEST UTA…$2.9 million$644,648May 1, 2024 – Jan 31, 2025USAspending ↗
Department of EnergyFERVO ENERGY COMPANY 1953-1595 DOWNHOLD CONDITIONAL AWARD SOLVE EGS: SURFACE ORBITAL VIBRATOR FOR EVALUATING ENHANCED GEOTHERMAL SYSTEMS.$1.2 million$993,193Jan 1, 2020 – Nov 24, 2021USAspending ↗
Department of EnergyZIPPER: ZONAL ISOLATION WITH PLUG AND PERF IN ENHANCED RESERVOIRS$1.0 million$771,931Jan 1, 2019 – Dec 31, 2022USAspending ↗
Department of EnergyTHIS IS MODIFICATION 02 TO THE NOFO: • CLARIFIED THE MEANING OF THE PROGRAM POLICY FACTORS IN SECTION V.C. DE-FOA-0003477 - INSPIRING …$500,000$0.00Apr 29, 2026 – Apr 28, 2028USAspending ↗