Fervo Energy (FRVO) investor relations material

Market opportunity and demand trends

• U.S. faces a 98 GW baseload capacity shortfall as power demand accelerates, driven by electrification and data center growth.

• Traditional baseload supply is declining, increasing the need for firm, clean generation.

• Enhanced geothermal systems (EGS) offer scalable, reliable, and zero-carbon baseload power.

Technology and operational advancements

• Next-gen EGS leverages engineered fractures and modular design for geographic flexibility and cost efficiency.

• Standardized 50 MW GeoBlocks enable rapid, repeatable deployment and long asset life (30–50+ years).

• Advancements in well design have increased output per well and reduced capex per MW by up to 45%.

• Closed-loop, non-consumptive water systems use brackish water, minimizing environmental impact.

Project pipeline and commercial traction

• 500 MW under construction at Cape Station, with a total capacity potential of 4.3 GW at the site.

• 1,054 MW of binding PPAs with utilities, hyperscalers, and community choice aggregators.

• $11.9B in contracted revenue under binding PPAs; 3 GW framework agreement to power Google data centers.

• 650,000+ acres secured, supporting numerous multi-GW projects.