Fervo reports contracted revenue rising to $11.9 billion
Image: Primary Fervo said its contracted revenue reached $11.9 billion in its third-quarter earnings report Monday, up from $7.2 billion last quarter. The geothermal company is on track to complete a 396 megawatt power plant for Google by the end of 2028.
The Google project at Cape Station in Utah will connect to the grid, allowing Google to sell power to other customers if it is not ready to use it, CEO Tim Latimer said. Fervo reports a project cost of $5,500 per kilowatt, compared with $7,000 for Cape Station's first phase. It ended the quarter with an operating loss of $43.7 million.
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