The Zhitong Finance App learned that before the US stock market on Tuesday, geothermal energy developer Fervo Energy (FRVO.US) once rose more than 20%. Earlier, it was reported that the company signed a major agreement to deliver electricity to Google (GOOG.US, GOOGL.US) from its $2 billion Cape Station project in Utah. The company plans to transform Cape Station into the world's largest enhanced geothermal facility.

According to reports, the scale of this electricity deal is close to 400 megawatts, which can be expanded to about 600 megawatts by June 2030. It is Fervo's largest electricity deal so far, and it is expected that electricity will begin to be delivered to Google in 2028.

Google plans to buy electricity for one of its data centers in Utah, but no specific location has yet been determined. Coordination and cooperation with the local community and approval from state and local regulators are still required to advance the plan.

Fervo raised more than 2 billion US dollars when it went public in May this year, and raised 462 million US dollars from investors such as Google and Breakthrough Energy Ventures supported by Bill Gates through private equity financing last year. The company currently has contracted an installed capacity of approximately 1000 megawatts.

As of press release, Fervo was up 12.74% in the premarket to $17.34, but it is still far below the issue price of $27/share.

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