Geothermal energy developer Fervo reported $11.9 billion in contracted revenue in its Q3 earnings, detailing progress on its Cape Station infrastructure in Utah, including a 396-megawatt power plant project for Google slated for completion by 2028.
Fervo is building a 396-megawatt power station for Google, which is expected to be completed by the end of 2028. Earlier this year, the company connected its first 100-megawatt power station to the grid.
Both projects are located in the Cape Station area of Utah, a site estimated to have the potential to produce up to 8,4 gigawatts of electricity. In the past, experts told the company that the site could only produce about 4 gigawatts.
Fervo co-founder and CEO Tim Latimer presented the financials on Monday. The project for Google, called Cape Google 400, will be connected to the grid, allowing Google to draw energy or sell it to other customers if it is not ready to use it.
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Fervo's newest wells produce a gross power of 15 megawatts each and are connected in power groups of 33 to 50 megawatts.
Despite the growth, Fervo ended the quarter with an operating loss of $43,7 million. However, it has $1,9 billion in cash and cash equivalents, while its long-term debt stands at $301,6 million.
The first phase of the Cape Station project cost $7.000 per kilowatt of capacity, while the cost for Google's project has been reduced to $5.500 per kilowatt. Fervo has a long-term goal of bringing the cost down to $3.000 per kilowatt.
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