Technical milestones · Cape Station, whole project
Testing reported
Phase II drilling: Sawtooth 7 well (Fervo 3.0 design), depth, temperature and drilling time
Test results stay attributed to whoever reported them.
Company reported Fervo Energy (SEC filing, Form 8-K exhibit) · Disclosed 12 August 2026
“During the quarter, Fervo drilled Sawtooth 7, its ninth Fervo 3.0 well, reaching a measured depth of nearly 19,500 feet in a 460°F resource in just 21 days spud-to-total-depth, a new Company record for drilling pace on its most complex well design to date.”
Inspect primary source: Fervo Energy (SEC filing, Form 8-K exhibit) ↗
Open question
What has the technology itself been shown to do, at what scale and under what conditions?
- Not established in reviewed sources: Independent (non-Fervo) measurement of well flow rates or plant output
- Not established in reviewed sources: Long-term reservoir thermal decline at Cape Station
Statements on record here (2)
- Testing reported: Phase II drilling: Sawtooth 7 well (Fervo 3.0 design), depth, temperature and drilling time Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 12 August 2026 · Source ↗
- Testing reported: 30-day well test at Cape Station: flow rate and potential generation (company claim, reported by trade press); not sustained plant output Secondary report · Utility Dive · 12 September 2024 · Source ↗
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Permissions · Cape Station, whole project
Permission issued
Aggregate count: 79 of 80 government permits and approvals needed for Phase I commercial operation received, one still in process (company-reported)
One permission is not every permission the project needs.
Company reported Fervo Energy (SEC filing, Form 10-Q) · Disclosed 13 August 2026
“As of the date of this filing, 79 out of 80 governmental permits and approvals necessary to commence commercial operations at Cape Station Phase I have been received, with the remaining permit in process.”
Inspect primary source: Fervo Energy (SEC filing, Form 10-Q) ↗
Open question
Which exact regulatory actions are on record, by which authority, for what scope?
- Not established in reviewed sources: The text of BLM's 2024 decision record and its conditions (published only as a PDF)
- Not established in reviewed sources: Which single Phase I permit was still in process as of August 2026
- Not established in reviewed sources: Status of the 97 Phase II permits reported as in process
- Not established in reviewed sources: Outcome of the Department of Energy environmental review referenced in a July 2026 DOE letter (PDF only)
Statements on record here (4)
- Permission issued: Aggregate count: 79 of 80 government permits and approvals needed for Phase I commercial operation received, one still in process (company-reported) Company reported · Fervo Energy (SEC filing, Form 10-Q) · 13 August 2026 · Source ↗
- Permission issued: Finding of No Significant Impact and decision approving the project, BLM Cedar City Field Office; 30-day appeal window Secondary report · Utility Dive · 21 October 2024 · Source ↗
- Permission issued: 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 Regulator issued · Bureau of Land Management · 17 October 2024 · Source ↗
- Permission issued: First environmental assessment with a finding of no significant impact, covering exploration activities only Secondary report · Energy Global · 26 September 2023 · Source ↗
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Financing · Cape Station, whole project
Drawn / disbursed
Amount drawn (outstanding) under the Project Granite facility as of June 30, 2026 (partial draw of about $421.4 million in commitments)
Drawn money does not prove the project is fully funded.
Company reported Fervo Energy (SEC filing, Form 10-Q) · Disclosed 13 August 2026
“As of June 30, 2026, total outstanding borrowings under the Project Granite Facility were approximately $212.3 million”
Inspect primary source: Fervo Energy (SEC filing, Form 10-Q) ↗
Open question
Which money is proposed, conditional, closed or actually drawn, and for what?
- Not established in reviewed sources: Any federal loan or loan guarantee for Cape Station (none confirmed in reviewed sources)
- Not established in reviewed sources: Financing for Phase II, which Fervo says needs about $2.2 billion of capital spending
- Not established in reviewed sources: How much of the Granite facility has been drawn since June 30, 2026
Statements on record here (4)
- Drawn / disbursed: Amount drawn (outstanding) under the Project Granite facility as of June 30, 2026 (partial draw of about $421.4 million in commitments) Company reported · Fervo Energy (SEC filing, Form 10-Q) · 13 August 2026 · Source ↗
- Closed: Cape Station, as described by Fervo Energy (SEC filing, Form 8-K exhibit) Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 12 August 2026 · Source ↗
- Closed: Project Granite: non-recourse project debt for Cape Station Phase I (closed Q1 2026; proceeds repaid the earlier XRC loan) Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 12 August 2026 · Source ↗
- Closed: Project-level preferred equity in Cape Phase I HoldCo, LLC (Cape Station Phase I) Company reported · Fervo Energy (SEC filing, Form S-1) · 17 April 2026 · Source ↗
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Customer / offtake · Cape Station, whole project
Agreement signed
396 MW PPA for the Cape Station EGS GeoCluster expansion (expected online 2028), with an option for about 600 MW more
Capacity under contract is not energy supplied.
Company reported Fervo Energy (SEC filing, Form 8-K exhibit) · Disclosed 1 September 2026
“today announced a 396-megawatt (MW) power purchase agreement (PPA) with Google to enable the continued development of the Cape Station enhanced geothermal systems (EGS) GeoCluster, expected to come online in 2028.”
Inspect primary source: Fervo Energy (SEC filing, Form 8-K exhibit) ↗
Open question
Who has committed to buy the output, on what stated terms, and has any energy been supplied?
- Not established in reviewed sources: Contract prices for any Cape Station PPA
- Not established in reviewed sources: Which offtaker receives GeoBlock 1's output first under commercial operation
- Not established in reviewed sources: Whether the Google PPA has received the regulatory approvals it references
Statements on record here (4)
- Agreement signed: 396 MW PPA for the Cape Station EGS GeoCluster expansion (expected online 2028), with an option for about 600 MW more Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 1 September 2026 · Source ↗
- Agreement signed: Phase II PPAs with SCE and Clean Power Alliance, including expansions (384 MW combined); Fervo discloses its transmission rights cover only the original contracts Company reported · Fervo Energy (SEC filing, Form 10-Q) · 13 August 2026 · Source ↗
- Agreement signed: 15-year PPA, 31 MW, Shell Energy as first offtaker from Phase I Company reported · Fervo Energy (via Business Wire, syndicated by Silicon UK) · 15 April 2025 · Source ↗
- Agreement signed: Two 15-year PPAs totalling 320 MW from Cape Station Secondary report · Utility Dive · 28 June 2024 · Source ↗
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Construction · Cape Station, whole project
Construction
Construction of Cape Station Phase II (about 400 MW) commenced
Construction is not commissioning.
Company reported Fervo Energy (SEC filing, Form 8-K exhibit) · Disclosed 22 June 2026
“Commenced construction of Cape Station Phase II in Q1 2026, which is expected to deliver approximately 400 megawatts.”
Inspect primary source: Fervo Energy (SEC filing, Form 8-K exhibit) ↗
Open question
What physical work is evidenced for this unit: site work, equipment, installation, mechanical completion?
Statements on record here (2)
- Construction: Construction of Cape Station Phase II (about 400 MW) commenced Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 22 June 2026 · Source ↗
- Site work: Groundbreaking for the exploration drilling campaign Secondary report · Energy Global · 26 September 2023 · Source ↗
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Commissioning · Cape Station, whole project
Commissioning
Phase I: mechanical completion of GeoBlocks 1 and 2; GeoBlock 1 commissioning with first wells connected and turbines spinning
Commissioning is not commercial operation.
Company reported Fervo Energy (SEC filing, Form 8-K exhibit) · Disclosed 12 August 2026
“Commissioning on GeoBlock 1 continued throughout the quarter with the first set of wells having been connected to the power plant, moving geothermal brine through the heat exchangers and spinning the turbines.”
Inspect primary source: Fervo Energy (SEC filing, Form 8-K exhibit) ↗
Open question
Which tests has this unit passed on the way to service: cold and hot tests, grid synchronisation, test export?
Statements on record here (2)
- Target: first power, Q4 2026: Target as of August 2026: GeoBlock 1 first power in Q4 2026; GeoBlocks 2 and 3 initial power in early 2027 Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 12 August 2026 · Source ↗
- Commissioning: Phase I: mechanical completion of GeoBlocks 1 and 2; GeoBlock 1 commissioning with first wells connected and turbines spinning Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 12 August 2026 · Source ↗
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Operational delivery · Cape Station, whole project
Not established in reviewed sources
No reviewed source establishes a state here. That is not zero, a failure or a negative finding.
Open question
Is this unit in contracted commercial operation, and what delivery or interruption is on record?
- Not established in reviewed sources: Independent confirmation of the September 2026 grid synchronization and commercial operation
- Not established in reviewed sources: Whether GeoBlocks 2 and 3 met the January 1, 2027 contractual date
Statements on record here (2)
- Target: commercial operation, Jan 1, 2027: Target as of October 2026: GeoBlocks 2 and 3 contractual COD by January 1, 2027; Phase II (400 MW) COD in 2028 Company reported · Fervo Energy (SEC filing, Form 8-K exhibit) · 1 October 2026 · Source ↗
- Target: commercial operation, 2026: Original target (2024): initial 70 MW phase operational by 2026, next phase by 2028 Secondary report · Utility Dive · 28 June 2024 · Source ↗
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