Mentioned:
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The United States Department of Energy is backing geothermal energy. Which is exactly why they are committing fresh funding to Fervo Energy.

What’s happening:

  • The United States Department of Energy has awarded Fervo Energy (NASDAQ: FRVO) approximately $20M USD in new funding

Why it matters:

  • The new funding from the United States Department of Energy is divided into two separate awards focused on advancing enhanced geothermal well drilling in Idaho and drilling test wells in Nevada

Going deeper:

  • Fervo Energy’s flagship enhanced geothermal project known as Cape Station in Beaver County, Utah has 500 megawatts under active construction and Fervo Energy has publicly stated the site could potentially scale to roughly 4 gigawatts
  • Google (NASDAQ: GOOG) and Fervo Energy just recently made major waves when they struck a 396 megawatt power purchase agreement