Fervo Energy (NASDAQ:FRVO) shares are up almost 24% during Tuesday’s session as the company signed a 396 MW power purchase agreement (PPA) with Alphabet Inc. (NASDAQ:GOOG).
Signs 396 MW PPA With Google
The agreement will support the continued development of the Fervo’s Cape Station enhanced geothermal systems (EGS) GeoCluster, which is expected to become operational in 2028.
Under the PPA, Google will purchase carbon-free electricity intended to provide a foundational power source for a potential data center in Utah.
The agreement also gives Google the option to increase its offtake by approximately 600 MW, potentially bringing the total commitment to nearly 1 GW by June 2030.
The agreement is expected to unlock additional around-the-clock electricity capacity without adding costs for existing ratepayers.
Fervo and Google said their partnership will follow a responsible growth strategy centered on transparency, ongoing two-way engagement with local communities and continued investment in the areas where they operate.
Recent Earnings Snapshot
Last month, the company reported a second-quarter 2026 net loss of $55.9 million, or a 38-cent loss per diluted share, compared with an $11.4 million loss, or a $1.31 per share loss, a year earlier. The per-share loss missed the 12-cent loss estimate, while revenue of $113,000 missed the $420,000 estimate.
Fervo expects second-half 2026 capital expenditures of about $850 million to $900 million, in line with previously disclosed expectations.
Key Support Levels Traders Are Watching
The chart context is still defined by the mid-year breakdown: the stock put in a swing high in June, a swing low in July, and then broke below support in August. With the 52-week low at $14.60 and the current price not far above that zone, traders will be watching whether this news-driven bounce can hold higher lows instead of fading back into the prior downtrend.
- Key Support: $17.00 — a nearby level where buyers previously stepped in, close to the current price and not far above the 52-week low zone
FRVO Stock Price Action On Tuesday
FRVO Stock Price Activity: Fervo Energy shares were up 23.73% at $19.03 on Tuesday, according to Benzinga Pro data.
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