Fervo Energy Company’s Class A common stock has a reported direct holder in Centaurus Capital LP, which owns 15,293,504 shares. John Douglas Arnold and Centaurus Holdings, LLC, Centaurus’s general partner, may also be deemed beneficial owners through their relationships with Centaurus.
Each reporting person may be deemed to beneficially own approximately 5.3% of the class, based on 286,977,787 shares outstanding as of August 10, 2026. Each may be deemed to have sole voting and dispositive power over 15,293,504 shares; shared voting and dispositive power is reported as zero.
Fervo Energy Co (FRVO) Chief Operating Officer Sarah Allison Jewett exercised 59,125 stock options on October 20, 2026, at an exercise price of $1.31 per share, acquiring 59,125 shares of Class A common stock. Afterward, she directly held 416,808 shares of Class A common stock. The reported post-transaction option count was 264,604, updated to correct administrative errors created by share-count miscalculations.
Fervo Energy Co (FRVO) announced that Cape Station’s first GeoBlock reached commercial operation one day before its contractual commercial operation date and is generating revenue under Fervo’s power purchase agreement. The unit produced 33 MW of net power, meeting the production threshold expected under that agreement. Fervo described the project as the world’s first greenfield enhanced geothermal development to achieve contractual commercial operation.
Fervo said it built and commissioned the facility in 23 months. Phase I comprises approximately 100 MW across three 33-megawatt GeoBlocks; the other two are in commissioning and are expected to reach contractual commercial operation by January 1, 2027. Phase II, an additional 400 MW, is under construction with an expected commercial operation date in 2028. Fervo reported over 1 gigawatt of binding power purchase agreements signed across its portfolio and said it is confident future GeoBlocks can reach an 18-month construction timeline.
Fervo Energy Co (FRVO) announced that its wholly owned subsidiary Cape Generating Station 6 LLC signed a 396 MW Power Purchase Agreement with Google Energy LLC for an enhanced geothermal systems project at Cape Station in Utah. The project will be delivered in four 99 MW tranches, with target commercial operation starting in the third quarter of 2028, under a 15-year delivery term. Fervo granted Google an option to add about 600 MW of capacity, bringing total contracted enhanced geothermal capacity to not less than approximately 950 MW, with a guaranteed commercial operation date for the expansion no later than June 2030, subject to Google’s acceptance and a definitive agreement. The project relies on flexible delivery pathways under Utah SB 132 and requires related regulatory approvals, and Fervo may be required to reimburse Google for certain prior payments if it fails to make the agreed capacity expansion offer.
Fervo Energy Company’s institutional investors led by several Technology Impact vehicles reported significant ownership of the company’s Class A common stock on a Schedule 13G. As of June 30, 2026, funds including Technology Impact Fund and Technology Impact Growth Fund II collectively hold large blocks of shares, with TIF I directly holding 12,055,467 shares and TIGF II directly holding 14,962,430 shares. Additional positions include 5,448,761 shares held by TIGF II Direct Strategies LLC - Series 5 and 1,760,732 shares held by Series 7. Based on 286,869,000 Class A shares outstanding as of June 30, 2026, Ion Yadigaroglu and Dipender Saluja each report beneficial ownership of 34,227,390 shares, or 11.9% of the class, through these entities, with shared voting and dispositive power. The reporting persons state that they expressly disclaim status as a “group.”
Fervo Energy Company has a significant shareholder group led by DCVC-affiliated investment funds and their managing members. DCVC VI, L.P. reports beneficial ownership of 9,307,915 shares of Class A common stock, representing 3.2% of the class. DCVC Climate Select, L.P. reports beneficial ownership of 8,806,107 shares, or 3.1% of the class. Through their roles as managing members of the general partners of these funds, Matthew Ocko and Zachary Bogue may each be deemed to share voting and dispositive power over an aggregate of 18,114,022 shares, representing 6.3% of the Class A common stock. The filing details how voting and dispositive powers are allocated among the funds, their general partners, and the two individuals, and includes a joint filing agreement covering all reporting persons.
Devon Energy Corporation reports beneficial ownership of 35,728,296 shares of Fervo Energy Company Class A Common Stock through its wholly owned subsidiary Devon Technology Ventures Holdings, L.L.C. Devon holds 12.5% of the Class A Common Stock, based on 286,859,562 shares outstanding as of June 17, 2026, and has sole voting and sole dispositive power over these shares. The securities are identified by CUSIP 31556C106.
Fervo Energy Company is an early-stage geothermal developer that completed an IPO on May 14, 2026, raising approximately $2.2 billion of gross proceeds at $27.00 per share. As of June 30, 2026 it held $2.11 billion of cash and cash equivalents, total assets of $3.54 billion, and total debt of about $242 million, leaving a strong net cash position while it builds out projects.
The business has not yet commenced large-scale commercial operations and reported minimal revenue of $113 thousand in Q2 2026. Net loss was $55.9 million for the quarter and $87.7 million for the first half, driven by higher general and administrative expenses, stock-based compensation, and non‑operating losses including a $40.0 million warrant remeasurement loss and a $9.0 million loss on extinguishment of debt.
Fervo is advancing its Cape Station project in Utah with 500 MW under construction and a broader geothermal development portfolio. As of mid‑2026 it had 658 MW under binding PPAs and related arrangements, representing about $7.2 billion of contracted revenue backlog, and had incurred $399.3 million of capital expenditures in the first half of 2026. The company also entered a $421.4 million project finance facility (Project Granite Facility), of which about $212.3 million was drawn, along with off‑balance sheet letter of credit and surety bond commitments and contractual commitments of roughly $488.3 million.
Fervo Energy Company reported second-quarter 2026 results highlighting its transition to a capitalized growth phase following its Nasdaq IPO. The company completed an upsized initial public offering in May 2026, raising approximately $2.2 billion in gross proceeds, and ended June 30, 2026 with $2.11 billion in cash and cash equivalents and total assets of $3.54 billion.
For Q2 2026, Fervo generated $113 thousand of revenue, recorded an operating loss of $28.7 million and a net loss of $55.9 million, driven largely by higher general and administrative expenses and other non-operating expense. Capital expenditures were $226.5 million in Q2 2026 versus $108.0 million a year earlier, reflecting accelerated investment at its Cape Station project and broader development pipeline; total capex of $850–900 million is expected in the second half of 2026.
Operationally, Fervo advanced Cape Station Phase I (around 100 MW across three GeoBlocks) toward first power in late 2026 and continued development of Phase II (400 MW targeted for 2028). The company increased its long-term development target to 1.1 GW by 2030 and reported a development pipeline of more than 50 GW, supported by record drilling performance and expansion of its GeoCluster portfolio.
Fervo Energy Company reports a larger net loss as it scales geothermal development ahead of commercialization. For Q1 2026, the company generated minimal revenue of $61 thousand and posted a net loss of $31.8 million, reflecting higher headcount, project development and public‑company readiness costs, plus non‑cash warrant remeasurement losses.
Fervo ended the quarter with $280.8 million of unrestricted cash and significant undrawn credit facilities, then subsequently completed a major IPO raising approximately $2.2 billion in gross proceeds. The company is investing heavily, with Q1 capital expenditures of $172.8 million, largely for its Cape Station geothermal project, and has signed 658 MW of binding PPAs representing about $7.2 billion in potential revenue backlog.