Fervo Energy’s first Cape Station unit produces 33 MW

Cape Station synchronized to the grid on September 24 and declared commercial operation on September 30, 2026.

Rhea-AI Filing Summary

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.

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Positive

• Major pointCape Station’s first GeoBlock reached contractual COD one day early.

Negative

• None.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net power production: 33 MW Phase I capacity: approximately 100 MW Remaining Phase I GeoBlocks: 2 GeoBlocks +4 more

7 metrics

Net power production 33 MW Cape Station’s first GeoBlock; met the production threshold expected under the power purchase agreement

Phase I capacity approximately 100 MW Across three 33-megawatt GeoBlocks

Remaining Phase I GeoBlocks 2 GeoBlocks In commissioning; expected to reach contractual commercial operation by January 1, 2027

Phase II capacity 400 MW Under construction; expected commercial operation in 2028

Binding power purchase agreements over 1 gigawatt Signed across Fervo’s portfolio

Facility construction and commissioning 23 months Time to build and commission the first GeoBlock power facility

Future GeoBlock construction timeline 18 months Fervo said it is confident in its ability to reach this timeline

Key Terms

GeoBlock, power purchase agreement, enhanced geothermal systems (EGS), contractual COD

4 terms

GeoBlock technical

"three 33-megawatt GeoBlocks"

power purchase agreement financial

"under Fervo’s power purchase agreement"

A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a generator at an agreed price and schedule, similar to a multi-year subscription for power or a long-term lease of an energy source. Investors care because PPAs provide predictable revenue and cash flow for the generator, reduce market-price exposure, and shift credit and performance risk to the buyer, all of which affect valuation, financing and perceived investment stability.

enhanced geothermal systems (EGS) technical

"enhanced geothermal systems (EGS) can deliver"

Enhanced geothermal systems (EGS) are man-made methods for tapping heat deep underground by drilling wells and creating pathways in hot, dry rock so water can be circulated, warmed, and brought back to the surface to generate electricity or heat buildings—think of drilling into a buried oven and running a pipe through it. For investors, EGS matters because it promises a reliable, low‑carbon source of baseload power with high upfront costs and technical risk, meaning potential long-term returns if projects scale and operate as expected.

contractual COD technical

"one day before its contractual COD"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What power output did Fervo report for Cape Station’s first GeoBlock?

Fervo said the first GeoBlock produced 33 MW of net power, meeting the production threshold expected under its power purchase agreement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/01/2026 - 07:05 AM Accepted by SEC EDGAR 10/01/2026 - 07:05 AM Learn about SEC filing dates

0001853868false00018538682026-10-012026-10-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 1, 2026

___________

FERVO ENERGY COMPANY

(Exact Name of Registrant as Specified in Charter)

DE

001-43285

82-3168838

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

811 Main Street

Suite 1700

Houston,

TX

77002

(Address of principal executive offices)

(Zip Code)

(832) 554-3253

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.0001 per share			FRVO			The Nasdaq Stock Market LLC
						(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 7.01. Regulation FD Disclosure.

On October 1, 2026, Fervo Energy Company (the "Company") issued a press release announcing commercial operation at Cape Station (the "press release"). A copy of the press release is furnished to the Securities and Exchange Commission (the "SEC") as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 7.01 and the press release shall be considered "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Description
99.1						Press Release of the Company, dated October 1, 2026.
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FERVO ENERGY COMPANY

Date:

October 1, 2026

By:

/s/ David Ulrey

Name:

David Ulrey

Title:

Chief Financial Officer

Fervo Energy Declares Commercial Operation at Cape Station Ahead

of Schedule, Leading the Race for Next Generation Geothermal

Energy

•First GeoBlock reaches contractual commercial operation date (COD) and is generating revenue under

the terms of Fervo’s Power Purchase Agreement (PPA)

•First GeoBlock achieved 33 MW of net power production – meeting the expected production threshold

under the PPA

HOUSTON — October 1, 2026 — Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation

geothermal energy, today announced that its first power plant at Cape Station in Beaver County, Utah, has

reached commercial operation, making it the first greenfield enhanced geothermal development in the world to

achieve contractual commercial operations. The landmark milestone marks a pivotal moment for Fervo and for

the broader geothermal industry, demonstrating that enhanced geothermal systems (EGS) can deliver reliable,

24/7 carbon-free electricity at commercial scale on an industry-leading timeline.

Cape Station synchronized to the grid on September 24 and declared commercial operation just six days later on

September 30, one day before its contractual COD. Revenue is now being generated under Fervo’s power

purchase agreement.

“Reaching commercial operations at Cape Station is both a huge milestone for Fervo, and a turning point for the

entire energy industry," said Tim Latimer, CEO and Co-Founder of Fervo Energy. "No team has ever built a

project like this anywhere in the world, and we did it ahead of schedule. We are excited to prove that Fervo

Energy can bring a new track record of execution to the power sector, an industry where project delays are often

the norm.”

Fervo built and commissioned this power facility for its first GeoBlock in just 23 months, a remarkable

achievement for a first-of-its-kind infrastructure project. As Fervo applies lessons learned across its growing

pipeline, the company sees substantial opportunity to compress this timeline further and is confident in its ability

to reach an 18-month construction timeline for future GeoBlocks.

"This is a defining moment at Fervo and it's one we're proud to deliver ahead of schedule," said David Ulrey, CFO

of Fervo Energy. "With over 1 gigawatt of binding PPAs signed across our portfolio, the COD of this first

GeoBlock is the beginning of our build into a durable base of predictable, long-term revenue generation. We

remain focused on disciplined capital execution as we bring the remaining Phase I GeoBlocks online and advance

Phase II toward its 2028 COD."

Cape Station's Phase I comprises approximately 100 MW across three 33-megawatt GeoBlocks. The first

GeoBlock produced 33 MW of net power production, showing even in these early stages the GeoBlock is

performing to expectations. Commissioning continues at the remaining two Phase I GeoBlocks, which are

expected to reach contractual COD by January 1, 2027. The next phase, an additional 400 MW, is already under

construction, with an expected COD in 2028.

"Getting our first GeoBlock to commercial operation reflects the strength of our execution and the discipline of

our team on the ground," said Dawn Owens, SVP, Head of Development & Commercial Markets. “We are on

track to bring the remaining Phase I GeoBlocks online by January 1, 2027. Every GeoBlock we bring online

makes the next one faster and more predictable, and that repeatability is the foundation of how we scale and bring

down costs.”

As Phase I comes online and Phase II advances toward its 2028 COD, Fervo expects Cape Station's contracted

capacity to translate into a growing, long-term revenue stream underpinned by multi-year offtake agreements.

About Fervo Energy

Fervo Energy (Nasdaq: FRVO) is a modern power company built around one of the market’s most important

needs: affordable, dependable new power supply. Through the large-scale deployment of enhanced geothermal

systems, Fervo has established a repeatable, industrial approach to building utility-scale power. The company is

transforming geothermal into a clean, reliable, cost-competitive solution designed to meet rising demand from AI

hyperscalers, utilities, and a more electricity-intensive economy. For more information, visit

www.fervoenergy.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act

and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other

than statements of historical fact, are forward-looking statements. When used in this press release, the words

“aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,”

“intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,”

“target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify

forward-looking statements, although not all forward-looking statements contain such identifying words.

Although Fervo believes that the expectations and assumptions reflected in its forward-looking statements are

reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases,

beyond Fervo’s control. Accordingly, forward-looking statements are not guarantees of future performance, and

Fervo’s actual outcomes could differ materially from what Fervo has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks

related to expanding our geothermal operations and accessing new markets; challenges in maintaining compliance

with extensive environmental regulations and permitting requirements; uncertainties in forecasting future

operational results and growth due to economic conditions and market demand; compliance with environmental

regulations and climate change initiatives impacting operational costs; inherent risks in the geothermal industry,

including potential operational disruptions and associated liabilities; the influence of consumer preferences,

government policies, and competition on the demand for geothermal energy; risks associated with fluctuations in

energy prices and material costs; dependence on a complex supply chain and successful maintenance of our

geothermal infrastructure; financial performance influenced by fluctuations in interest rates, capital availability,

and other market conditions; capacity actually constructed or for which we enter power purchase agreements

under non-binding agreements, like the Geothermal Framework Agreement; exposure to legal proceedings and

claims arising from our business operations; protecting our brand reputation and facing potential negative public

perception; negative public perception and political opposition impacting our ability to secure regulatory

approvals and market acceptance; the successful and timely execution of our growth strategy, with risks of delays

or failures; reliance on key personnel and the potential impact of labor costs and workforce challenges; heavy

reliance on technology systems and potential cybersecurity threats; global economic and political conditions

affecting our operations, supply chain, and customer demand; the risk that our estimates of capacity potential and

heat initially in place are inaccurate or that we are unable to produce quantities of electrical energy commensurate

with such estimates; and other risks and uncertainties, including those set forth under “Risk Factors” in Fervo’s

Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission (the “SEC”) on May

11, 2026, and Fervo’s other filings with the SEC.

In light of these factors, the events anticipated by Fervo’s forward-looking statements may not occur at the time

anticipated or at all. Moreover, Fervo operates in a very competitive and rapidly changing environment, and new

risks emerge from time to time. Fervo cannot predict all risks, nor can it assess the impact of all factors on its

business or the extent to which any factor, or combination of factors, may cause actual results to differ materially

from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue

reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this press

release or, if earlier, as of the date they were made. Fervo does not intend to, and disclaims any obligation to,

update or revise any forward-looking statements unless required by applicable law.

Contact

V2 Communications for Fervo Energy

fervo@v2comms.com

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 43.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 13.3 KB