Fervo Energy develops, builds, owns, and operates enhanced geothermal system (EGS) power plants. EGS generates electricity by extracting heat from deep underground rock formations — Fervo's core innovation is applying oil and gas techniques (horizontal drilling and hydraulic fracturing) to engineer a heat reservoir in impermeable hot rock. Cold water is injected underground, heated as it flows through fractured rock, returned to the surface, and used to generate electricity via an Organic Rankine Cycle turbine, with cooled brine reinjected in a closed loop. The result is firm, 24/7, carbon-free baseload power — something wind and solar cannot offer without large-scale battery storage. Fervo sells electricity under long-term PPAs, typically 15-year initial terms, to utilities and large tech companies. Fervo is pre-revenue, operating a 3 MW commercial pilot in Nevada, with 500 MW under construction at its flagship Cape Station project in Utah, with first power expected in late 2026. Fervo has 658 MW of signed PPAs, representing roughly $7.2B in potential revenue backlog. Beyond electricity sales, Fervo monetizes federal tax credits by transferring them to third-party buyers. The business is highly capital-intensive, funded through corporate equity raises, non-recourse project-level debt, and tax equity. Fervo's long-term cost reduction roadmap targets driving project costs from roughly $7,000/kW toward $3,000/kW through standardized designs and economies of scale across its multi-GW GeoCluster development model.