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Fervo Energy Announces Groundbreaking Geothermal Achievements at Cape Station

Author

Slice of Energy Team
September 16, 2024

Key Highlights:

  • Fervo drills 15 wells and achieves record-breaking flow rates at Cape Station.

  • Secures $100 million loan from X-Caliber Rural Capital to accelerate operations.

  • 30-day well test enables over 10 MW of power generation, tripling output of Project Red.

  • Cape Station to deliver 24/7 carbon-free energy to the grid by 2026, with full capacity by 2028.

Notable Quotes:

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"Fervo continues to achieve technical milestones for geothermal development that experts predicted to be set decades from now."

Tim Latimer, CEO and Co-Founder at Fervo Energy
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"Fervo's technical success commercializing advanced geothermal brings us one step closer to a clean, reliable grid."

Jesse Jenkins, Assistant Professor at Princeton University
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"The accomplishments that Fervo is announcing today confirm that next-generation geothermal is on the cusp of commercial success."

Jeff Marootian, Principal Deputy Assistant Secretary at U.S. Department of Energy

Our Take:

Fervo Energy’s achievements represent a significant leap forward in geothermal energy development. With record-breaking well test results and impressive reductions in drilling times, Fervo is positioning itself at the forefront of the clean energy revolution. Their innovative approach, combined with a strong labor force and strategic partnerships, is setting the stage for geothermal energy to play a pivotal role in achieving a sustainable, 24/7 carbon-free electricity grid.