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Tim Latimer and Fervo Energy to Launch First U.S. Commercial Enhanced Geothermal System Next Month

Tim Latimer, the CEO of Fervo Energy, is preparing to launch the Cape Station project in Utah, which is set to become the first commercial enhanced geothermal system in the United States next month. The project utilizes drilling and hydraulic fracturing techniques from the oil and gas industry to create artificial reservoirs in harder rock, allowing for emissions-free power generation. Fervo Energy secured a power purchase agreement with Google to provide 396 megawatts of carbon-free electricity for a data center, with an option to expand to 1 gigawatt by 2030. The company also has contracts with Southern California Edison, Shell Energy, and NV Energy. To achieve cost-competitiveness, the administration preserved federal tax credits for geothermal energy under President Trump's One Big Beautiful Bill Act. Fervo Energy aims to long-term costs of $3,000 per kW, down from $7,000 per kW in Phase I. The company raised nearly $2.2 billion in a2024 IPO to fund expansion across the Western United States.

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