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Fervo's $1.4B Geothermal Push: 500 MW Contract Ahead

1/3/2026

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Summary

Story summary

Fervo, backed by Google and valued at $1.4 billion, will begin electricity generation next year via a 500-megawatt contract with Shell and a Californian utility.
Geothermal energy now accounts for less than 1% of global energy.
Princeton University researchers predict advancements could yield geothermal output three times U.S. nuclear plants by 2050.
International Energy Agency estimates geothermal investment could reach $1 trillion by 2035, from $1–2 billion in 2024.

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Story summary

Fervo, backed by Google and valued at $1.4 billion, will begin electricity generation next year via a 500-megawatt contract with Shell and a Californian utility.
Geothermal energy now accounts for less than 1% of global energy.
Princeton University researchers predict advancements could yield geothermal output three times U.S. nuclear plants by 2050.
International Energy Agency estimates geothermal investment could reach $1 trillion by 2035, from $1–2 billion in 2024.