Fervo Energy added a third rig to its Cape Station geothermal project during the second quarter of 2026. This expansion increases the company's annual drilling capacity to approximately 54 wells. Management reported a new company record for drilling pace, specifically for larger and deeper well completions.
The company is leveraging capital from its recent IPO to accelerate appraisal drilling and equipment procurement. Rising demand for clean power from AI and industrial clients remains a primary driver of the GeoCluster portfolio strategy.
First power from the initial phase of Cape Station is targeted for the fourth quarter of 2026.