Fervo Energy set a new company record for drilling pace at its Cape Station geothermal project.
The Sawtooth 7 well reached a depth of 19,448 feet. The well features a 7,500-foot lateral. Drilling concluded in 21 days. This achievement marks a 70% reduction in drilling time. Fervo compared this performance to its 2022 commercial well. The latest well reached significantly deeper and hotter resources using a third-generation design.
Fervo expects improved efficiency to increase power output per well. This progress should strengthen overall project economics. CEO Tim Latimer stated the Cape Phase II project is on track to deliver power at $5,500 per kilowatt. Fervo maintains a long-term goal of reducing costs to $3,000 per kilowatt.