With Inflation Reduction Act cuts settled, geothermal startups are pressing ahead.
Fervo Energy announced Tuesday that it will work with Baker Hughes to supply five steam turbines for the second phase of its Cape Station project in Utah, expected to deliver 300 MW of 24/7 power, enough for 180,000 homes. The deal follows $206 million in new financing backed by Breakthrough Energy Catalyst, Mercuria, and X-Caliber Rural Capital.
Meanwhile, Sage Geosystems signed a deal with Ormat Technologies to deploy and license its “Pressure Geothermal” tech, which captures both heat and pressure from injected water to generate electricity.
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Because geothermal power provides constant energy, it is drawing attention from data center developers, with forecasts suggesting it could meet nearly two-thirds of data center demand by 2030.
