Fervo Energy’s Cape Station geothermal project in Utah has begun supplying electricity to the grid, making it the first greenfield, utility-scale enhanced geothermal systems project to reach first power, the company said Thursday. Phase I includes approximately 100 megawatts across three 33-MW GeoBlocks, with the first unit expected to reach commercial operations by Oct. 1 and the remaining two targeted for Jan. 1, 2027. Fervo is also building an additional 400 MW expected to enter commercial operations in 2028, and the project has about 900 MW of contracted offtake. The company’s development pipeline exceeds 4 gigawatts. Shares were up 4.28% at $17.05 at publication after falling 53.59% over the previous 12 months. Fervo’s horizontal drilling techniques, adapted from the oil and gas industry, are designed to access underground heat and provide continuous power as U.S. demand from data centers, artificial intelligence infrastructure and manufacturing increases. Analysts have a Buy consensus rating and an average price forecast of $41, while recent forecasts range from $27 to $47.