Stock Market Today, Sept. 1: Fervo Energy Surges 28% on 396-Megawatt Google Power Deal
Today, Sept. 1, 2026, the geothermal developer signed a landmark commercial agreement that validates firm power demand and clears a path to Cape Station revenue.
Overview
Fervo Energy (NASDAQ:FRVO), an enhanced geothermal power developer and independent power producer, closed at $19.75, up 28.41%. Pre-market, the company said it signed a 396-megawatt power purchase agreement with Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and investors are watching next quarter's earnings and project milestones. Trading volume reached 35.0M shares, coming in about 851% above its three-month average of 3.7M shares. Fervo Energy IPO'd in 2026 and has fallen 46% since going public.
S&P 500 (SNPINDEX:^GSPC) closed at 7,633, down 0.70%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,100, down 1.03%. Among utility-scale geothermal power generation and geothermal technology peers, Ormat Technologies (NYSE:ORA) closed at $107.33, up 5.23%, and NextEra Energy (NYSE:NEE) closed at $82.91, up 0.69%, highlighting stronger interest in clean-power names tied to data-center demand.
Details
Fervo Energy shares soared 28% after announcing a major 396-MW purchase agreement with Google, providing visibility into potential revenue for years to come from a top-tier customer. Google will also have the option to expand the deal by 600 MW, bringing it to nearly 1 GW in 2030.
Source
Originally published at www.fool.com.