Fervo Energy Company · NASDAQ:FRVO
Fervo Energy — Investor Presentation (2026)
34 slides from Fervo Energy's investor presentation, 2026
Slide 1: Fervo Energy Fall 2026 Investor Presentation
Fervo Energy Fall 2026 Investor Presentation | Nasdaq: FRVO
Slide 2: GeoBlock 1, GeoBlocks 2 & 3, GeoBlock 4
GeoBlock 1 GeoBlocks 2 & 3 GeoBlock 4 2
Slide 3: Our mission is to transform geothermal energy into America's most dependable source of clean power
FERVO ENERGY COMPANY Our mission is to transform geothermal energy into America’s most dependable and affordable source of clean, 24/7 power 500 MW 50 GW+ In construction with first Capacity potential across power expected in Q4 2026 multiple sites reviewed by IE 1,054 MW ~$11.9B Binding PPAs with u
Slide 4: Surging Power Demand Driving 98 GW Baseload Capacity Shortfall
FERVO ENERGY COMPANY Surging Power Demand Driving 98 GW Baseload Capacity Shortfall Fervo is positioned to play a central role in meeting the nation’s growing demand for firm, clean power U.S. Power Demand (TWh) U.S. Installed Capacity (GW) 6,000 History Forecast 5,766 4,000 History Forecast +2.0% 3
Slide 5: The Limits of Conventional Geothermal
FERVO ENERGY COMPANY The Limits of Conventional Geothermal Geographically constrained, uncertain production, and limited ability to scale PRODUCTION WELL INJECTION WELL Hydrothermal Plants Installed Capacity (MW) 1–25 26–50 51–75 76–100 101–125 126–150 Conventional geothermal well design U.S. hydrot
Slide 6: Redefining Geothermal with Next-Gen Systems
FERVO ENERGY COMPANY Redefining Geothermal with Next-Gen Systems Technological breakthroughs in unconventional oil and gas turn abundant hot rock into scalable, economic power Click here for technology overview video 4 km Depth Temperature (Celsius) <100 100–124 125–149 150–174 175–199 200–249 Horiz
Slide 7: Standardized GeoBlocks Drive Scalable Power Production
FERVO ENERGY COMPANY Standardized GeoBlocks Drive Scalable Power Production Modular design enables efficiency in capex, speed-to-power, and operations Optimized Design Standardized around the optimal temperature and unit size to maximize performance and repeatability Scale Economies Repeatable equip
Slide 8: Leading Geothermal Power Development
FERVO ENERGY COMPANY Leading Geothermal Power Development Technology-enabled business model drives speed to market, differentiated returns, and capital reinvestment Developer: Owner-Operator: Modular, bolt-on 50 MW power units Fervo builds and owns EGS assets, and in-house engineering accelerate ope
Slide 9: A Staged Pipeline from Land Acquisition to Construction
FERVO ENERGY COMPANY A Staged Pipeline from Land Acquisition to Construction How acreage matures through each stage of development Prospects Pipeline Mature Long-term expansion Mid-term growth engine Near-term commercial value Early Advanced Ready-to- Under Land Holdings Development Development Buil
Slide 10: 650,000+ Acre Portfolio Ready for Accelerated Growth
FERVO ENERGY COMPANY 650,000+ Acre Portfolio Ready for Accelerated Growth First-mover advantage and industry-leading acreage position enable massive scale-up WA Blanford Appraisal Drilling ID Corsac NV UT CO CA Cape Station GeoBlock Construction NM Project Red: 3 MW successful pilot GeoClusters Futu
Slide 11: 500 MW Under Construction at Cape Station
FERVO ENERGY COMPANY 500 MW Under Construction at Cape Station The world’s largest enhanced geothermal system to date, with a 4.3 GW capacity potential1 Cape Station GeoBlock 1: well pad & ORC unit Illustrative GeoCluster Buildout GeoBlock 4: construction activities ORC PAD ~400 MW ~100 MW UNDER CON
Slide 12: Expanding Our Partnership with Google at Cape Station
FERVO ENERGY COMPANY Expanding Our Partnership with Google at Cape Station 396 MW binding PPA with Google, with an option to expand capacity to ~1 gigawatt Capacity ~400 MW (8 GeoBlocks) First Power 3Q 2028, continuing in tranches Delivery Duration 15 Years Grid-connected and exploring direct-to- De
Slide 13: Cape Station Contractual Backlog
FERVO ENERGY COMPANY Cape Station Contractual Backlog Fervo plans to rapidly expand Cape Station in response to intense customer demand Target First Power Delivery (year) Total ~1.5 GW Newly announced Current Google PPA results in: Cape II PPAs ~400 MW ~80% 2030+ increase in contracted capacity at C
Slide 14: Google Geothermal Framework Agreement (GFA)
FERVO ENERGY COMPANY Google Geothermal Framework Agreement (“GFA”) Opportunity to provide clean, firm power for Google data centers through grid-connected and BTM solutions ~1 GW Proposal Up to 3 GW Required within 2 years Total framework capacity Potential ~600 MW Cape Station option 0 GW 1 GW 2 GW
Slide 15: Diversified Demand Across the Commercial Pipeline
FERVO ENERGY COMPANY Diversified Demand Across the Commercial Pipeline Fervo addresses diverse power needs across technology, utility, and industrial customers Utilities & Load Large Load Hyperscalers Industrial Buyers Serving Entities ▪ Large technology companies ▪ Utilities and load serving ▪ Larg
Slide 16: Deep, Layered Competitive Moat
FERVO ENERGY COMPANY Deep, Layered Competitive Moat Proprietary technology, assets, data, supply chain, and execution experience reinforce Fervo’s leadership in EGS High-Quality Geothermal Lease Portfolio 650,000+ net acres of high-quality resource, the majority of which was acquired at low cost, wi
Slide 17: Advancing Well Designs Expected to Increase Production
FERVO ENERGY COMPANY Advancing Well Designs Expected to Increase Production Gross Power per Production Well (MW) Target Installed Capex ($/kW) 25 >$15,000/kW Sawtooth 7 Results: $15,000 ▪ Set 3.0 design drilling pace record +10 MW >25 MW (21 days from spud to total depth) ▪ 19,448' measured depth wi
Slide 18: Comparative Well Economics
FERVO ENERGY COMPANY Comparative Well Economics Higher output and lower capex intensity drive 65%+ more NPV per MW Well Improvements To-Date Well Economics Improvements Generation 2 Generation 3 Generation 2 Generation 3 Well Design Well Design Well Design Well Design Longer Target Baseline 50% 5,00
Slide 19: Capex Expected to Decline as Innovations Continue
FERVO ENERGY COMPANY Capex Expected to Decline as Innovations Continue Each development stage lowers cost per kW and construction time Capital & Time Efficiencies as EGS Scales Drivers EGS at Higher Output Wells Gen 2.0 Gen 3.0 well design well design Scale Longer, wider, and deeper wells increase M
Slide 20: Appendix
Appendix
Slide 21: Fervo Energy Executive Leadership Team
FERVO ENERGY COMPANY Fervo Energy Executive Leadership Team Founder-led management team in place to drive all aspects of large-scale project delivery Tim Latimer Christian Gradl Sarah Jewett Quinn Woodard CEO & Co-Founder SVP, GeoBlock Factory COO VP, Operations 9 YEARS AT FERVO 7 YEARS AT FERVO 6 Y
Slide 22: Production is an Engineered Outcome
FERVO ENERGY COMPANY Production is an Engineered Outcome Temperature and flow are engineered variables that drive capital efficiency Power Productivity from EGS Full-Physics Simulation of Fervo’s EGS Design Output per production well is a function of heat in place, flow rate, and the surface area of
Slide 23: Partnering Locally to Build Things That Last
FERVO ENERGY COMPANY Partnering Locally to Build Things That Last Fervo believes community partnership is essential to responsible project development and long-term success Seismic stations Fervo well location Do What We Say We Are Going To Do Fervo’s approach to development is grounded in earning t
Slide 24: Fervo Exemplifies Leadership in Sustainability
FERVO ENERGY COMPANY Fervo Exemplifies Leadership in Sustainability The Geothermal Sustainable Development Pact outlines 37 commitments across six key areas Community Emissions Engage affected communities and tribal Leverage power generation technologies with zero groups beginning in early planning
Slide 25: Water Use: Non-Consumptive Operations
FERVO ENERGY COMPANY Water Use: Non-Consumptive Operations Wellfield and plant system design minimizes water loss and utilizes degraded, brackish water ✓ ✓ ✓ Closed-loop reservoir design Reinjection of produced fluids Exclusively uses brackish water – not with no routine surface discharge maintains
Slide 26: Continuous Local Seismic Monitoring
FERVO ENERGY COMPANY Continuous Local Seismic Monitoring Comprehensive monitoring facilitates continuous oversight and risk management 5 km 9,000+ ft Dozens Monitoring Radius Fiber Optic Sensor Depth Monitoring Stations Monitoring Stations & Sensors ▪ Dozens of stations: most stations are operated b
Slide 27: EGS Opportunities Expand at Deeper Depths
FERVO ENERGY COMPANY EGS Opportunities Expand at Deeper Depths Fervo’s drilling efficiencies position it to unlock additional market opportunities Heat Beneath Your Feet – Targeting 400°F+ Temperature (°F) 200 400 600 800 1,000 4 km depth 5 km depth 6 km depth Focus efforts in Western U.S. Expand de
Slide 28: Only EGS Meets All Key Power Requirements
FERVO ENERGY COMPANY Only EGS Meets All Key Power Requirements Fervo’s utility-scale baseload power solution is well-suited to hyperscaler and utility procurement preferences ✓ Well-suited - Partial Fervo’s Enhanced Geothermal Systems Conventional Thermal Solar / Wind + Battery2 New-Build Nuclear Hy
Slide 29: Strategic Supply Partnerships Enable Scale
FERVO ENERGY COMPANY Strategic Supply Partnerships Enable Scale Fervo has key relationships across the construction stack – improving terms and reducing delivery risk Turboden & MHI at Cape Station Vallourec in Youngstown, Ohio Turboden Vallourec Baker Hughes ABB Turbine Supply Agreement Long-term S
Slide 30: EGS Technicals: Engineering Improved Performance
FERVO ENERGY COMPANY EGS Technicals: Engineering Improved Performance Cape Station Subsurface: lateral profile view Project Red Wellfield Design Well Design ▪ Wine rack assembly ▪ Doublet: injector- ▪ Multiple benches producer pair ▪ Production-bound ▪ Single bench injection wells ▪ Proven deeper an
Slide 31: Diagram of Binary Organic Rankine Cycle (ORC) Power Plant
FERVO ENERGY COMPANY Diagram of Binary Organic Rankine Cycle (ORC) Power Plant Enhancing heat-to-power efficiency through data-driven ORC optimization Evaporator: hot geothermal fluid 2 transfers heat to a working fluid, Turbine: working fluid vapor causing it to boil TURBINE TURBINE drives mechanic
Slide 32: Core Values
FERVO ENERGY COMPANY Core Values Build Things That Last Innovation Through Collaboration We prioritize health, safety, and the environment first. We seek out ideas from all sources. We think long term. We are never territorial about our work or ideas. We don’t cut corners. We ask questions to learn,
Slide 33: Disclaimer
FERVO ENERGY COMPANY Disclaimer This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, are forw
Slide 34: Thank you
Thank you Investor Relations investor.relations@fervoenergy.com vimeo logo, vimeo symbol, vimeo icon free youtube logo | Figma vector 18910764 Vector Art at Vecteezy