Fervo Energy Secures Two U.S. Department of Energy Awards to Develop Next-Generation Geothermal in Idaho and Nevada

• Two grants, one each for new developments in Idaho and Nevada
• Grants support a targeted appraisal campaign and developing new technology for high-temperature EGS operations

HOUSTON, Sept. 22, 2026 (GLOBE NEWSWIRE) — Fervo Energy (Nasdaq: FRVO), a global pioneer of next-generation geothermal energy, today announced it has received two U.S. Department of Energy awards totaling approximately $20 million to accelerate the development of Enhanced Geothermal Systems (EGS) in Idaho and Nevada and to expand next-generation geothermal across the western United States.

In Idaho, Fervo will use the funding for drilling and completing EGS wells in Elmore County in partnership with multiple national labs. Fervo will also deploy and test new technology for high-temperature EGS operations, extending the reach of enhanced geothermal into hotter, more demanding conditions. This work is expected to unlock advanced geophysical data collection, pushing the limits of high-temperature geophones.

In Nevada, the grant will support a targeted appraisal campaign at a high-priority EGS prospect in Humboldt County to confirm the reservoir is suitable for EGS development. Fervo’s EGS commercial pilot, Project Red, has been generating 3 MW of gross power to the Nevada grid since 2023.

“We are grateful to the Department of Energy for funding these grants. We believe this is a clear indication from the federal government that expanding geothermal energy to new states is a national priority,” said Jack Norbeck, Chief Technology Officer and Co-Founder of Fervo Energy. “We expect this funding to accelerate Fervo’s pipeline and advance the cutting edge of geothermal technologies.” 

For nearly a decade, Fervo has been redefining what geothermal can deliver: clean, baseload power at scale, backed by new performance benchmarks and a fast-growing project pipeline. Fervo previously secured funding from the Department of Energy’s EGS Pilot Demonstrations program to support power production at Cape Station, its flagship development in Milford, Utah. The company has also worked with the Hydrocarbons and Geothermal Energy Office (HGEO) and Advanced Research Projects Agency-Energy (ARPA-E) on other initiatives to improve EGS technology and make geothermal power more widely available and affordable.

“This is an excellent example of how public and private entities can partner together to scale critical energy technologies,” said Tim Latimer, CEO and Co-Founder of Fervo Energy. “With this funding, the Department of Energy is making important investments to help Americans across the country gain access to clean, affordable geothermal energy.”

EGS harnesses heat deep underground, producing electricity around the clock, regardless of weather or time of day. Federal funding has long been a catalyst for breakthrough energy technologies. Funding opportunities ranging from early-stage research and development to deployment such as this opportunity accelerates the scaling for clean, firm power.

About Fervo Energy
Fervo Energy is a modern power company built around one of the market’s most important needs: affordable, dependable new power supply. Through the large-scale deployment of enhanced geothermal systems, Fervo has established a repeatable, industrial approach to building utility-scale power. The company is transforming geothermal into a clean, reliable, cost-competitive solution designed to meet rising demand from AI hyperscalers, utilities, and a more electricity-intensive economy. For more information, visit www.fervoenergy.com.

Forward-Looking Statements 
This press release 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 forward-looking statements. When used in this press release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Fervo believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Fervo’s control. Accordingly, forward-looking statements are not guarantees of future performance, and Fervo’s actual outcomes could differ materially from what Fervo has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks related to expanding our geothermal operations and accessing new markets; challenges in maintaining compliance with extensive environmental regulations and permitting requirements; uncertainties in forecasting future operational results and growth due to economic conditions and market demand; compliance with environmental regulations and climate change initiatives impacting operational costs; inherent risks in the geothermal industry, including potential operational disruptions and associated liabilities; the influence of consumer preferences, government policies, and competition on the demand for geothermal energy; risks associated with fluctuations in energy prices and material costs; dependence on a complex supply chain and successful maintenance of our geothermal infrastructure; financial performance influenced by fluctuations in interest rates, capital availability, and other market conditions; capacity actually constructed or for which we enter power purchase agreements under non-binding agreements, like the Geothermal Framework Agreement; exposure to legal proceedings and claims arising from our business operations; protecting our brand reputation and facing potential negative public perception; negative public perception and political opposition impacting our ability to secure regulatory approvals and market acceptance; the successful and timely execution of our growth strategy, with risks of delays or failures; reliance on key personnel and the potential impact of labor costs and workforce challenges; heavy reliance on technology systems and potential cybersecurity threats; global economic and political conditions affecting our operations, supply chain, and customer demand; the risk that our estimates of capacity potential and heat initially in place are inaccurate or that we are unable to produce quantities of electrical energy commensurate with such estimates; and other risks and uncertainties, including those set forth under “Risk Factors” in Fervo’s Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2026, and Fervo’s other filings with the SEC. 

In light of these factors, the events anticipated by Fervo’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Fervo operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Fervo cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this press release or, if earlier, as of the date they were made. Fervo does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Contact 
V2 Communications for Fervo Energy 
fervo@v2comms.com