"Houston-based Fervo Energy said on Tuesday it has picked a supplier for key parts of its power plants, signaling that the second phase of the Cape Station project in Utah was moving full steam ahead. The startup said that Baker Hughes would design and deliver five steam turbines. Altogether, they'll generate 300 megawatts of electricity 24/7, enough to power around 180,000 homes."
"Behind the Baker Hughes deal is $206 million in financing that Fervo secured in June, which is split between $100 million in project-level preferred equity from Breakthrough Energy Catalyst, a $60 million bump to an existing loan from Mercuria, and $45.6 million in bridge debt financing from an X-Caliber Rural Capital affiliate. Trump energy secretary Chris Wright oversaw an investment into Fervo in 2022 when he was CEO of Liberty Energy."
"Meanwhile, fellow startup Sage Geosystems said last week that it had signed an agreement with geothermal developer Ormat Technologies to deploy its technology at one of Ormat's existing power plants. If all goes as planned, Ormat will license Sage's "Pressure Geothermal" technology, which injects water into fractured rock under pressure, where it absorbs heat. When the water returns to the surface, Sage harvests both the heat and pressure from it, using both to spin turbines to"
Fervo Energy selected Baker Hughes to design and deliver five steam turbines for phase two of the Cape Station project in Utah. Those turbines will produce 300 megawatts of continuous electricity, enough to power about 180,000 homes. Fervo adapted directional drilling from oil and gas to reach nearly 16,000 feet, where temperatures are expected to hold around 520°F. The Baker Hughes contract follows $206 million in financing secured in June, including $100 million from Breakthrough Energy Catalyst, a $60 million loan increase from Mercuria, and $45.6 million in bridge debt. Sage Geosystems agreed with Ormat Technologies to deploy Pressure Geothermal, injecting water into fractured rock and harvesting heat and pressure to drive turbines.
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