Fervo Energy Stock Soars as Bill Gates-Backed Company Scores Deal with Google

Dow Jones09-01 20:12

Shares of Fervo Energy surged Tuesday after the Bill Gates-backed geothermal energy company signed a power deal with Alphabet-owned Google, according to The Wall Street Journal.

Fervo Energy stock advanced 14% to $17.40 in premarket trading on Tuesday after ending Monday up 4.1%. The stock made its trading debut on May 13 and has declined 58% since then.

The energy agreement between Fervo and Google is for about 400 megawatts and will see the geothermal energy company provide power to the tech giant from its Utah project, the Journal reported. Google has the choice to expand the agreement.

Google intends to use the energy for a planned data-center in Utah, the report said.

Alphabet and Fervo Energy didn't immediately respond to request for comment from Barron's.

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