Core Insights - Fervo Energy has raised $462 million to advance its first large-scale power plant and initiate development on additional projects to meet growing electricity demands [1] - The funding round was led by B Capital, with participation from various notable investors including Google and Devon Energy [2] - Fervo has a partnership with Google to supply electricity for its data centers, targeting to bring the first phase of its Cape Station online by 2026 [3] Company Developments - Fervo is working on its 500-megawatt Cape Station power plant in Utah, which is expected to be mechanically complete this year [3] - The company previously raised $206 million in financing six months ago and nearly $500 million in equity and debt last year [3] - Fervo is recognized as a leader in enhanced geothermal energy, utilizing advanced drilling techniques to access hotter rocks for increased power generation [6] Industry Trends - Enhanced geothermal energy is gaining traction due to rising demand from data centers, with projections indicating it could meet nearly two-thirds of new data center energy needs by 2030 [4] - The technology is viewed positively by the current administration, with past investments from energy sector players indicating strong support for geothermal solutions [5] - Fervo's drilling efficiency has improved significantly, reducing the average time to complete a well from about a month to approximately 16 days [7]

Core Points - Ormat Technologies, Inc. has signed a 25-year extension to its existing power purchase agreement with the Southern California Public Power Authority for 52MW from the Heber 1 geothermal facility, effective February 2026 [1][2] - The Heber 1 power plant, a key asset for Ormat, will continue to provide clean, baseload geothermal energy to the Los Angeles Department of Water and Power and the Imperial Irrigation District, ensuring service through 2052 [2][4] - The agreement supports California's climate leadership and energy transition goals, providing reliable, affordable, and carbon-free energy to communities [3][4] Company Overview - Ormat Technologies is a leading geothermal and renewable energy company with over 60 years of experience, focusing on geothermal and recovered energy generation [5] - The company operates a total generating portfolio of 1,558MW, including 1,268MW from geothermal and solar generation, and a 290MW energy storage portfolio located in the U.S. [5] - Ormat is vertically integrated, involved in the design, manufacture, and operation of geothermal power plants, and is expanding into energy storage services and solar photovoltaic [5] Industry Context - The Southern California Public Power Authority serves over 5 million Californians and supplies 16% of California's power, emphasizing the importance of renewable energy sources [6][7] - The Los Angeles Department of Water and Power is the largest municipal utility in the U.S., with a capacity of 8,007MW, and is committed to diversifying its clean energy portfolio [8] - The Imperial Irrigation District is a significant public power provider in California, focusing on renewable energy development and maintaining low power rates [9]