The newly public Fervo Energy Company (NASDAQ: FRVO) reached a major milestone in its ambitious geothermal energy project this week by syncing a plant to the grid and exporting energy for the first time. No other utility-scale geothermal project has ever achieved this goal.
However, while company executives likely cracked the champagne over the results, it still leaves the company a long way from profitability. Delivering power is one thing; delivering it on time and at a commercially viable scale is another, and the market’s reaction shows the buying opportunity might not be here just yet.
