Fervo Energy (FRVO) just gave investors a major reason to rethink its beaten-down stock. On Sept. 24, the Houston, Texas-based geothermal company said that its Cape Station project in Utah had achieved first power, marking the first utility-scale enhanced geothermal system to reach that milestone. The development could be an important test for Fervo’s business model and FRVO stock, which has struggled since going public.
For investors, the bigger question is whether first power can become the start of a sustained turnaround rather than just another short-term catalyst. Let's take a closer look.
