On September 10, Fervo Energy Co. declined 8.14% in regular trading, trading near $15.80 per share, with turnover of approximately $86.47 million. The stock continued to retrace after a sharp rally driven by the company's 396-megawatt geothermal power purchase agreement with Google, as the market progressively digested the positive catalyst.

Earlier this month, Fervo Energy announced a landmark deal to supply power from its Cape Station enhanced geothermal project in Utah to a potential Google data center, with the facility slated for commissioning in 2028. Google also secured an option to expand offtake by approximately 600 megawatts by June 2030, bringing total potential capacity to nearly 1 gigawatt. The stock initially surged over 18% on the announcement but has since given back much of those gains over consecutive sessions.

Fundamental weakness has compounded selling pressure. The company reported Q2 earnings per share of -$0.38 on revenue of just $113,000, both missing expectations. Cape Station remains under construction, with first power delivery not expected until year-end, limiting near-term profitability. Within the Renewable Electricity sector, peers including Ormat fell 1.78%, Brookfield Renewable Corp. dropped 1.93%, and Clearway Energy declined 1.51%, reflecting broad sector headwinds.

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