Geothermal energy expansion: Fervo Energy's turbine supply deal

On June 24, Baker Hughes (NASDAQ:BKR) inked a 500 MW geothermal deal with Mantle Reach Power, while Fervo Energy (FRVO) secured a 1.7 GW turbine supply deal with Turboden. Fervo also promoted Sarah Jewett to COO. Meanwhile, the International Energy Agency (IEA) reported $2.2 billion in geothermal financing in 2021.

This narrative drives growth in the geothermal energy sector, benefiting companies like Baker Hughes and Fervo. The deals signal increased investment and expansion, pushing geothermal's role in the renewable energy mix. The sector's advantages—consistent power, low emissions, and bipartisan support—attract investors and utilities.

Next, watch Fervo's earnings on August 15 for updates on their growth plans and turbine supply deal. Also, monitor geothermal energy financing trends, with the IEA's next report expected in early 2023, to gauge sector momentum.