On September 2, Fervo Energy Co. fell 5.97% in pre-market trading, trading at $18.60 per share, with turnover of approximately $3.55 million. The decline represents a technical pullback following the prior trading session's 22.66% surge, which was driven by the announcement of a 396-megawatt power purchase agreement with Alphabet's Google.

Under the agreement, Google will purchase energy from Fervo's Cape Station geothermal project to power a potential data center in Utah, with an option to expand offtake by approximately 600 megawatts for a total capacity of nearly 1 gigawatt by June 2030. The Cape Station project is expected to come online in 2028. Financial details of the deal were not disclosed. The prior session saw trading volume surge to $665 million, more than eight times the preceding session's level, signaling significant short-term profit-taking pressure. Notably, the stock had declined over 40% from its May IPO price before the Google deal-driven rally. Jefferies had previously initiated coverage with a Hold rating and a $42 price target.

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