Everything Sarah Jewett said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Jewett: Fervo proved hydraulic fracturing and lateral drilling work in granite
“There was a lot of skepticism. You can't hit those drilling rates in granite. If you can't hit that build rate to a lateral well in granite, you can't do a plug and perf operation, you know, hydraulic fracturing operation in granite in the same way that you ca…”
Only one company is delivering a 100MW firm clean project in 2026
“There is one company that's building a hundred megawatt firm clean energy project that's going to be delivered in twenty-twenty-six, and that's a geothermal company.”
Founders must start their next project before the previous one finishes
“I think the next project is always being built before you see a reasonable set of definitive outcomes from the previous project if you know, are really on the entrepreneurial journey.”
Jewett: Nuclear industry gained immense marketing momentum despite being historically slow
“The nuclear energy industry has also been slow and sleepy for a long time, but has somehow gained an immense amount of marketing momentum or something over the last few years.”
Jewett: Fervo funded first demonstration with corporate equity
“So this was, we ended up raising
Corporate equity to fund this first demonstration.”
Jewett: Fervo will deliver 100MW by 2026 and 400MW by 2028
“The first hundred megawatts will be delivered by twenty-twenty-six, and the remaining 400 megawatts will be delivered by twenty-twenty-eight.”
Jewett: Geothermal projects cannot be bank-financed solely on early commercial agreements
“When you look at the wind and solar industry, those industries are fairly de-risked, And so oftentimes you can, you know, sign a commercial agreement very early on and go finance against that commercial agreement because there's a lot of certainty around the e…”
Jewett: Tech companies are shifting toward longer-term power offtake agreements
“I think now we're seeing a little bit more of a robust demand from the tech community for slightly longer-term thinking, and there's a lot more, you know, real negotiating leverage behind a lot of those off-take agreements in a way we haven't seen before.”
Jewett: First Wells Cost the Most, Then Drilling Costs Drop Precipitously
“The way it works is that the first time they drill That well always takes the longest. They don't know anything about the rock, the area, etc. So those wells always take the longest, they're the most high cost, but then over time, the cost to drill wells in th…”
Jewett: Fervo built a 3 MW, three-well system for Project Red
“So we ended up building roughly a three megawatt system, a pair of wells. We actually ended up building three wells. One was a vertical monitoring well that had a bunch of To poison it to sort of monitor the entire system so we could learn from it. And then we…”
Jewett: Google agreed to buy Fervo power with zero upfront risk
“And so we ended up, you know, landing Google for that contract, and Google said, we are also not going to put anything at risk, but in the event that you end up producing electrons from this system, we will pay you for those electrons.”
Jewett: Fervo executed four-stage hydraulic fracture before Project Red
“So we actually raised, post-desktop studies, we raised capital for a very small-scale demonstration.
We went into an existing, highly deviated well in the same field where we ended up
Building Project Red, and we did a four-stage hydraulic fracture in differen…”
Jewett: Fervo originally planned to repower declining US geothermal facilities
“At that point in time, actually, when we were looking at building Project Red, we thought that this repower agreement or this power uplift agreement would be something that was actually cookie cutter for us that we started doing a bunch of. We went to all the …”
Jewett: California's 2021 reliability ruling mandated 1 GW of firm clean power
“In June of twenty-twenty-one, the California Public Utilities Commission launched the midterm reliability ruling, which I think is one of the biggest pieces of policy that has impacted our business to date, and it required all California load-serving entities …”
Jewett: Fervo began greenfield drilling within one quarter of initial well test
“So that well test where we were watching steam first come from the silencer was in early Q two of 2023. And by late Q-two of twenty-twenty-three, we were drilling at our first Greenfield site.”
Jewett: Geothermal development requires subsurface data unlike wind and solar
“Geothermal, unlike wind and solar, where you can measure it by observing surface conditions, you have to know about the subsurface resource in order to have high confidence that you can go build a geothermal facility in a place.”
Jewett: Utah FORGE data de-risked Fervo's acreage and reduced wildcat drilling
“The work that the Forge was doing was rapidly basically de-risking our acreage there because we were able to understand more and more and more about the subsurface. And so, it actually became very clear to us that our Southwest Utah resource was less risky and…”
Jewett: Fervo will standardize on 50MW modular units for future projects
“And so, for phase two, we will be designing very standard 50 megawatt units, hoping to be able to use those 50 megawatt units for projects in the future. And that's our model going forward.”
Jewett: Fervo funded early Cape Station Phase 1 with corporate equity
“All of the early phases of Cape Station phase one, we have been financing with corporate equity.”
Jewett: All Fervo binding offtake contracts are with California load-serving entities
“So all of our existing binding commercial offtake agreements are with California load-serving entities, and they have mostly procured under this MTR regulatory ruling.”
Jewett: Fervo signed another power purchase agreement with Google in Nevada
“Google we've remained in close discussions with, and we've signed another power purchase agreement with Google in Nevada.”
Jewett: Fervo has drilled 21 of 24 wells for Cape Station Phase 1
“We have actually built, we've drilled, I think, 21 of 24 wells for our first phase, and so we're almost completely finished with our drilling phase, and we have cleared the pads for all three power facilities and built foundations, and on one of the power faci…”
Jewett: Fervo initially planned to outsource power facility construction to EPCs
“We originally believed that we would contract it out. We believed we were a subsurface innovation company, and we would get to Greenfield Developments. We would build out the subsurface, and then we would basically use a full wrap EPC on the top side.”
Jewett: About 60% of Fervo Energy's team has oil and gas background
“So we have about 60% of our team comes from the oil and gas industry, and I think a lot of them are motivated by the idea of sort of what I call using our powers for good.”