You’re out of free articles.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Sign In or Create an Account.
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Welcome to Heatmap
Thank you for registering with Heatmap. Climate change is one of the greatest challenges of our lives, a force reshaping our economy, our politics, and our culture. We hope to be your trusted, friendly, and insightful guide to that transformation. Please enjoy your free articles. You can check your profile here .
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Subscribe to get unlimited Access
Hey, you are out of free articles but you are only a few clicks away from full access. Subscribe below and take advantage of our introductory offer.
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Create Your Account
Please Enter Your Password
Forgot your password?
Please enter the email address you use for your account so we can send you a link to reset your password:
The Oscar-winner and El Capitan free solo-er talks to Heatmap about solar panels, fatherhood, and his new docuseries, Arctic Ascent.

In 2017, rock climber Alex Honnold went on Jimmy Kimmel Live! to promote Free Solo, the then-new documentary about his unassisted climb of Yosemite’s El Capitan. “Is there anything bigger than that?” Kimmel prompted as a closing question.
“I mean, there are technically some bigger walls in the world,” Honnold said. “But they’re in very remote places — like Greenland.”
Five years and an Oscar later, Honnold was scrambling off a boat at the base of Ingmikortilaq, a crumbly sea cliff that towers nearly 1,000 feet higher than El Cap over an iceberg-ridden fjord in eastern Greenland. His intended first ascent was the culmination of a six-week adventure across ice fields and glaciers.
This time, Honnold wasn’t alone. The Greenland expedition included two other legendary climbers, Hazel Findlay and Mikey Schaefer, as well as Aldo Kane, who provided safety and technical support; Adam Kjeldsen, a Greenlandic guide; and perhaps most surprisingly, Heïdi Sevestre, a French glaciologist who helped set up or run 16 different studies to collect data for scientists around the world.
The team’s adventure is captured in Arctic Ascent with Alex Honnold, a three-part docuseries that premieres on Hulu and Disney+ on February 5. Ahead of its release, I spoke separately with Honnold and Sevestre about the expedition, the importance of climate science, and their respective climbs. (While Sevestre, previously a non-climber, didn’t attempt Ingmikortilaq, she did scale a 1,500-foot rock face known as the Pool Wall while drilling rock cores for samples.) Our conversations have been lightly edited and condensed for clarity.
Unlike a lot of other outdoor sports like mountaineering or skiing or even surfing, rock climbing doesn’t seem as obviously imperiled by climate change. How did this become the cause you wanted to devote your time and money to?
Oh, I think climbing is more imperiled by climate change than most other sports. I mean, you’re right that maybe it’s not as impactful as to skiing, but it’s way more impactful than almost every other sport.
You’re still in the mountains. Wildfire smoke every summer — that’s now a thing that just didn’t exist when I was growing up climbing. Even if you’re just rock climbing, you’re always approaching in the mountains. Nowadays, most couloirs [chutes between rocks that might typically fill with snow in the winter] have melted out. Stable snow fields that have existed for generations are now melted out. Piles of teetering rubble are falling down mountainsides, and also a lot of routes are just less safe. The mountainsides themselves are collapsing, like the Aiguille du Midi gondola in Chamonix. Which, actually — one of the things we were installing in Greenland were temperature sensors on one of the cliffs, related to studying how rocks thaw out, what happens when permafrost melts. I would say that climate change is still incredibly relevant for us.
Your way into climate was through your climbing, then?
A big part of my environmental awareness in general is because of the experiences I’ve had outdoors as a climber. But long before [the Greenland expedition], I started a foundation in 2012 where I’ve been supporting community solar projects around the world and caring about the transition to renewables. I’ve cared about climate change forever. I think this was just the first opportunity to do it on mainstream television.
I saw that Arctic Ascent purchased carbon credits to compensate for production emissions. I was hoping you could talk about that decision, and how else you might have minimized your impact on the expedition, since I don’t think people are aware of how energy intensive film and TV productions can be.
In this case, other than the obvious expense of all of our flights getting to Greenland, we had a relatively low carbon footprint because we were camping the whole time. I think you’re right that a lot of television is kind of insane when you have all the RVs and everyone’s in their own thing and there’s hair and makeup and it’s just crazy with, like, a million cameras. In this case, it was basically a bunch of people camping on a glacier for six weeks, so it’s not quite the same as a Hollywood set.
But yeah, I think the idea to purchase offsets was the obvious bare minimum for a project like this. If you’re going to be doing a whole story around sea level rise, you have to do something.
The Honnold Foundation focuses on bringing solar panels to vulnerable communities, but these are fairly small projects compared to the expansive solar farms we might more traditionally think of. Why did you choose to focus your time on something that might seem, at least on paper, to be of a smaller scale than, say, electrifying the grid?
It’s a totally fair question. In 2012, it wasn’t totally clear that the world was transitioning to renewables at all. It seemed like it was inevitable, but you’re never really sure — you know, back then people were into hydrogen and you’re like, “Oh, maybe we’re going to have hydrogen cars, or maybe battery electric really takes off,” blah, blah, blah. Anyway, now it seems totally clear that the world is transitioning to renewables. Within some timeframe, like 20 to 50 years, the world will be 100% renewable.
The thing is, we currently live in a world where something like a billion people don’t have access to power, and transitioning to renewables will still leave us in a world where a billion people don’t have access to power. [Editor’s note: The number of people living without electricity today is actually closer to 760 million.] As the system changes, there are so many people who are left behind. What the Honnold Foundation tries to do is find that sweet spot in helping with the transition, helping the people who are being left behind.
Part of that is just by necessity — I’m a professional rock climber, I’m not a tech billionaire. So the small-scale grants just make more sense to some extent, but they also have the biggest impact on human lives because when you do these small-scale projects, you can fundamentally change the way people live. That’s a huge impact.
I live in Las Vegas, and you see huge solar farms around the desert. It’s great; the grid is going 100% renewable. I’m into that. But realistically, the only difference it makes in most people’s lives is maybe a small change in their utility rate. Really, the people that benefit are the utility shareholders — it’s some Warren Buffett-owned utility in my case, NV Energy. That really isn’t that inspiring. This is my long rant to say that the Honnold Foundation is trying to help the humans who need it the most.
Did you get a chance to use solar panels on the Greenland expedition?
On this trip, no, because they were running a generator for production and it was charging, like, 50 batteries.
It’s funny because we did an expedition in Antarctica where we made a little climbing film as well. And on that trip, they planned to take a generator and then somebody just forgot the fuel. So we got there and we were like, “Oh, no,” and we wound up doing the whole trip off solar and it totally worked.
This was your first expedition since becoming a father. You’ve worked on the climate cause for a long time now, but I’m curious if your perspective has changed at all since your daughter June joined your family — and I know you have another daughter on the way!
Yeah, soon! No, I don’t think my perspective has changed too much. I’ve always cared about these kinds of issues. The bigger change is in the way that I spend my time. Having a family forces me to be a little bit tighter about the choices that I’m making, what expeditions I choose to go on. That makes a trip like this even more worthwhile, where you get to do great climbing and there’s a real purpose behind it, and you get to share important knowledge about things that matter.
Can you tell me a little more about the decision to bring Heïdi on board? I heard her version of the story earlier this week but I’m curious about how you found her and roped her in.
Isn’t she so amazing?
She was delightful!
That’s the thing with Heïdi. Because when you spend time with her, she just makes you care about about ice. And I don’t even like ice. It’s not my thing; I like rocks. But she made me much more knowledgeable and much more caring about that type of world.
Do you consider yourself an optimist when it comes to climate change?
I think so, which is weird because I’m optimistic despite all the data to the contrary. I understand the predictions, but there’s so much to gain. So far it’s been 20 years that I’ve been reading environmental nonfiction and we haven’t really chosen to make anything of this opportunity, but we still have this incredible opportunity to build a better world to live in, a cleaner world. We can still choose that at any point. And I just keep thinking that at some point, we’re going to choose it. You can’t keep ignoring the obvious thing forever.
How did you get involved in the Arctic Ascent expedition?
This was an absolute dream come true for me — I felt extremely lucky to get a call from the team. It is extremely challenging to go to that one remote location, one of the least studied places on Earth. But Alex, as you know, is a firm believer in the scientific work. The planets really aligned. It took about a year prior to the expedition to design the work we could do with boots on the ground.
I wanted to know what it was like to put together scientific objectives for an expedition like this. It’s a little bit unconventional because there’s a film crew and there was climbing involved.
I think it was extremely brave and extremely daring of the entire team to have the willingness to invite the scientists on board. Because not only did we have the best climbers in the world climbing in a very challenging and hostile environment, we’re also filming a series of documentaries and we have to do some of the very best possible science. So it’s not that easy! But what we did is, we took it step by step. We contacted all the universities and labs and institutions interested in data from this part of the world — and also interested in training me on how to collect this data. Because I really felt — it’s what I was thinking the whole time — I really felt like I was an astronaut on the ISS. I was the only one, and I had to do the best possible work.
We ended up with 16 different protocols to do on this expedition, so it was really major. And, you know, we worked with NASA, we worked with research institutes in Denmark, the University of Buffalo, and the University of Kansas, for example. So it was challenging but a dream come true to be trusted by the scientists.
Your first big polar expedition was actually to Greenland, back in 2011. Had you been back to the island between that research trip and this one?
I had spent a tiny bit of time — not so far in the field as East Greenland, but around the coastlines. But what I was doing there was mostly science communication with people who wanted to learn about the impacts of climate change on the Greenland ice sheets. So I hadn’t been on a big research expedition to Greenland since 2011. And the changes were absolutely massive.
That was going to be my question!
The Arctic is one of the fastest-warming places on Earth. Everything that’s taking place in Greenland is impacting the rest of the world, so I felt that we had a duty and a mission — on top of climbing these incredible monoliths, we actually had to bring something back to society.
In the series, you talk about how remote and understudied East Greenland is by climate scientists. But during the expedition, you were being assisted by support helicopters and by boats. So why aren’t expeditions like this one happening all the time? Is it an issue of funding or a lack of scientific interest in this particular region?
It’s crazy to think of how little data we have from the ground [in East Greenland]. We have satellites — we have as many satellites as we want. But it is very tricky to get there. What you have to understand about this place is that for 10 months of the year, there is sea ice blocking access to this field. Ten months of the year! So the rest of the year — yes, we can access by plane, we can access by boat, but it’s very expensive.
What was great about this project is that we had in mind, “How can we lower our carbon footprint?” This is why, for example, we worked with fishermen who had boats from a nearby village at the entrance of the field. It was very important for us to use local means of transportation. Of course, we had to use helicopters every now and then, because there was no other way. But it’s remote, it’s expensive, and on top of everything, it is extremely hostile.
Oh my gosh, the bashing you get when you go there! This is something that we really wanted to show in the series — how powerful nature can be. And climate change is accelerating and making these changes even more violent. So I think it’s important to show that when nature starts to be a bit destabilized, it can get very angry.
There was a paper in Nature that came out earlier this month that said nearly every glacier in Greenland has thinned or retreated over the past few decades. In the series, there’s a bit of good news, which is that the Daugaard-Jensen Glacier is a little bit more stable than you were anticipating. Do you have any insight into why that might be?
What’s so great is, it keeps part of the mystery! I like that we still don’t totally understand what’s taking place.
The scientists we’ve been working with have told us — this is a bit technical — but it has to do with the shape of the bedrock. It seems that the glacier is resting on a little ridge that might be holding everything together. This might be the reason why the glacier is still stable; also, this part of Greenland still receives a lot of snow.
But we’ve seen some cracks in this perfect picture. You know, the NASA float [that we launched on the expedition] has told us that the temperature of the water in the fjords is increasing. So it’s not all perfect. The environment around it is definitely changing, but it seems that it has some advantages.
Were there any findings from the expedition that you are particularly excited about?
All of them! But science takes a very long time, so at the moment, we’re still waiting on a lot of the results from these different protocols. But what I want to share is something that is very simple: Greenland holds a lot of ice, and if we lose the ice, it means 6 to 7 meters of sea-level rise. As you saw in the paper that was published by Nature, at the moment, Greenland is losing 30 million tons of ice per hour. What is crucial to understand is that every action we conduct back home to reduce our carbon footprints and to preserve our climate helps Greenland and helps our collective future. All this data will help us to prepare for the things to come.
Last question: Have you taken up rock climbing?
I’ll be honest: no. I think I’m a bit traumatized in a good way. I think I needed a minute to recover. But I really want to start climbing again — now, with the launch of this series, I know that it’ll be my mission for this year. Otherwise, I think Alex and Hazel will never forgive me.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
On China’s H2 breakthrough, vehicle-to-grid charging, and USA Rare Earth goes to Brazil
Current conditions: In the Atlantic, Tropical Storm Fernand is heading northward toward Bermuda • In the Pacific, Tropic Storm Juliette is active about 520 miles southwest of Baja California, with winds of up to 65 miles per hour • Temperatures are surging past 100 degrees Fahrenheit in South Korea.
Nearly two weeks ago, Vineyard Wind sued one of its suppliers, GE Vernova, to keep the industrial giant from exiting the offshore wind project off the coast of Nantucket in Massachusetts. Now a U.S. court has ordered GE Vernova to finish the job, saying it would be “fanciful” to imagine a new contractor could complete the installation. GE Vernova had argued that Vineyard Wind — a 50/50 joint venture between the European power giant Avangrid and Copenhagen Infrastructure Partners — owed it $300 million for work already performed. But Vineyard Wind countered that the manufacturer remains on the hook for about $545 million to make up for a catastrophic turbine blade collapse in 2024, according to WBUR. “The project is at a critical phase and the loss of [Vineyard Wind]’s principal contractor would set the project back immeasurably,” the Suffolk County Superior Court Judge Peter Krupp wrote in his decision, repeatedly using the name of GE Vernova’s renewables subsidiary. “To pretend that [Vineyard Wind] could go out and hire one or more contractors to finish the installation and troubleshoot and modify [GE Renewables’] proprietary design without [GE Renewables’] specialized knowledge is fanciful.”
Charlotte DeWald fears the world is sleepwalking into tipping points beyond which the Earth’s natural carbon cycles will render climate change uncontrollable. By the time we realize what it means for global weather and agricultural systems that there’s no sea ice in the Arctic sometime in the 2030s, for example, it may be too late to try anything drastic to buy us more time. Much of the discourse around what to do concerns a specific kind of geoengineering called stratospheric aerosol injections, essentially spraying reflective particles into the sky to block the sun’s heat from permeating the increasingly thick layer of greenhouse gases that prevent that energy from naturally radiating back into space. That’s something DeWald, a former Pacific Northwest National Laboratory researcher and climate scientist by training who specialized in modeling aerosol-cloud interactions, knows all about. But her approach is different, using a technology known as mixed-phase cloud thinning, a process similar to cloud seeding. “The idea is that you could dissipate clouds over the Arctic to release heat from the surface to, for example, increase sea ice extent or thickness or integrity,” she told me. “There’s some early modeling that suggests that it could yield significant cooling over the Arctic Ocean.”
With all that context, you can now appreciate the exclusive bit of news I have for you this morning: DeWald is launching a new nonprofit called the Arctic Stabilization Initiative to “evaluate whether targeted interventions can slow dangerous” warming near the Earth’s northern pole. So far, ASI has raised $6.5 million in philanthropic funding toward a five-year budget goal of $55 million to study whether MCT, as mixed-phase cloud thinning is known, could help save the Arctic. The nonprofit has an advisory board stacked with veteran Arctic scientists and put together a “stage-gated” research plan with offramps in case early modeling suggests MCT won’t work or could cause undue environmental damage. The project also has an eye toward engaging with Indigenous peoples and “will ground all future work in respect for Indigenous sovereignty, before any field-based research activity is pursued.” The statement harkens to Harvard University’s SCoPEx trial, a would-be outdoor experiment in spraying reflective aerosols into the atmosphere over Sweden that ran aground after researchers initially failed to consult local stakeholders and a body representing the Indigenous Saami people in the northern reaches of Nordic nations came out against the testing. (By repeatedly invoking ASI’s nonprofit status, DeWald also seemed to draw a contrast with for-profit stratospheric aerosol injection startup Stardust Solutions, which last year Heatmap’s Robinson Meyer reported had raised $60 million.) “We are continuing to move toward critical planetary thresholds without a bible plan for things like tipping points,” DeWald said. “That was the inflection point for me.”

China just took yet another step closer to energy independence, despite its relatively tiny domestic reserves of oil and gas, kicking off the world’s largest project to blend hydrogen into the natural gas system. As part of the experiment, roughly 100,000 households in the center of the Weifang, a prefecture-level city in eastern Shandong province between Beijing and Shanghai, will receive a blend of up to 10% hydrogen through existing gas pipes. The pilot’s size alone “smashes” the world record, according to Hydrogen Insight. Whether that’s meaningful from a climate perspective depends on how you look at things. A fraction of 1% of China’s hydrogen fuel comes from electrolyzer plants powered by clean renewables or nuclear electricity. But the People’s Republic still produces more green hydrogen than any other nation. Last year, the central government made cleaning up heavy industry with green hydrogen a higher priority — a goal that’s been supercharged by the war in Iran. Therein lies the real biggest motivator now. While China relies on imports for natural gas, swapping out more of that fuel for domestically generated hydrogen allows Beijing to claim the moral high ground on emissions and air pollution — all while becoming more energy independent.
Meanwhile, China’s container ships are the latest sector to experiment with going electric and forgoing the need for costly, dirty bunker fuel. A 10,000-ton fully electric cargo vessel capable of carrying 742 shipping containers just started up operations in China this week, according to a video posted on X by China’s Xinhua News service.
Sign up to receive Heatmap AM in your inbox every morning:
The ability of electric vehicles to serve as distributed energy resources, charging in times of low demand and discharging back onto the grid when demand peaks, has long been a dream of EV enthusiasts and DER advocates alike. California’s PG&E utility launched a small bi-directional charging program in 2023, allowing owners of Ford F-150 Lightnings to use their trucks as home backup power, and eventually feed energy back onto the grid. The utility added a host of General Motors EVs to the program back in 2025. On Monday, it announced its latest vehicle participant: Tesla’s Cybertruck. The Tesla vehicle will be the first in the program to run on alternating current, which simplifies the equipment necessary and lowers costs for consumers, according to PG&E’s announcement.
In January, I told you about the then-latest company to benefit from President Donald Trump’s dabbling in what you might call state capitalism with American characteristics: USA Rare Earth. The vertically integrated company, which aims to mine rare earths in Texas, took big leaps forward in the past year toward building factories to turn those metals into the magnets needed for modern technologies. For now, however, the company needs ore. On Monday, USA Rare Earth announced plans to buy Brazilian rare earth miner Serra Verde in a deal valued at $2.8 billion in cash and shares. The transaction is expected to be complete by the end of the third quarter of this year. The company pitched the move as a direct challenge to China, which dominates both the processing of rare earths mined at home and abroad. “The world has become too dependent on a single source and it’s high time to break that dependency,” USA Rare Earth CEO Barbara Humpton told CNBC’s “Squawk Box” on Monday.
As if we needed more evidence that the data center backlash is “swallowing American politics,” here’s Heatmap’s Jael Holzman with yet another data point: According to tracking from the Heatmap Pro database, fights against data centers now outnumber fights against wind farms in the U.S. That includes both onshore and offshore wind developments. “Taken together,” Jael wrote, “these numbers describe the tremendous power involved in the data center wars.”
Fights over AI-related developments outnumber those over wind farms in the Heatmap Pro database.
Local data center conflicts in the U.S. now outnumber clashes over wind farms.
More than 270 data centers have faced opposition across the country compared to 258 onshore and offshore wind projects, according to a review of data collected by Heatmap Pro. Data center battles only recently overtook wind turbines, driven by the sudden spike in backlash to data center development over the past year. It’s indicative of how the intensity of the angst over big tech infrastructure is surging past current and historic malaise against wind.
Battles over solar projects have still occurred far more often than fights over data centers — nearly twice as many times, per the data. But in terms of megawatts, the sheer amount of data center demand that has been opposed nearly equals that of solar: more than 51 gigawatts.
Taken together, these numbers describe the tremendous power involved in the data center wars, which is now comparable to the entire national fight over renewable energy. One side of the brawl is demand, the other supply. If this trend continues at this pace, it’s possible the scale of tension over data centers could one day usurp what we’ve been tracking for both solar and wind combined.
The enhanced geothermal darling is spending big on capex, but its shares will be structured more like a software company’s.
Fervo, the enhanced geothermal company that uses hydraulic fracturing techniques to drill thousands of feet into the Earth to find pockets of heat to tap for geothermal power, is going public.
The Houston-based company was founded in 2017 and has been a longtime favorite of investors, government officials, and the media (not to mention Heatmap’s hand-selected group of climate tech insiders) for its promise of producing 24/7 clean power using tools, techniques, and personnel borrowed from the oil and gas industry.
After much speculation as to when it would go public, Fervo filed the registration document for its initial public offering on Friday evening. Here’s what we were able to glean about the company, its business, and the geothermal industry from the filing.
The main theme of the document, known as an S-1, is the immense potential enhanced geothermal — and, thus, Fervo — has.
The company says that its Cape Station site in Utah, where it’s currently developing its flagship power plants, had “4.3 gigawatts of capacity potential” alone. That’s more than the 3.8 gigawatts of conventional geothermal capacity currently on the grid. Enhanced geothermal technology, otherwise known as EGS, “has the potential to make geothermal generation as ubiquitous as solar generation is in the U.S. today,” the company projects. (There’s about 280 gigawatts of installed solar capacity currently in the U.S., according to the Solar Energy Industries Association) “A broader subset of our reviewed leases represents over 40 gigawatts” of capacity, the document goes on.
Like all investor pitches, the S-1 features some eye-popping “total addressable market” figures. Citing analysis by the consulting firm Rystad, the document says that if there’s a sufficient shortfall in capacity due to retiring power plants (98 gigawatts by 2035), the annual market for enhanced geothermal would be approximately $70 billion by 2035, and that this would represent some $2.1 trillion in revenue potential over 30 years.
The company is already producing 3 megawatts at its Nevada Project Red site for the Nevada grid as part of a deal with Google. It also expects to begin generating power from the Cape Station site “by late 2026,” according to the filing, and get up to 100 megawatts “by early 2027.” In total, Fervo has “658 megawatts of binding power purchase agreements,” which it says represents ”approximately $7.2 billion in potential revenue backlog.”
Beyond that, Fervo says it has 2.6 gigawatts “in advanced development,” and “over 38 gigawatts” in “early-stage development,” where it’s still doing feasibility studies to “validate and confirm the path toward commercial development.”
Fervo says that the energy produced from its Cape Station facility will come in at around $7,000 per kilowatt. That’s already cheaper than “traditional and small modular nuclear power,” which the Department of Energy has estimated costs $6,000 to $10,000 per kilowatt, the filing says. Fervo is aiming to get the total project costs down to $3,000 per kilowatt, at which point it says it would outcompete natural gas without any of the price volatility due to fuel costs going up and down.
But Fervo’s upfront spending is still immense. Fervo says that it expects some $1.2 billion in capital expenditure this year, of which only $125 million is going toward the first phase of its Cape Station project, which it has said would deliver 100 megawatts of power. (Meanwhile, the $940 million it expects to spend on the second phase, which is due to be 400 megawatts, is mostly unfunded.) The company says the public offering will fund “project-level capital expenditures,” as well as land holdings and general corporate expenditures.
Google comes up some 36 times in the document, most times in reference to the “Geothermal Framework Agreement” Fervo signed with the hyperscaler this past March. The S-1 describes the deal as a “3-gigawatt framework agreement … to advance and structure potential power offtake opportunities for current and planned data centers in both grid-connected and alternative energy solutions.” This deal, the company says, “establishes a structured process for the development of geothermal projects across specified regions of the United States,” and could involve the offtake by Google of up to 3 gigawatts of Fervo-generated electricity by the end of 2033.
What the framework is not is a power purchase agreement. One of the risk factors Fervo lists in the IPO document says, “The GFA is a non-binding agreement, and does not obligate Google to purchase power from us.” Instead, it is “a binding framework under which we may propose geothermal development projects to Google, but it does not obligate Google to accept any project, execute any power purchase agreement or provide us with any project financing.”
The agreement also places limits on Fervo, including from whom it can accept investment or financing. (The deal outlines a “broad category of entities defined as competitors,” which are all no-nos.) Overall, the company says, the arrangement gives Google “significant priority over our near-term development pipeline and may limit our flexibility to pursue alternative commercial, strategic, or financing arrangements that would otherwise be available to us.”
Upon going public, the company will have two shares of stock: Class A shares available to the public, and Class B shares owned by its founders, chief executive officer Tim Latimer, and chief technology officer Jack Norbeck. These Class B shares will have 40 times the voting rights of the class A shares and will allow Latimer and Norbeck to “collectively continue to control a significant percentage of the combined voting power of our common stock and therefore are able to control all matters submitted to our stockholders for approval.”
These arrangements are familiar with venture-backed, founder-led software companies. Alphabet and Meta are the most prominent examples of large, publicly traded companies that are under the effective control of their founders thanks to dual class share structures. Tesla, rather famously, does not have a dual class share structure, which is why CEO Elon Musk convinced his board to award him more shares so that he would maintain a high degree of influence over the company.
While other technology companies such as Stripe pile up billions in revenue without any near term prospects of going public, Fervo largely has spending to report on its income statement.
In 2025, the company reported just $138,000 in revenues with a $58 million net loss; that’s compared to a $41 million net loss in 2024. The revenues were “ancillary fees associated with rights to geothermal production at Project Red,” the company said. “This type of revenue is not expected to be significant to our long-term revenue generation, as we have not yet commenced large-scale commercial operations.”
And there’s more spending to come.
Fervo expects that the second phase of its Cape Station project will “require approximately $2.2 billion in capital expenditures through 2028,” which it hopes to pay for with project-level financing.
Fervo said it is “continuing to evaluate the effect of the OBBB” — that is, the One Big Beautiful Bill Act, which slashed or curtailed tax credits for clean energy companies — and that it wasn’t able to “reasonably” estimate the effect on its financial statements by the end of last year. The company does say, however, that it “may benefit from ITCs and PTCs (including the energy community and domestic content bonuses available under the ITC and PTC, in certain circumstances) with respect to qualifying renewable energy projects,” referring to the investment and production tax credits, which acquired a strict set of eligibility rules under OBBBA. It cautioned that the current guidance regarding tax credit eligibility is “subject to a number of uncertainties,” and that “there can be no assurance that the IRS will agree with our approach to determining eligibility for ITCs and PTCs in the event of an audit.”
The company also disclosed that earlier this month, it reached a deal with Liberty Mutual, the insurance company “to sell and transfer tax credits generated at Cape Station Phase I,” taking advantage of a provision of the law that allows credits to be sold to other entities with tax liability, and not just harvested by investors in the project.