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Fervo Energy Fall 2026 Investor Presentation | Nasdaq: FRVO
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GeoBlock 1 GeoBlocks 2 & 3 GeoBlock 4 2
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F E R V O E N E R G Y C O M P A N Y 3 Our mission is to transform geothermal energy into America’s most dependable and affordable source of clean, 24/7 power 3 GW Framework agreement to power Google data centers 500 MW In construction with first power expected in Q4 2026 1,054 MW Binding PPAs with utilities, hyperscalers, and CCAs 50 GW+ Capacity potential across multiple sites reviewed by IE ~$11.9B Contracted revenue under binding PPAs Land position represents numerous multi-GW sites 650k+ Acres IE: independent engineer; PPA: power purchase agreement; CCA: community choice aggregators Note: acreage figures expressed in net acres. Figures as of June 30, 2026
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F E R V O E N E R G Y C O M P A N Y 4 Surging Power Demand Driving 98 GW Baseload Capacity Shortfall Fervo is positioned to play a central role in meeting the nation’s growing demand for firm, clean power Source: Rystad Energy Note: Baseload = coal, CCGT, nuclear, hydroelectric, and geothermal; Peaker = SCGT, liquids, and biofuels; Intermittent = onshore wind, offshore wind, solar, and BTM solar; Storage = batteries, BTM batteries, and pumped storage - 1,000 2,000 3,000 4,000 5,000 6,000 U.S. Power Demand (TWh) 2000 2025 2040203520302020201520102005 ForecastHistory +0.4% +2.0% 3,592 5,766 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Peaker U.S. Installed Capacity (GW) 2010 20502030 204520402035202520202015 Storage Intermittent Baseload History Forecast Accelerating Demand Growth Power demand is entering a period of structurally higher growth, driven by large new sources of electricity consumption Declining Baseload Supply Traditional baseload supply is shrinking, creating a growing need for firm, reliable generation 2025 - 2040 2025 - 2050
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F E R V O E N E R G Y C O M P A N Y 5 The Limits of Conventional Geothermal Geographically constrained, uncertain production, and limited ability to scale INJECTION WELL PRODUCTION WELL − Geographically limited to geology with naturally occurring hydrothermal resource and existing fractures − Uncertain cost profile and long development timeline due to unique design at each site − 4 GW of installed capacity with limited ability to scale meaningfully; hydrothermal resources are relatively rare and the best resources have already been developed Hydrothermal Plants Installed Capacity (MW) 1–25 26–50 51–75 76–100 101–125 126–150 Conventional geothermal well design U.S. hydrothermal installed electricity-generating capacity Source: Rystad Energy
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F E R V O E N E R G Y C O M P A N Y 6 Redefining Geothermal with Next-Gen Systems Technological breakthroughs in unconventional oil and gas turn abundant hot rock into scalable, economic power + Engineered fractures significantly mitigate dry-hole risk and make EGS geographically flexible + Manufactured reservoir and modular design unlock scale and cost efficiencies + Hundreds of gigawatts of buildout potential with abundant hot rock at economic drilling depths in the U.S. + Fervo’s 500 MW project under construction at Cape Station expected to surpass 10% of existing U.S. conventional geothermal capacity 4 km Depth Temperature (Celsius) <100 100–124 125–149 150–174 175–199 200–249 Horizontal EGS well design U.S. subsurface temperature at 4 km depth EGS: enhanced geothermal system; Source: Rystad Energy Click here for technology overview video
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F E R V O E N E R G Y C O M P A N Y 7 Standardized GeoBlocks Drive Scalable Power Production Modular design enables efficiency in capex, speed-to-power, and operations Optimized Design Standardized around the optimal temperature and unit size to maximize performance and repeatability Scale Economies Repeatable equipment design enables bulk procurement, simpler execution, and continuous cost improvement 24/7 Power Generation Continuous, clean power provides reliable output suitable for both front-of-the-meter or behind-the-meter configurations Long-lived Asset 30-50+ year operating life1 with predictable operations, non- consumptive water use, and no ongoing feedstock requirement 1 National Laboratory of the Rockies (NLR; formerly NREL), 2025 U.S. Geothermal Market Report
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F E R V O E N E R G Y C O M P A N Y 8 Leading Geothermal Power Development Technology-enabled business model drives speed to market, differentiated returns, and capital reinvestment Broad Access to Capital: Construction financed at project level with access to project debt, equity, and tax credit monetization while preserving attractive returns on corporate equity Developer: Modular, bolt-on 50 MW power units and in-house engineering accelerate project delivery and optimize design Stable, Contracted Assets: Long-duration contracts with credit-worthy counterparties increase predictability of cashflow generation and improve financing Owner-Operator: Fervo builds and owns EGS assets, operating them throughout the project lifecycle Business Model Built for Long-Term Value Creation
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Land Holdings 245k acres Early Development 48.6 GW Advanced Development 3.0 GW Ready-to- Build 550 MW Under Construction 500 MW F E R V O E N E R G Y C O M P A N Y 9 A Staged Pipeline from Land Acquisition to Construction How acreage matures through each stage of development Prospects Long-term expansion Pipeline Mid-term growth engine Mature Near-term commercial value Large-scale, high- quality leased acreage position with internal resource studies complete Progress toward key development milestones, including initial permits, deliverability applications or assessments, or origination Initial permits secured with a subsurface development plan in place; clear path to deliverability; PPA signed or in late- stage negotiations Asset is under construction: well pads cleared, wells being drilled and completed, and power plant construction underway HIIP: heat-initially-in-place reports Note: acres and capacity potential numbers shown are rounded approximations, not exact totals. Figures as of June 30, 2026 Commissioned and received independent HIIP studies; conducting early development and prioritization
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CO NM F E R V O E N E R G Y C O M P A N Y 10 650,000+ Acre Portfolio Ready for Accelerated Growth First-mover advantage and industry-leading acreage position enable massive scale-up Blanford Appraisal Drilling ID UT WA CA Project Red: 3 MW successful pilot GeoClusters Future GeoClusters (acreage secured) Cape Station GeoBlock Construction Note: acreage figures expressed in net acres. Figures as of June 30, 2026. NV Corsac
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ORC: Organic Rankine Cycle 1 DeGolyer and MacNaughton Heat Initially in Place Report, internal Company thermal recovery estimate F E R V O E N E R G Y C O M P A N Y 11 500 MW Under Construction at Cape Station The world’s largest enhanced geothermal system to date, with a 4.3 GW capacity potential1 UNDER CONSTRUCTION ~400 MW Cape Station Illustrative GeoCluster Buildout LEGEND GEOBLOCKS 1-3: ~100 MW GEOBLOCKS 4-11: ~400 MW LEASED FOR DEVELOPMENT FUTURE GEOBLOCKS Potential: ~4.3 GW1 0 MI 5 MI GeoBlock 1: well pad & ORC unit GeoBlock 4: construction activities WELL PAD Not to scale ORC PAD ~100 MW
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F E R V O E N E R G Y C O M P A N Y 12 Expanding Our Partnership with Google at Cape Station 396 MW binding PPA with Google, with an option to expand capacity to ~1 gigawatt Capacity ~400 MW (8 GeoBlocks) First Power Delivery 3Q 2028, continuing in tranches Duration 15 Years Delivery Grid-connected and exploring direct-to- load delivery to regional data center under Utah SB 132 Expansion Google has an option to expand its offtake by ~600 MW, targeting delivery mid-2030 Google Utah SB 132 establishes a framework for large-load customers (100 MW+) to contract directly with qualifying generation providers
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F E R V O E N E R G Y C O M P A N Y 13 Cape Station Contractual Backlog Fervo plans to rapidly expand Cape Station in response to intense customer demand Before Google PPA execution ~100 MW ~400 MW 2027 2028 2030+ Total ~500 MW ~400 MW ~400 MW ~100 MW ~600 MW Google PPA Google option Total ~1.5 GW After Google PPA execution Current Cape II PPAs Current Cape II PPAs Phase I Phase I ~80% increase in contracted capacity at Cape Station ~65% increase in contracted revenue across Fervo’s full GeoCluster portfolio Newly announced Google PPA results in: Target First Power Delivery (year)
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F E R V O E N E R G Y C O M P A N Y Google Geothermal Framework Agreement (“GFA”) Opportunity to provide clean, firm power for Google data centers through grid-connected and BTM solutions 14 ✓ On March 19, 2026, Fervo entered into a 3 GW framework agreement with Google Energy to advance and structure potential power offtake opportunities for existing and planned data centers in both grid-connected and alternative energy solutions ✓ The GFA establishes a structured process for the development of geothermal projects across specified regions of the United States ✓ Potential 600 MW expansion at Cape Station may serve as first potential offering fully-subject to GFA ✓ Opportunity for meaningful additional contracted offtake beyond current backlog over the next two years ✓ Agreement provides a clear roadmap for potential near-term development to capitalize on expanding demand from hyperscaler customers 0 GW 1 GW 2 GW 3 GW ~1 GW Proposal Required within 2 years Up to 3 GW Total framework capacity BTM: behind-the-meter Potential ~600 MW Cape Station option
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F E R V O E N E R G Y C O M P A N Y 15 Diversified Demand Across the Commercial Pipeline Fervo addresses diverse power needs across technology, utility, and industrial customers Utilities & Load Serving Entities Large Load Industrial BuyersHyperscalers Current Customers 1,054 MW of Binding PPAs Description Procurement Motive ▪ Focus on generation sources with fastest speed to power and ability to scale ▪ Anchor on-site power needs with firm resource ▪ Enable own load growth, supply high power intensity operations ▪ Preserve social license, support decarbonization ▪ SCE: 398 MW PPA ▪ Shell: 31 MW PPA ▪ CPA: 48 MW PPA ▪ DCE: 26 MW PPA ▪ Ava: 40 MW PPA ▪ Achieve reliable supply of power amidst electrification- driven load growth ▪ Replace retiring fossil-fuel power with clean, firm resource ▪ Large technology companies seek significant volumes of reliable power to support growing data center operations ▪ Utilities and load serving entities that provide reliable, 24/7 generation to customers in their service territory ▪ Large industrial operators whose facilities draw very high, continuous amounts of power ▪ Google: 396 MW PPA plus ~600 MW expansion option ▪ Google and NV Energy: 115 MW PPA ▪ Google: 3 GW Geothermal Framework Agreement ▪ Ongoing origination conversations with multiple counterparties SCE: Southern California Edison; CPA: Clean Power Alliance; DCE: Desert Community Energy; Ava: Ava Community Energy
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F E R V O E N E R G Y C O M P A N Y 16 Deep, Layered Competitive Moat Proprietary technology, assets, data, supply chain, and execution experience reinforce Fervo’s leadership in EGS High-Quality Geothermal Lease Portfolio 650,000+ net acres of high-quality resource, the majority of which was acquired at low cost, with favorable permitting and proximity to grid opportunities Proprietary Data & Modeling ~1,500 TB of proprietary subsurface and operational data compound learnings and improve resource selection, well design, and asset performance Competition-Limiting Intellectual Property Broad patents granted during white space period in EGS market, combined with trade secrets, create meaningful structural technology advantage Sustainability & Community Relations Early stakeholder engagement and responsible development; founding signatory to Geothermal Sustainable Development Pact
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1 2 3 4 5 0 5 10 15 20 25 F E R V O E N E R G Y C O M P A N Y 17 Advancing Well Designs Expected to Increase Production 1.0 Wells 2.0 Wells 3.0 Wells Fervo at Scale Cumulative Improvement Doublet 5" casing ~3,000' lateral 350°F ✓ Wine Rack 7" casing ~5,000' lateral 400°F ✓ Wine Rack 8-5/8" casing ~7,500'+ lateral 430°F ✓ Wine Rack 9-5/8" casing ~15,000' lateral 500°F+ Design Specs >$15,000/kW $7,000/kW Target Installed Capex ($/kW) $15,000 $3,000 $6,000 $9,000 $12,000 $0 +7 MW +5 MW +10 MW 3 MW Gross Power per Production Well (MW) >25 MW Sawtooth 7 Results: ▪ Set 3.0 design drilling pace record (21 days from spud to total depth) ▪ 19,448' measured depth with a 7,500' lateral in a 460°F resource Status $5,500/kW $3,000/kW
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F E R V O E N E R G Y C O M P A N Y 18 Generation 3 Well Design Generation 2 Well Design Well Improvements To-Date 8 5/8" Longer Laterals Larger Diameter Wellbores 7,500' 7" 5,000' Hotter Temperatures 430°F400°F Generation 2 Well Design Opex: $250 O&M / $100 Maintenance Opex: $175 O&M / $80 Maintenance ~$1.2M (NPV / MW) +70% +52% +123% Change in Net Present Value per MW at 10% Discount Rate ~$2.7M (NPV / MW) +13% +26% +38% Comparative Well Economics Higher output and lower capex intensity drive 65%+ more NPV per MW Generation 2 Well Design Generation 3 Well Design Baseline Baseline Baseline Target MW / Well Target $ / MW Target NPV / MW 50% Increase in MW / well 28% Decline in capex per MW 65%+ Generation 3’s design advantages have a compounding effect on net present value NPV: net present value, calculated at a 10% discount rate Note: Management estimates Well Economics Improvements
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F E R V O E N E R G Y C O M P A N Y 19 Capex Expected to Decline as Innovations Continue Each development stage lowers cost per kW and construction time $7,000/kW $5,500/kW $3,000/kW DriversCapital & Time Efficiencies as EGS Scales Higher Output Wells Longer, wider, and deeper wells increase MW per well, improving brine efficiency and heat transfer Simplified Completions Operations Faster, lower-cost stimulation and workover operations enabled by improved well design, dissolvable plugs, and streamlined toe initiation Reduced Surface Footprint Co-located ORC units reduce well pad footprint, foundations, piping, and electrical scope Integrated Delivery Model In-house EPC execution and long-term vendor agreements reduce overhead and per-unit costs Construction Timeline 36 months 30 months 18 months Target Installed Capex per kW Gen 2.0 well design Gen 3.0 well design EGS at Scale Note: Management estimates. EGS at scale capex and construction time frames are illustrative and are based on management estimates
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Appendix
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F E R V O E N E R G Y C O M P A N Y 21 Fervo Energy Executive Leadership Team Founder-led management team in place to drive all aspects of large-scale project delivery Tim Latimer CEO & Co-Founder 9 YEARS AT FERVO Initial insights for Fervo while drilling wells in West Texas with BHP Billiton; helped launch successful subsurface startups Biota Technology and ResFrac Jack Norbeck CTO & Co-Founder 9 YEARS AT FERVO Worked on reservoir engineering with Shell, Idaho National Lab, and at the Geysers; 30+ publications on EGS and subsurface optimization; PhD in Energy Resources from Stanford University Christian Gradl SVP , GeoBlock Factory 7 YEARS AT FERVO 20 years of well construction and maintenance experience, including managing Hess’s $400MM+ annual Bakken completion operations and five years with BP Dawn Owens SVP , Head of Development & Commercial Markets6 YEARS AT FERVO 16+ years of experience and over 800 MW of development; senior leadership roles at East Bay Community Energy and NRG Energy; MBA from the University of San Francisco Sarah Jewett COO 6 YEARS AT FERVO Managed frac crews for SLB from the Permian to Alaska; corporate development and strategic initiatives for Select Energy Services; MBA from Harvard; BE from Dartmouth David Ulrey CFO 5 YEARS AT FERVO Director of Renewables, Corporate Development, and Investor Relations at NOV; investment banking with Simmons & Co; finance officer in the U.S. Army; MBA from Harvard Gustavo Torres VP , General Counsel & Corporate Secretary 3 YEARS AT FERVO General Counsel at FlexSteel Pipeline Technologies and Prime Natural Resources; Global Projects group at DLA Piper and Akin Gump; JD from University of Texas Quinn Woodard VP , Operations 4 YEARS AT FERVO 9 years in engineering, operations, and maintenance functions at Chevron; detailed engineering design on LNG facility in W. Australia and base operations in Kazakhstan
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F E R V O E N E R G Y C O M P A N Y Production is an Engineered Outcome Temperature and flow are engineered variables that drive capital efficiency 22 Full-Physics Simulation of Fervo’s EGS Design Temperature (°F) 175 230 290 345 400 Stimulated fractures Power Productivity from EGS Output per production well is a function of heat in place, flow rate, and the surface area of the fracture network. Heat in Place Temperature, lateral length, stimulated reservoir volume Flow Rate Fracture flow pathways, fracture permeability, casing size Surface Area Number of stimulation stages, size of fractures, proppant
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F E R V O E N E R G Y C O M P A N Y 23 Partnering Locally to Build Things That Last Fervo believes community partnership is essential to responsible project development and long-term success Committed to high standards Trust as a license to operate Responsive to local concerns Same expectations for partners Do What We Say We Are Going To Do Fervo’s approach to development is grounded in earning trust, maintaining high standards, and building durable partnerships with local communities 01 02 03 04 Uphold leading standards across community engagement, workforce, land, water, seismicity, and emissions Early, transparent engagement with local stakeholders helps build trust and support development Address local priorities directly and prioritize projects that create durable long-term economic benefits Partner only with customers that share our community and environmental commitments Milford High School Education Day 1,001 840 486 52 43 37 21 13 13 Coal Oil Natural Gas Biomass Solar PV Geothermal Hydropower Nuclear Wind Lifecycle Emissions (gCO2e/kWh) Geothermal 24/7 Seismic Monitoring Source: NLR (formerly NREL), Life Cycle Greenhouse Gas Emissions from Electricity Generation Seismic stations Fervo well location
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F E R V O E N E R G Y C O M P A N Y 24 Fervo Exemplifies Leadership in Sustainability The Geothermal Sustainable Development Pact outlines 37 commitments across six key areas Endorsed by Sierra Club and the NW Energy Coalition, the Pact establishes best-in-class standards for how geothermal projects are planned, built, and operated. Read more here Emissions Leverage power generation technologies with zero operational emissions and no air quality impacts Seismicity Mitigate seismic risk through real-time monitoring, operational guardrails, and community consultation Water Avoid impacts to surface and subsurface freshwater resources, including natural aquifers Land Minimize land disturbance, avoid conservation areas, and protect endangered and threatened species Workforce Promote fair labor practices and local hiring while providing inclusive training programs for HSE Community Engage affected communities and tribal groups beginning in early planning stages
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Project Red Cape Triplet Well Test Full-Field Cape Design Artificial Lift Design Producer-bound wine rack design is a highly efficient geometry Water Use: Non-Consumptive Operations Wellfield and plant system design minimizes water loss and utilizes degraded, brackish water F E R V O E N E R G Y C O M P A N Y 25 Water Recovery Rate (%) x Design 70% 90% 99% +100% measured measured modeled modeled Legend By 500 ft By 1,000 ft By 3,000 ft Not likely by 3,000 ft Source: Internal Fervo Data, USGS WAUSP Water Census: Map of National Brackish Water Groundwater Assessment 1 Estimated depths to brackish groundwater are based on regression analysis of samples obtained from depths greater than or equal to 500 feet below land surface. Brackish groundwater may be present at depths shallower than 500 feet but is not represented in this analysis Predicted Depth to Brackish Groundwater1 Highly efficient for water- scarce regions, can even produce a surplus of fluid ✓ ✓ ✓ Exclusively uses brackish water – not suitable for residential or agricultural use Reinjection of produced fluids maintains pressure balance Closed-loop reservoir design with no routine surface discharge
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F E R V O E N E R G Y C O M P A N Y 26 Continuous Local Seismic Monitoring Comprehensive monitoring facilitates continuous oversight and risk management Dozens Monitoring Stations 9,000+ ft Fiber Optic Sensor Depth 5 km Monitoring Radius ▪ Dozens of stations: most stations are operated by the University of Utah Seismograph Stations (UUSS); remaining stations were designed in collaboration with the Berkeley National Lab and were added by Fervo ▪ Network includes strong motion sensors located at the Milford High School ▪ Fiber optic sensors installed to 9,000 ft+ in Fervo observation wells for high-resolution monitoring Monitoring Stations & Sensors Induced Seismicity Mitigation Protocol (ISMP) Operational response plan includes a Traffic Light System (TLS): Magnitude ≥ 3.0: pause operations for 24 hours Magnitude ranging from 2.0 to 3.0: adjust operations Magnitude <2.0: normal operations
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EGS Opportunities Expand at Deeper Depths Fervo’s drilling efficiencies position it to unlock additional market opportunities F E R V O E N E R G Y C O M P A N Y 27 Source: Rystad Energy Temperature (°F) 200 1,000 Heat Beneath Your Feet – Targeting 400°F+ Focus efforts in Western U.S. Expand development regions Broad national opportunities 400 600 800 4 km depth 5 km depth 6 km depth
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Reliability1 Deliverability Cost-competitive Zero carbon emissions Overall Positioning Well-suited Supply chain constrained and fuel price dependent Not a complete baseload substitute Expensive and long lead times Lack of scalable sites and dependent on seasons F E R V O E N E R G Y C O M P A N Y 28 Only EGS Meets All Key Power Requirements Fervo’s utility-scale baseload power solution is well-suited to hyperscaler and utility procurement preferences ✓ - ✓ ✓ ✓ ✓ - ✓ -Well-suited Partial - ✓ ✓ ✓ ✓ Conventional Thermal Solar / Wind + Battery2 New-Build Nuclear Hydro Fervo’s Enhanced Geothermal Systems 1 Comprises high-capacity factor, long duration of continuous operation, and grid stability support in the form of inertia, frequency response, and voltage support; 2 Reflects firmed solar and storage, or firmed wind and storage - - -
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F E R V O E N E R G Y C O M P A N Y Strategic Supply Partnerships Enable Scale Fervo has key relationships across the construction stack – improving terms and reducing delivery risk 29 Vallourec in Youngstown, OhioTurboden & MHI at Cape Station Turboden Turbine Supply Agreement ▪ 3-year framework agreement ▪ 35 GeoBlocks – 1.75 GW ▪ Builds on existing supply agreement for Cape Station Vallourec Long-term Supply Agreement ▪ 5-year strategic partnership ▪ Various tubular solutions ▪ 100% U.S. manufacturing strengthens reliability, speed, and cost certainty Baker Hughes Turbine & Generators ▪ ORC supply agreement ▪ 5 GeoBlocks ▪ Diversifies and expedites ORC delivery for Cape Station GeoBlocks ABB Electric Equipment Supply ▪ Equipment supply agreement ▪ 500 MW under construction ▪ Includes on-site technical support, bulk procurement, and extended warranty coverage
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F E R V O E N E R G Y C O M P A N Y EGS Technicals: Engineering Improved Performance 30 Injection well Production well Temperature scale 240°C / 464°F 100°C / 212°F Cape Station Wellfield Design ▪ Wine rack assembly ▪ Multiple benches ▪ Production-bound injection wells ▪ Proven deeper and hotter wells ▪ No physical limit to pay-zone Project Red Well Design ▪ Doublet: injector- producer pair ▪ Single bench 7,500' Laterals Well Design 3.0 3,000' laterals Well Design 1.0 Subsurface: gun barrel view Subsurface: lateral profile view 5,000' Laterals Well Design 2.0 Legend
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F E R V O E N E R G Y C O M P A N Y Diagram of Binary Organic Rankine Cycle (ORC) Power Plant Enhancing heat-to-power efficiency through data-driven ORC optimization 31 1 2 4 5 6 3 COOLED GEOTHERMAL FLUID HOT GEOTHERMAL FLUID TURBINETURBINE GENERATOR RECUPERATOR AIR-COOLED CONDENSER PUMP PREHEATERS EVAPORATOR Evaporator: hot geothermal fluid transfers heat to a working fluid, causing it to boil Turbine: working fluid vapor drives mechanical rotation and shaft power Generator: spinning shaft turns the generator, producing electricity Air-Cooled Condenser: outside air cools the vapor back into a liquid, lowering system pressure Recuperator: heat from turbine exhaust warms cool working fluid, improving efficiency Preheater: heat from the outgoing geothermal fluid warms the working fluid
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F E R V O E N E R G Y C O M P A N Y Do What We Say We Are Going To Do When we commit to something, we deliver it. We assess each task honestly. We are transparent and accountable. Stop And Smell The Roses We celebrate wins. We care for the mental, physical, and emotional well- being of our people. We make community building a core part of doing business. Build Things That Last We prioritize health, safety, and the environment first. We think long term. We don’t cut corners. Innovation Through Collaboration We seek out ideas from all sources. We are never territorial about our work or ideas. We ask questions to learn, we teach to grow. Core Values 32
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F E R V O E N E R G Y C O M P A N Y 33 Disclaimer This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, are forward-looking statements. When used in this presentation, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Fervo believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Fervo's control. Accordingly, forward- looking statements are not guarantees of future performance, and Fervo's actual outcomes could differ materially from what Fervo has expressed in its forward-looking statements. Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks related to expanding our geothermal operations and accessing new markets; challenges in maintaining compliance with extensive environmental regulations and permitting requirements; uncertainties in forecasting future operational results and growth due to economic conditions and market demand; compliance with environmental regulations and climate change initiatives impacting operational costs; inherent risks in the geothermal industry, including potential operational disruptions and associated liabilities; the influence of consumer preferences, government policies, and competition on the demand for geothermal energy; risks associated with fluctuations in energy prices and material costs; dependence on a complex supply chain and successful maintenance of our geothermal infrastructure; financial performance influenced by fluctuations in interest rates, capital availability, and other market conditions; capacity actually constructed or for which we enter power purchase agreements under non-binding agreements, like the Geothermal Framework Agreement; exposure to legal proceedings and claims arising from our business operations; protecting our brand reputation and facing potential negative public perception; negative public perception and political opposition impacting our ability to secure regulatory approvals and market acceptance; the successful and timely execution of our growth strategy, with risks of delays or failures; reliance on key personnel and the potential impact of labor costs and workforce challenges; heavy reliance on technology systems and potential cybersecurity threats; global economic and political conditions affecting our operations, supply chain, and customer demand; the risk that our estimates of capacity potential and heat initially in place are inaccurate or that we are unable to produce quantities of electrical energy commensurate with such estimates; and other risks and uncertainties, including those set forth under “Risk Factors” in Fervo's Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2026, and Fervo's other filings with the SEC. In light of these factors, the events anticipated by Fervo's forward-looking statements may not occur at the time anticipated or at all. Moreover, Fervo operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Fervo cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this presentation or, if earlier, as of the date they were made. Fervo does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.
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Thank you Investor Relations investor.relations@fervoenergy.com vimeo logo, vimeo symbol, vimeo icon free vector 18910764 Vector Art at Vecteezy youtube logo | Figma