Fervo Energy ($FRVO) says its Cape Station geothermal project is progressing as planned, while a long-term agreement with Alphabet's ($GOOGL) Google has helped lift contracted revenue to about $11.9 billion. CEO Tim Latimer (@TimMLatimer) told investors that the first full-scale generating block is receiving geothermal fluid at the expected temperature and volume. The unit began commercial operations Sept. 30, ahead of schedule, and is producing about 33 megawatts of electricity. The next two blocks are advancing through testing. Geoblock 2 has synchronized with the grid and is supplying test energy, while Geoblock 3 has entered cold commissioning. Both remain scheduled to begin commercial operations by Jan. 1, 2027. Google's 15-year agreement covers approximately 396 megawatts, divided into four 99-megawatt installments targeted for 2028. An option for roughly 600 additional megawatts could take the total near one gigawatt. Fervo now has 1,054 megawatts under binding power-purchase agreements. The financial picture still reflects a company building toward much larger operations. Third-quarter revenue was $116,000, and the loss was seven cents per share. Fervo ended September with $1.9 billion in unrestricted cash and reduced its second-half capital-spending forecast to $700 million to $750 million. Contracted revenue is not cash already collected. Fervo's challenge is converting those commitments into dependable electricity sales while reducing construction costs across successive projects. Cape Station's operating performance gives investors an early test of whether that expansion can work at commercial scale.