Geothermal company Fervo couldn’t have picked a better time to deliver its first power plants.

In its third-quarter earnings report, released Monday, the company said it now has $11.9 billion worth of contracted revenue on the books, up from $7.2 billion last quarter.

Fervo has been hitting its deadlines recently, which undoubtedly has helped to drive orders.

As hyperscalers scour the earth for electricity to power their AI data centers, Fervo is on track to complete a 396 megawatt power plant for Google by the end of 2028. The geothermal company connected its first 100 megawatt power plant to the grid earlier this year.

Both projects are built at Cape Station in Utah, a resource that could generate 8.4 gigawatts of electricity. Previously, experts told Fervo the site could only produce about 4 gigawatts.

The Google project, now called Cape Google 400, will be grid connected, co-founder and CEO Tim Latimer said in an earnings call Monday. The arrangement means that Google can draw power from the deal and sell it to other customers if it’s not ready to use it.

“We built Cape Station on our schedule. Google can develop a potential data center on their schedule, and neither party is waiting on the other,” he said.

Latimer’s statement also underlines an advantage that geothermal has over competing generating sources like large nuclear or natural gas power plants — the phased nature of its construction.

Fervo’s newer wells are deeper and hotter, each capable of generating 15 megawatts gross power, and several are linked together into what the company calls a GeoBlock.

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