地熱基載新時代

美國次世代地熱新創公司 Fervo Energy 持續擴大其商業化布局，目標將位於美國西部的 Cape Station 打造成「全球規模最大的次世代地熱發電計畫」。根據公司官網與 BloombergNEF 說法，次世代地熱（Next-generation / Enhanced Geothermal Systems, EGS）透過先進鑽井與工程技術，突破傳統地熱僅能依賴天然高溫熱點的限制，可在人為創造的地下儲層或更深、更高溫的地層中穩定取熱，且土地使用需求相對有限。

Fervo Energy is accelerating the commercial deployment of next-generation geothermal power, aiming to position its Cape Station project as the world’s largest advanced geothermal development. According to the company and BloombergNEF, next-generation or enhanced geothermal systems use advanced drilling techniques to access heat beyond natural hotspots, either by creating artificial underground reservoirs or reaching deeper, hotter geological formations, while requiring relatively limited land use.

Cape Station 將分階段開發。

The Cape Station project will be developed in phases. The first phase is expected to be completed in 2026, delivering 100MW of carbon-free baseload electricity to the grid. A second phase, scheduled to begin operations in 2028, will add an additional 400MW, bringing the total capacity to 500MW. Fervo said construction is progressing rapidly and that the project represents a critical step in moving from technological breakthrough to large-scale deployment.

第一期工程預計於 2026 年完工並併網，提供 100MW 的零碳基載電力；

第二期則規劃自 2028 年起再增加 400MW 發電容量，使整體規模達 500MW。

Fervo 表示，該計畫目前施工進度「快速推進中」，並已成為公司從技術突破邁向大規模部署的關鍵示範案。

Fervo CEO Tim Latimer said energy markets are increasingly demanding dependable, always-on, carbon-free power at unprecedented scale. As AI-driven data center expansion and broader electrification place growing strain on power systems, geothermal energy is gaining strategic importance as a stable complement to weather-dependent renewables such as wind and solar.

Fervo 執行長 Tim Latimer 指出，在全球能源市場對「穩定、全天候且無碳電力」需求急速上升之際，地熱能源的戰略價值正快速攀升。他強調，AI 資料中心擴張、工業電氣化與電網負載攀升，正迫使能源系統尋找不依賴天候、可全年運轉的清潔電力來源，而次世代地熱正好填補太陽能與風能的結構性缺口。

The company recently secured a new funding round that brought in first-time investors including Google and B Capital, alongside several strategic backers such as Netherlands-based impact fund Carbon Equity, venture firm Climate First, Japanese trading house Mitsui & Co., the founder of nuclear technology company Holtec

在資金面，Fervo 近期完成新一輪募資，吸引 Google 與 B Capital 首度參與，並新增多家策略型投資人，包括荷蘭影響力基金 Carbon Equity、創投 Climate First、日本商社三井物產（Mitsui & Co.）、核能技術公司 Holtec International 創辦人、Atacama Ventures、AllianceBernstein，以及前特斯拉技術長 JB Straubel。B Capital 合夥人 Jeff Johnson 指出，隨著 AI 與電氣化需求暴增，電網急需可擴展且穩定運轉的能源方案，強化型地熱在技術與規模潛力上具備獨特優勢。

International, Atacama Ventures, AllianceBernstein, and former Tesla CTO JB Straubel. B Capital General Partner Jeff Johnson noted that with surging demand from AI and electrification, scalable and always-on clean energy solutions are urgently needed, and enhanced geothermal energy is uniquely positioned to meet that need.

在商業化進展上，Fervo 已於今年春季與能源巨頭 Shell 簽署長期售電協議（PPA）。Shell Energy 將自 2026 年起，透過為期 15 年的合約，採購 31MW 地熱電力供其零售電力客戶使用。隨著技術成熟與鑽井效率提升，Cape Station 原規劃容量也同步擴大至 500MW，且在 Shell 合約完成後，Fervo 表示該電廠全部容量已全數簽約完畢，顯示市場對基載型零碳電力的高度需求。

On the commercial front, Fervo signed a long-term offtake agreement with Shell this spring. Under a 15-year power purchase agreement, Shell Energy will receive 31MW of geothermal power starting in 2026 for its retail electricity customers. Enabled by technological advances, the original Cape Station plan was expanded to 500MW, and Fervo said the full capacity of the plant is now fully contracted.

不過，地熱發電目前仍面臨成本挑戰。波士頓顧問公司（BCG）與世界經濟論壇（WEF）近期報告指出，相較傳統化石燃料或部分再生能源，地熱仍存在「小幅成本劣勢」，但隨著鑽井技術進步與規模化部署，成本曲線有望快速下降。

Despite this momentum, geothermal energy still faces a modest cost disadvantage compared to conventional power generation, according to a recent report by Boston Consulting Group and the World Economic Forum. However, continued improvements in drilling technology and scale are expected to drive costs down over time.

Fervo 的發展也反映科技與金融企業近年積極將地熱納入減碳策略。Meta 近年已分別與 Sage Geosystems 與 XGS Energy 簽署地熱供電協議，用以支撐資料中心用電；萬事達卡（Mastercard）亦宣布以地熱系統取代其紐約總部原有的天然氣冷暖系統。在 AI 與數位基礎設施驅動下，次世代地熱正逐步從邊緣技術，轉為能源轉型中的關鍵拼圖。

Fervo’s progress reflects a broader trend among technology and financial firms seeking firm, low-carbon power to reduce emissions. Meta has recently signed multiple geothermal deals to supply its data centers, while Mastercard announced it is replacing its natural gas heating and cooling system at its New York headquarters with geothermal-based infrastructure. As AI and electrification reshape energy demand, next-generation geothermal is increasingly emerging as a cornerstone of the clean energy transition.