Fervo Energy Company is a geothermal energy developer that builds, owns, and operates geothermal power facilities. It constructs projects in phases across leased acreage positions that can support multi-gigawatt power developments (GeoClusters). It classifies its portfolio into three categories: Mature, Pipeline, and Prospects. Mature represents near-term commercial value and includes projects that are operating, under construction, or ready to build. Its Mature operates three megawatts online generating power from its pilot project, Project Red. Pipeline represents its mid-term growth engine and includes both projects where a go-to-market strategy is established, key milestones and origination are progressing, and resource characterization is completed, and feasibility activities are underway. Prospect represents long-term expansion and consists of large-scale, leased acreage positions where preliminary technical assessments and geospatial analyses have delineated capacity potential.