Fervo Energy Co (FRVO) 2026 Q2 法說會逐字稿

Greetings, and welcome to Fervo Energy second quarter 2026 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Paxton Bentzinger, Senior Director of Corporate Development and Investor Relations. Please go ahead, sir.

各位好，歡迎參加 Fervo Energy 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人：企業發展與投資人關係資深總監 Paxton Bentzinger。先生，請開始。

Thank you. Good morning, everyone, and welcome to Fervo Energy's Q2 2026 Earnings Call. Joining us today are Tim Latimer, Co-Founder and Chief Executive Officer; and David Ulrey, Chief Financial Officer. Before we begin, I'd like to remind everyone that today's discussion will contain forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially.

謝謝。各位早安，歡迎參加 Fervo Energy 2026 年第二季（Q2）財報電話會議。今天與會者包括共同創辦人兼執行長 Tim Latimer，以及財務長 David Ulrey。在開始之前，我想提醒各位，今天的討論將包含符合適用證券法定義的前瞻性陳述。這些陳述反映管理層目前的預期與假設，並涉及已知與未知的風險與不確定性，可能導致實際結果與陳述內容出現重大差異。

Please refer to the forward-looking statements and risk factors disclosed in today's earnings release and in our filings with the SEC. Additionally, today's discussion may include certain non-GAAP financial measures. Reconciliation tables are provided in the appendix of the earnings release as applicable. Now over to Tim to kick things off.

請參閱今日財報新聞稿以及我們向美國證券交易委員會（SEC）提交之文件中所揭露的前瞻性陳述與風險因素。此外，今天的討論可能包含若干非 GAAP 財務衡量指標。如適用，對應的調節表已提供於財報新聞稿附錄中。接下來交給 Tim 開場。

Thanks, Paxton, and hello to everyone listening in. When we last spoke, I emphasized Fervo's founding conviction, which bears repeating. The same drilling technologies that catalyze the shale revolution can unlock clean, always-on geothermal energy at enormous scale.

謝謝你，Paxton，也向所有收聽的朋友問好。上次我們通話時，我強調了 Fervo 創立時的核心信念，值得再次重申。促成頁岩革命的同樣鑽井技術，能以極大規模解鎖潔淨、全天候供應的地熱能源。

As you know, we are in the midst of a once-in-a-generation surge in power demand that is likely to dictate the outcome of the American success story in both artificial intelligence and industrial growth, but also the extent to which people have access to affordable, reliable power. The stakes have never been higher, and I've never been more convinced that Fervo is uniquely positioned to meet this moment.

如各位所知，我們正處於一場世代罕見的用電需求激增之中，這很可能將左右美國在人工智慧與工業成長兩方面的成功故事走向，也將影響人們能否取得可負擔且可靠的電力。此刻的利害關係前所未有地重大，而我也從未如此確信，Fervo 具備獨特優勢能把握這個關鍵時刻。

In my opinion, this is about Fervo's ability to demonstrate success across four key criteria. One, does Fervo have sufficient pipeline to meet this historic call for power and is the scalability of our EGS technology able to capitalize on that pipeline. Two, does Fervo's modular approach to enhance geothermal energy match the demand profile and reliability that our customers seek.

在我看來，這取決於 Fervo 是否能在四項關鍵標準上證明成功。第一，Fervo 是否擁有足夠的專案管線以回應這場歷史性的電力需求召喚，以及我們的 EGS 技術可擴展性是否能充分承接並轉化這些管線機會。第二，Fervo 以模組化方式強化地熱能源的作法，是否符合客戶所追求的需求曲線與可靠性。

Three, does Fervo's approach to local stakeholder outreach, development and sustainability ensure we honor our partner communities and sustain our license to operate in those communities. And four, can Fervo execute in the field, putting gigawatts on the grid while simultaneously bringing down costs with seamless execution despite the numerous complexities of deploying large-scale infrastructure.

第三，Fervo 在地方利害關係人溝通、開發與永續方面的作法，是否能確保我們尊重合作社區，並在這些社區中維持我們的營運許可（license to operate）。第四，Fervo 是否能在現場有效執行：一方面把 GW 級電力送上電網，另一方面在部署大型基礎設施的眾多複雜性下，仍能以無縫執行同步降低成本。

The updates we have for you today will demonstrate our progress across these criteria. But simply put, we're drilling faster, going deeper and hotter and negotiating hundreds of megawatts of commercial agreements, all while continuing to execute at Cape Station. Before we dive in, I'll start with an update on safety.

我們今天提供的最新進展將展現我們在上述標準上的推進成果。簡而言之，我們鑽得更快、鑽得更深且溫度更高，並正在洽談數百 MW 的商業協議，同時持續推進 Cape Station 的執行。在深入內容之前，我先更新安全方面的情況。

In Q2, our trailing 12-month total recordable incident rate stood at 0.34. These results reflect our unrelenting focus on safety backed by best-in-class operational management and commitment to community and environmental stewardship. When I began my career, I worked as a well site supervisor for drilling operations and left me with the deep appreciation for leadership surrounding safety.

在第二季，我們過去 12 個月的總可記錄事故率（TRIR）為 0.34。這些成果反映我們對安全的持續專注，並由同級最佳的營運管理以及對社區與環境管理的承諾所支撐。我職涯初期曾擔任鑽井作業的井場監督，這段經歷讓我深刻體會到安全領導的重要性。

When we founded Fervo, we set out to prove that you could be at the forefront of innovation and still maintain the highest standards of health, safety and the environment. Our strong performance is validation of that thesis, and we are proud of Fervo's leadership in introducing the geothermal industry to ideas like and the life-saving rules.

當我們創立 Fervo 時，我們立志證明：你可以站在創新的最前沿，同時仍維持最高的健康、安全與環境標準。我們強勁的表現驗證了這項論點；我們也以 Fervo 在將「理念」以及「救命規則（life-saving rules）」等概念引入地熱產業方面的領導地位為榮。

These programs have directly driven our results. With that, let's turn to recent updates. First, on our pipeline. This quarter, we moved eight GeoBlocks, representing 400 megawatts of capacity from early development into advanced development. We moved 10.5 gigawatts across two geo clusters from land holdings into early development, and we expanded our total geothermal mineral rights position to over 650,000 acres.

這些計畫直接推動了我們的成果。接下來讓我們看看近期更新。首先是我們的專案管線。本季我們將 8 個 GeoBlocks（代表 400 MW 容量）從早期開發推進至進階開發。我們也將兩個地熱集群（GeoClusters）的 10.5 GW 容量從土地持有階段推進至早期開發，並將我們的地熱礦權總持有部位擴大至超過 65 萬英畝。

To bring these moves to life, we have eight GeoBlocks where our internal teams achieved the key commercial resource characterization, permitting and deliverability milestones required to move from early development to advanced development.

為了讓這些進展更具體，我們在 8 個 GeoBlocks 上，由內部團隊完成了從早期開發邁向進階開發所需的關鍵商業資源特性化、許可與可交付性里程碑。

More specifically, for these eight GeoBlocks, we have now submitted an interconnection queue application, completed geological surveys and secured the permits required for appraisal well drilling. These GeoBlocks are on the development path to ready to build, and we're now working towards the definitive agreements and remaining regulatory approvals that will get them there.

更具體而言，針對這 8 個 GeoBlocks，我們已提交併網排隊（interconnection queue）申請、完成地質調查，並取得鑽探評估井所需的許可。這些 GeoBlocks 正走在開發路徑上，朝向「可建置（ready to build）」邁進；我們目前正推動最終協議（definitive agreements）以及其餘監管核准，以促成其達成該狀態。

On the two GeoClusters that moved from landholdings into early development, DeGolyer and MacNaughton completed the heat initially in place studies confirming 10.5 gigawatts of development potential, which was the basis for moving that capacity into early development.

至於從土地持有推進至早期開發的兩個 GeoClusters，DeGolyer and MacNaughton 已完成「初始地層熱量（heat initially in place）」研究，確認具備 10.5 GW 的開發潛力，這也是我們將該容量納入早期開發的依據。

To give that number context, that's more than double the current 4-gigawatt development potential at Cape Station, where we're under construction on 500 megawatts. It also supports Fervo's multi-gigawatt GeoCluster model, unlocking economies of scale that reduce costs and derisk future GeoBlocks.

為了讓各位理解這個數字的意義，這比 Cape Station 目前 4 GW 的開發潛力還多出一倍以上；而我們在 Cape Station 正在建置 500 MW。這也支持 Fervo 的多 GW GeoCluster 模式，得以釋放規模經濟以降低成本，並降低未來 GeoBlocks 的風險。

Looking ahead, we've laid out intentional appraisal plans across our GeoCluster portfolio, beginning in Q4, aimed at sharpening our characterization of the resource and accelerating the pipeline as it advances through development. Before I go further, it's worth discussing the scale of power demand we're seeing across the market today.

展望未來，我們已在整體 GeoCluster 組合上制定有計畫的評估方案，將自第四季開始，目標是更精準地刻畫資源特性，並在開發推進過程中加速專案管線。在我繼續之前，有必要先談談我們目前在市場上看到的用電需求規模。

The US grid is facing a level of load growth we haven't seen in decades, driven by the build-out of AI and data center infrastructure, the reshoring of domestic manufacturing and broader economy-wide electrification. This spike presents a generational opportunity for clean firm power development. And while there have been some questions about the robustness of power demand coming from AI and other industrial users on the grid, Fervo's 24/7 carbon-free energy continues to be highly sought after by all categories of buyers.

美國電網正面臨數十年未見的負載成長，驅動因素包括 AI 與資料中心基礎設施的建置、國內製造業回流（reshoring），以及更廣泛的全經濟電氣化。這波激增為潔淨、可穩定供電（clean firm power）的開發帶來世代性的機會。儘管市場上對 AI 與其他工業用戶帶來的電力需求是否足夠強韌仍有一些疑問，Fervo 的 24/7 無碳能源仍持續受到各類買方的高度青睞。

Our current total of 658 megawatts of signed binding PPAs with $7.2 billion of revenue backlog is evidence of that demand. But in addition to those fully contracted megawatts, we have gigawatts of demand at various stages of RFP, term sheet and contract negotiations across a multitude of our GeoClusters. And to give you a sense of how diverse the need for firm power is, approximately 35% of our future capacity negotiations are with utility buyers, 50% are with hyperscalers, and 15% are with non-hyperscaler industrial customers.

我們目前已簽署具約束力的購電協議（PPA）總計 658 MW，並擁有 72 億美元的營收積壓（revenue backlog），這就是需求的證明。此外，除了這些已完全簽約的 MW 之外，我們在多個 GeoClusters 上，仍有以 GW 計的需求正處於 RFP、條款書（term sheet）與合約談判等不同階段。為了讓各位了解穩定電力需求的多元性，我們未來容量談判中約 35% 來自公用事業買方、50% 來自超大規模雲端業者（hyperscalers），另有 15% 來自非 hyperscaler 的工業客戶。

Fervo's GeoBlock development strategy is a direct fit for what those buyers are looking for. Our approach of building independent modular 50-megawatt GeoBlocks means that our systems come with a level of redundancy, resiliency and stability that's critical to our customers' needs. If one GeoBlock needs maintenance, that specific GeoBlock comes down, while the remainder continue generating power.

Fervo 的 GeoBlock 開發策略，正好直接契合這些買方所尋求的方向。我們採用建置獨立、模組化的 50 MW GeoBlocks 的方法，意味著我們的系統具備對客戶需求至關重要的冗餘性、韌性與穩定性。若某一個 GeoBlock 需要維護，則僅該 GeoBlock 會停機，其餘部分仍可持續發電。

But speed and resilience are only part of what it takes to actually get infrastructure built. Our power developments are also clean, bringing with them a level of environmental stewardship, power density and responsible land use that is difficult to replicate with any other form of power generation.

但速度與韌性只是實際把基礎設施建成所需條件的一部分。我們的電力開發同樣是潔淨的，並帶來一種難以由任何其他發電形式複製的環境管理水準、功率密度與負責任的土地使用。

This is critically important to Fervo and it's central to who we are. Fervo builds things that last, which is why Fervo is a founding signatory of the Geothermal Sustainable Development Pact, a 100% voluntary pledge coordinated with key NGOs such as Sierra Club and the Northwest Energy Coalition to achieve the highest standards of responsible development across six pillars: community engagement, workforce development, land use, water conservation and well integrity, induced seismicity, and emissions.

這對 Fervo 至關重要，也是我們身分認同的核心。Fervo 打造經得起時間考驗的事物，這也是為什麼 Fervo 是《地熱永續發展公約》（Geothermal Sustainable Development Pact）的創始簽署方之一；該公約為 100% 自願性承諾，並與 Sierra Club 與 Northwest Energy Coalition 等關鍵 NGO 協調，以在六大支柱上達成最高的負責任開發標準：社區參與、勞動力發展、土地使用、節水與井筒完整性、誘發地震，以及排放。

We will not develop in any other way. The high standards included in the Geothermal Sustainable Development Pact are Fervo's base standard. In water-constrained areas, Fervo will only develop using air-cooled condensers, meaning that we will never expose our power plants to evaporative losses that cause strain on local water supplies.

我們不會以任何其他方式進行開發。《地熱永續發展公約》所包含的高標準，是 Fervo 的基本標準。在水資源受限地區，Fervo 只會採用空冷式冷凝器進行開發，這意味著我們永遠不會讓電廠暴露於會造成蒸發損失、進而對當地供水造成壓力的情況。

We will always monitor, evaluate and respond to seismic activity around our sites. And more importantly, we will work closely with our regulators and the local communities to provide transparent data, analysis and education around the key risks of our developments.

我們將始終監測、評估並回應我們場址周邊的地震活動。更重要的是，我們將與監管機構及當地社區密切合作，就我們開發案的關鍵風險提供透明的數據、分析與教育。

Moreover, Fervo will only work with customers and partners who are also willing to hold themselves to a similar high standard of responsible development. And as we move co-located and behind-the-meter GeoBlocks through our development pipeline, we are especially selective in vetting and choosing these partners.

此外，Fervo 只會與同樣願意以類似高標準要求自身、落實負責任開發的客戶與合作夥伴合作。隨著我們將共址（co-located）與表後（behind-the-meter）的 GeoBlocks 納入開發管線推進，我們在審核與選擇這些合作夥伴時尤其嚴格。

On this point, lately, there has been pushback across the data center development ecosystem from local communities that are justifiably concerned with the impact these data centers may have on their communities, if not developed responsibly. At Fervo, we see this as an opportunity to exemplify for others how we believe infrastructure assets should be developed, which is responsibly, transparently and in close coordination with a host of local and regional stakeholders.

在這一點上，近來資料中心開發生態系中出現了來自地方社區的反彈；社區合理地擔憂，若未以負責任方式開發，這些資料中心可能對其社區造成影響。在 Fervo，我們將此視為一個機會，向外界示範我們認為基礎設施資產應如何開發——也就是以負責任、透明，並與眾多地方與區域利害關係人密切協調的方式。

This model of development is not new to Fervo. If you have been to the Cape Station site, you have felt our passion for the community and our desire to be their long-term partners, collaborators and advocates for their causes. What has changed is the extent to which this approach makes Fervo unique relative to other developers developing similar infrastructure assets. As increasingly, we believe our style of prudent development will be fundamental to reliably building geothermal energy at scale.

這種開發模式對 Fervo 而言並不新。如果你曾到過 Cape Station 現場，你會感受到我們對社區的熱忱，以及我們希望成為其長期夥伴、協作者並為其訴求發聲的意願。改變的是，這種做法在與其他開發類似基礎設施資產的開發商相比之下，使 Fervo 的獨特性更加凸顯。因為我們愈來愈相信，我們這種審慎的開發風格，將是可靠地把地熱能源規模化建設的關鍵。

Next, I'd like to spend a few minutes on behind-the-meter development more broadly because we believe this is becoming a critically important element of bridging between the transmission grid we have in place today and the immediate call for power to support data center build-out across the United States.

接下來，我想花幾分鐘更廣泛地談談表後開發，因為我們相信，這正成為連結我們今天既有的輸電電網與美國各地為支援資料中心擴建而迫切需要電力之間的一個至關重要的橋樑要素。

Speed to power, the ability to bring capacity online without waiting on lengthy grid interconnection queues is becoming one of the most important factors our customers weigh when choosing a power partner, especially as hyperscale data centers and large industrial loads look to come online faster than the traditional grid can respond.

快速供電——也就是不必等待冗長的電網併網排隊就能讓容量上線的能力——正成為客戶在選擇電力合作夥伴時衡量的最重要因素之一，尤其是在超大規模（hyperscale）資料中心與大型工業負載希望比傳統電網反應速度更快地上線之際。

Fervo's GeoBlock and GeoCluster approach bridges the gap between generating power today and connecting to the grid in the future, giving us and our customers optionality as grid time lines evolve.

Fervo 的 GeoBlock 與 GeoCluster 方法，彌合了「今天發電」與「未來接入電網」之間的落差，讓我們與客戶能在電網時程演變時保有選擇權。

The same modularity that gives our systems embedded reliability and redundancy lets us cite an initial phase of power development behind the meter, then scale capacity seamlessly to meet our partners' medium- and long-term growth.

賦予我們系統內建可靠性與冗餘的同樣模組化特性，也讓我們能先在表後部署初期電力開發階段，之後再無縫擴充容量，以滿足合作夥伴中長期的成長需求。

Because our power output fluctuates slightly with ambient temperature by season and by time of day, EGS production profile is a perfect match for solar, storage and other forms of generation. Our fuel is geothermal heat drawn continuously from our own wells on site, which means a behind-the-meter development with EGS is insulated from fuel supply disruptions.

由於我們的輸出會隨季節與一天中的時間、因環境溫度而略有波動，EGS 的產能曲線與太陽能、儲能及其他發電形式可說是完美互補。我們的燃料是現場自有井持續抽取的地熱，因此採用 EGS 的表後開發可免受燃料供應中斷的影響。

So as we pair EGS with solar and batteries, we believe our customers will reach an incredibly high level of reliability at a competitive all-in cost that, if needed, can be further bolstered by a modest amount of on-site gas generation to account for tail end events.

因此，當我們把 EGS 與太陽能及電池搭配時，我們相信客戶將以具競爭力的全包成本（all-in cost）達到極高的可靠度；如有需要，還可透過少量的現場燃氣發電來進一步強化，以因應尾端事件（tail end events）。

Fervo's EGS power provides the right modularity, reliability and output for behind-the-meter development, and our customers are quickly realizing the same. Despite behind-the-meter being important to go-forward business, 100% of Fervo's GeoClusters are constructed with a long-term plan of grid interconnection.

Fervo 的 EGS 電力為表後開發提供了恰到好處的模組化、可靠性與輸出，而我們的客戶也正迅速意識到這一點。儘管表後對未來業務很重要，Fervo 的 GeoClusters 仍有 100% 都是以長期電網併網為規劃前提來建造。

We continue to submit interconnection queue positions and execute interconnection agreements. But behind the meter is a means to deliver power to our customers when transmission time lines lag our customers' need for power. This hybrid behind-the-meter and front-of-the-meter strategy is exactly what's accelerating our growth.

我們持續提交併網排隊位置並簽署併網協議。但表後是一種在輸電時程落後於客戶用電需求時，仍能向客戶交付電力的方式。這種結合表後與表前（front-of-the-meter）的混合策略，正是加速我們成長的關鍵。

As has been our approach, we will only disclose PPAs once they're signed and binding, and we won't get ahead of that process. What I can say is that our behind-the-meter pipeline has real momentum, and we're optimistic that we'll have an announcement before year-end.

一如我們一貫的做法，我們只會在 PPA 簽署並具約束力後才予以披露，也不會在流程完成前搶先對外宣布。我能說的是，我們的表後管線確實動能強勁，我們樂觀預期在年底前會有公告。

Of course, execution is what makes any of this possible. So let's turn to updates at Cape Station. As a reminder, we're currently building 500 megawatts at the Cape GeoCluster, which at last studied, measured over 4 gigawatts of total resource potential. Our first installation, Cape Phase 1 is approximately 100 megawatts, made up of three 33-megawatt GeoBlocks and is fully contracted under two PPAs. This is the first multi-GeoBlock EGS development in the world.

當然，執行力才是讓這一切成真的關鍵。因此，讓我們來看 Cape Station 的最新進展。提醒一下，我們目前正在 Cape GeoCluster 建設 500 兆瓦；根據最近一次研究測量，其總資源潛力超過 4 吉瓦。我們的第一個安裝案 Cape Phase 1 約為 100 兆瓦，由三個 33 兆瓦的 GeoBlocks 組成，並已透過兩份 PPA 全數簽約。這是全球首個多 GeoBlock 的 EGS 開發案。

And we're doing two things that have never been done before. First, we're drilling horizontal wells and leveraging multistage hydraulic fracturing. Fervo was the first to take this approach in geothermal history in our Project Red pilot, and now we're the first to do this at large-scale development.

而且我們正在做兩件前所未有的事。第一，我們鑽鑿水平井並運用多段水力壓裂。Fervo 在 Project Red 試點中，是地熱史上第一個採用此方法的公司，而現在我們也是第一個在大規模開發中這麼做的。

Second, we're using in-house engineers alongside trusted industry partners for equipment design and construction. And as a demonstration of the efficacy of this approach, in less than two years, we have gone from a patch of dirt to a fully constructed power unit that is just around the corner from utility scale generation today.

第二，我們使用自有工程師，並與值得信賴的產業合作夥伴共同進行設備設計與建造。作為此方法有效性的證明，在不到兩年的時間裡，我們已從一片空地，建成一個完整的發電單元，距離今天的公用事業規模發電僅一步之遙。

This is the speed to power our customers are looking for. Right now, at Cape Phase 1, the team remains focused on execution, prioritizing late-stage commissioning and the ramp to full production, targeting first power from GeoBlock 1 in Q4 2026 and then adding power from GeoBlocks 2 and 3 by early 2027. We have achieved the key milestone of mechanical completion on GeoBlocks 1 and 2 and expect to achieve mechanical completion on GeoBlock 3 over the next several months, in line with our construction time line.

這正是客戶所尋求的快速供電能力。目前在 Cape Phase 1，團隊仍專注於執行，優先推進後期試運轉（commissioning）以及提升至滿載生產，目標是在 2026 年第四季由 GeoBlock 1 首次發電，並於 2027 年初再加入 GeoBlocks 2 與 3 的發電。我們已達成 GeoBlocks 1 與 2 的機械完工（mechanical completion）這一關鍵里程碑，並預期在未來數月內完成 GeoBlock 3 的機械完工，符合我們的施工時程。

For GeoBlock 1, commissioning is progressing in stages to allow for robust data collection, safety management and incremental learning. Our first set of wells has already been connected to the power plant, moving geothermal brine through the heat exchangers and spinning the turbines, and we're testing pressure flow and safety systems at each step before bringing the next wells online.

就 GeoBlock 1 而言，試運轉正分階段推進，以利充分的數據蒐集、安全管理與循序學習。我們的第一組井已連接至電廠，讓地熱鹵水流經熱交換器並帶動渦輪旋轉；在讓下一口井上線之前，我們會在每一步測試壓力流量與安全系統。

We'll continue bringing the wells online in sequence, confirming each flows properly from wellhead through the power plant and back to the well pad, a process that gradually increases output over several months before we reach full production.

我們將持續依序讓各口井上線，確認每口井都能從井口經由發電廠再回到井場正常流動；此流程會在數個月內逐步提高輸出，直到達到全面投產。

GeoBlocks 2 and 3 are identical in design, and we expect to apply the learnings from GeoBlock 1 commissioning process to continue optimizing production ramp at subsequent GeoBlocks. Our second phase of development at Cape Station comprises eight 50-megawatt GeoBlocks, our standard design going forward, with start-up planned for 2028.

GeoBlock 2 與 3 在設計上完全相同，我們預期將把 GeoBlock 1 試運轉（commissioning）流程的經驗應用於後續 GeoBlocks，持續優化產能爬坡。我們在 Cape Station 的第二期開發包含八個 50 兆瓦的 GeoBlocks，這將是我們未來的標準設計，並計畫於 2028 年啟動。

In keeping with our standardized manufacturing model, Phase 2 builds on learnings from Phase 1 to optimize subsurface performance. Phase 1 relied on our Fervo 2.0 well design with 5,000-foot laterals and seven-inch diameter casing at roughly 400 degrees Fahrenheit.

依循我們的標準化製造模式，第二期在第一期的經驗基礎上，進一步優化地下層（subsurface）表現。第一期採用我們的 Fervo 2.0 井設計，水平段（laterals）長 5,000 英尺、套管直徑 7 英吋，溫度約為華氏 400 度。

Phase 2 by contrast, leverages our 3.0 well design with 7,500-foot laterals, larger 8 5/8-inch casing and an average temperature of 430 degrees Fahrenheit. Last month, we announced results from our Sawtooth 7 well, our ninth Fervo 3.0 well. This is our most complex well design to date, reaching a measured depth of nearly 19,500 feet at 460 degrees Fahrenheit.

相較之下，第二期採用我們的 3.0 井設計，水平段長 7,500 英尺、較大的 8 5/8 英吋套管，平均溫度為華氏 430 度。上個月，我們公布了 Sawtooth 7 井的成果，這是我們第九口 Fervo 3.0 井。這是我們迄今最複雜的井設計，量測井深接近 19,500 英尺，溫度達華氏 460 度。

Despite the added complexity in the added drilling depth, spud to total depth took only 21 days, a new company record for drilling pace and a similar spud to total depth time as our shorter shallower Cape 1 wells. We expect these design and reservoir temperature changes, coupled with our ability to drill more quickly to significantly increase power output per well at a lower cost per kilowatt.

儘管鑽井深度增加帶來更高複雜度，從開鑽（spud）到達總井深僅花 21 天，創下公司鑽井速度新紀錄，且與我們較短、較淺的 Cape 1 井從開鑽到總井深所需時間相近。我們預期這些設計與儲層溫度的變化，加上我們更快的鑽井能力，將在每口井顯著提升發電輸出，同時降低每千瓦成本。

As a simple example, an increase from 400 to the 430-degree Fahrenheit target temperature of Cape Phase 2 increases power output by approximately 27% for the same amount of steel in the power generation system and the same flow for the wells. In practice, that means we expect to generate 27% more power at Cape II than Cape I for roughly the same surface CapEx.

以簡單例子說明，若目標溫度由華氏 400 度提高到 Cape 第二期的華氏 430 度，在發電系統使用相同鋼材量、且井的流量相同的情況下，發電輸出約可提升 27%。在實務上，這代表我們預期 Cape II 在大致相同的地面資本支出（surface CapEx）下，可比 Cape I 多發電約 27%。

We expect to continue reaching increasingly hotter geology at Cape as evidenced by the Sawtooth 7 well reaching 460 degrees Fahrenheit despite the Cape 2 design point being at only 430 degrees Fahrenheit. This makes us confident in our ability both to bring down costs and realize a durable production profile.

我們預期在 Cape 將持續接觸到更高溫的地質條件；例如 Sawtooth 7 井達到華氏 460 度，儘管 Cape 2 的設計點僅為華氏 430 度。這讓我們對於同時降低成本並實現具韌性的產能曲線更具信心。

Said differently, based on our performance improvement thus far, we continue to believe the learnings and innovations we've implemented in Cape Phase 2 have us positioned to hit an all-in cost of $5,500 per kilowatt with our long-term target of $3,000 per kilowatt still firmly in view. Lastly, on the topic of progress at Cape Station, we're proud to announce that we recently expanded our rig fleet, adding a third Helmerich & Payne rig at Cape Station, on time with our broader Cape Phase II development timeline.

換句話說，基於迄今的績效改善，我們仍相信在 Cape 第二期所導入的經驗與創新，使我們有能力達成每千瓦 5,500 美元的全包成本（all-in cost），而長期目標每千瓦 3,000 美元也依然清晰可見。最後，談到 Cape Station 的進展，我們很自豪宣布近期擴充了鑽機機隊，在 Cape Station 新增第三座 Helmerich & Payne 鑽機，並按時配合我們更廣泛的 Cape 第二期開發時程。

With this, we are increasing the number of megawatts Fervo can drill per year. As an illustrative example, if at steady state, each of our 3 rigs drills an average of 1.5 wells per month, our 3 rigs combined could drill approximately 54 wells per year. If each production well generates approximately 15 megawatts of power and if our ratio of injection and production well remains the same, then our 3 rigs can drill over 400 megawatts of capacity per year.

藉此，我們將提高 Fervo 每年可鑽出的兆瓦數。舉例而言，若在穩態下，我們 3 座鑽機每座平均每月鑽 1.5 口井，合計每年約可鑽 54 口井。若每口生產井約可產生 15 兆瓦電力，且注入井與生產井的比例維持不變，則我們 3 座鑽機每年可鑽出超過 400 兆瓦的裝置容量。

Before I hand the call over to David, I want to spend a few minutes on our technology and specifically how rapid improvements in drilling performance provide fundamental derisking to our projects. From the very beginning, our approach at Fervo has been to learn by doing. Project Red, our first pilot wasn't designed to be the final version of our technology.

在我把電話交給 David 之前，我想花幾分鐘談談我們的技術，特別是鑽井表現的快速改善如何為我們的專案帶來根本性的去風險（derisking）。從一開始，Fervo 的方法就是在實作中學習（learn by doing）。我們的第一個試點 Project Red 並非被設計成技術的最終版本。

It was a minimum viable product built to prove out the core elements of our design as quickly and cheaply as possible, that we could drill horizontal wells in geothermal rock, create fractures in the reservoir, connect offset wells through those fractures and flow commercially relevant rates of geothermal brine through the system reliably over time.

它是一個最小可行產品（minimum viable product），目的是以最快、最省成本的方式驗證我們設計的核心要素：我們能在地熱岩層中鑽水平井、在儲層中造縫（fractures）、透過這些裂縫連通相鄰井，並能長期可靠地讓具商業意義流量的地熱鹵水在系統中流動。

It succeeded on every one of those fronts. Since then, we've iterated fast. As I just walked through, each generation of our well design from Fervo 1.0 at Project Red to the Fervo 2.0 and 3.0 designs we're now drilling at Cape Station has gone longer, hotter and deeper than the last and delivered a meaningful step-up in performance. Our published flow test data showed Fervo 2.0 wells at Cape Phase 1 deliver a 3 times increase in power output relative to the original Project Red wells.

它在上述每一項都取得成功。此後，我們快速迭代。如我剛才所述，從 Project Red 的 Fervo 1.0 到我們目前在 Cape Station 鑽探的 Fervo 2.0 與 3.0，每一代井設計都比上一代更長、更熱、更深，並帶來顯著的性能躍升。我們已發布的流量測試數據顯示，Cape 第一期的 Fervo 2.0 井相較於最初的 Project Red 井，發電輸出提升了 3 倍。

The Sawtooth 7 results I just walked you through are a good example of just how much that improvement continues to compound. Compare that pace and performance to our very first well at Project Red, which took us over 70 days to drill roughly 11,000 feet at 350 degrees.

我剛才說明的 Sawtooth 7 結果，就是這種改善如何持續複利累積的良好例子。把這樣的速度與表現，對照我們在 Project Red 的第一口井：當時我們花了超過 70 天，鑽到約 11,000 英尺，溫度為華氏 350 度。

In the span of about three years, we've cut drilling time dramatically while substantially increasing performance profile. Sometimes we get the question of how we have so much confidence in the long-term thermal performance of our system. And the answer is that we have proven over several years and dozens of wells that Fervo is a company that embodies continuous improvement, mitigating future uncertainty while delivering dramatically better, cheaper operational performance.

在大約三年的時間裡，我們大幅縮短鑽井時間，同時顯著提升性能曲線。有時我們會被問到，為何我們對系統的長期熱性能（thermal performance）如此有信心。答案是：我們已在數年、數十口井的實證中證明，Fervo 是一家體現持續改善的公司，能在降低未來不確定性的同時，交付大幅更好、成本更低的營運表現。

Longer laterals and better field designs mean more stimulated reservoir volume per well, which means more thermal resource in place and a more gradual decline profile. And each time we access hotter rock, each unit of flow from those wells carries a step change more energy than any well drilled before.

更長的水平段與更好的場區設計，意味著每口井可刺激（stimulated）的儲層體積更大，也就代表可利用的熱資源更多，衰減曲線更為平緩。而每當我們接觸到更高溫的岩層，這些井的每一單位流量所攜帶的能量，都會比以往任何井出現階梯式提升。

Every new generation of well we drilled benefits from the cumulative learnings that led us to this point. To be clear, the production temperatures of our wells will decline. That's simply how the physics works. But the relevant question is whether we can learn enough to mitigate the impacts to our projects by drilling makeup wells in the future that benefit from the cumulative learnings we've gained, making those makeup wells bigger, hotter, cheaper and far more productive than those we drill today.

我們鑽的每一代新井，都受益於一路累積至今的經驗。需要說清楚的是，我們井的生產溫度將會下降。這就是物理定律的運作方式。但真正相關的問題是：我們是否能學到足夠多，透過未來鑽補充井（makeup wells）來緩解對專案的影響；而這些補充井能受益於我們累積的經驗，使其比今天鑽的井更大、更熱、更便宜、且產能更高。

This is how we and every other resource-based business manage decline, and the data already shows that the wells we'll drill in the future are likely to be far more productive than the wells we're drilling today.

這就是我們以及所有其他資源型企業管理衰減的方式，而數據已顯示，我們未來將鑽的井很可能比我們今天正在鑽的井更具生產力。

This approach is what ultimately unlocks our biggest long-term goal, making geothermal the cheapest, most reliable power source anywhere on the planet. We've already generated the largest body of hard rock drilling data and analysis in the world, and we continue to add to it every single day. We're proud of the pace of that progress, and we look forward to sharing more of it with you in the quarters ahead.

這種方法最終將解鎖我們最大的長期目標：讓地熱成為地球上任何地方最便宜、最可靠的電力來源。我們已建立全球最大規模的硬岩鑽井數據與分析資料庫，且每天都在持續擴充。我們為這樣的進展速度感到自豪，也期待在接下來的幾個季度與各位分享更多成果。

Lastly, given the pace of progress we've just walked through, it's worth addressing where Fervo sits relative to the broader landscape. It's no surprise that the tremendous demand for firm power has resulted in a wave of new technology approaches entering the power space with a host of claimed benefits and at various levels of technology readiness.

最後，鑑於我們剛才所述的進展速度，也值得說明 Fervo 相對於更廣泛產業版圖所處的位置。鑑於對穩定電力（firm power）的龐大需求，電力領域出現一波新技術路線並不令人意外；這些技術各自宣稱具備多項優勢，且技術成熟度（technology readiness）不一。

We believe several things are true here. New technologies are coming, and some of them will work, will receive funding and will eventually add capacity to the grid. We firmly believe the world and society need this to happen. We also believe that if offtakers need clean firm power before 2030, Fervo will likely be one of, if not the only way to get it.

我們相信這裡有幾點是確定的。新技術正在到來，其中一些將會成功、獲得資金支持，並最終為電網增加容量。我們堅信世界與社會需要這一切發生。我們也相信，如果購電方在 2030 年前需要潔淨且可調度的穩定電力，Fervo 很可能是取得該電力的方式之一，甚至可能是唯一的方式。

From now through the end of 2030, during which time we expect to have delivered over 1 gigawatt of power capacity and solidified our position as the reliable provider of clean firm power, we believe Fervo will be well positioned for an astonishing period of development in the mid-2030s and beyond. With that, I'll hand it over to David.

從現在到 2030 年底，在此期間我們預期已交付超過 1 吉瓦的發電容量，並鞏固我們作為潔淨且可調度的穩定電力可靠供應商的地位；我們相信，Fervo 將在 2030 年代中期及其後迎來一段令人驚嘆的發展期，並處於極佳位置。接下來我把時間交給 David。

Thank you, Tim. I will kick off my remarks with a quick review of our financial highlights from the second quarter of 2026 before discussing our commercial and financing activities and then turning to our pipeline. For the second quarter of 2026, we reported an operating loss of $28.7 million, driven primarily by G&A expenses of $27.4 million and operating lease expenses of $1.5 million.

謝謝你，Tim。在談到我們的商務與融資活動，並進一步說明我們的專案儲備（pipeline）之前，我將先快速回顧 2026 年第二季的財務重點。2026 年第二季，我們報告營業虧損 2,870 萬美元，主要由一般及行政（G&A）費用 2,740 萬美元與營業租賃費用 150 萬美元所驅動。

Net loss for the quarter was $55.9 million. For the six months ended June 30, 2026, net cash used in operating activities was $43.8 million. This primarily reflects our net loss for the six-month period of $87.7 million, partially offset by $61.7 million of noncash expenses, including a $40 million loss related to the change in fair value of warrant liability, $10.8 million of stock-based compensation and $9 million loss on extinguishment of long-term debt.

本季淨虧損為 5,590 萬美元。截至 2026 年 6 月 30 日止六個月，營運活動使用的淨現金為 4,380 萬美元。這主要反映該六個月期間淨虧損 8,770 萬美元，部分被 6,170 萬美元的非現金費用所抵銷，其中包括與認股權證負債公允價值變動相關的 4,000 萬美元損失、1,080 萬美元的股份基礎給付，以及 900 萬美元的長期債務清償損失。

Operating cash flow was also impacted by a $17.8 million use of cash from changes in working capital. Capital expenditures in Q2 2026 were $226.5 million compared to $108 million for the same period in 2025. This reflects the intensive construction activity at Cape Station, along with increased drilling and procurement for our next wave of GeoBlock deployment in 2028.

營運現金流亦受到營運資金變動導致的 1,780 萬美元現金流出影響。2026 年第二季資本支出為 2.265 億美元，較 2025 年同期的 1.08 億美元增加。這反映 Cape Station 的密集施工活動，以及為我們 2028 年下一波 GeoBlock 部署所增加的鑽井與採購。

To that end, we expect capital expenditures to total approximately $850 million to $900 million in the second half of 2026, in line with previously disclosed expectations. Cash and cash equivalents as of June 30, 2026, were $2.1 billion and current and long-term debt stood at $228.4 million.

為此，我們預期 2026 年下半年資本支出合計約 8.5 億至 9 億美元，與先前揭露的預期一致。截至 2026 年 6 月 30 日，現金及約當現金為 21 億美元，流動與長期負債合計為 2.284 億美元。

As a reminder, we completed our NASDAQ listing in mid-May, raising approximately $2.04 billion in net proceeds, significantly more capital than we had originally planned. That raise has meaningfully strengthened our balance sheet, and we're deliberately putting it to work across three focus areas: first, additional capital toward commercial opportunities through 2030 for which we focus on ensuring access to long lead equipment and addressing other potential development constraints; second, high-return R&D that could accelerate our path to our $3,000 per kilowatt CapEx target and optimize our near-term asset performance; and third, positioning Fervo for growth in 2030 and beyond.

提醒一下，我們在 5 月中旬完成 NASDAQ 上市，募集淨額約 20.4 億美元，顯著高於我們原先規劃的資金規模。這次募資大幅強化了我們的資產負債表，我們正有計畫地將資金投入三個重點領域：第一，針對 2030 年前的商業機會投入額外資本，重點在確保取得長交期設備並解決其他潛在的開發限制；第二，高報酬的研發（R&D），以加速我們達成每千瓦 3,000 美元資本支出（CapEx）目標的進程，並最佳化短期資產表現；第三，讓 Fervo 為 2030 年及其後的成長做好布局。

You're already seeing that capital show up directly in the pipeline results Tim walked you through earlier. The appraisal drilling program we're preparing to execute later this year is enabled by this raise. The through line is simple, the IPO capitalized our business in a way that will materially accelerate our growth and performance. Finally, our contracted backlog stood at $7.2 billion as of the end of the quarter, representing 658 megawatts of contracted capacity. We continue to see a healthy and growing pipeline of commercial conversations, as Tim mentioned.

你們已經在 Tim 先前帶大家看過的專案儲備成果中，直接看到這筆資金的效果。我們正準備在今年稍晚執行的評估鑽井計畫，正是由這次募資所支持。主軸很簡單：IPO 以一種將實質加速我們成長與表現的方式，為公司提供了資本。最後，截至本季末，我們的已簽約訂單存量（contracted backlog）為 72 億美元，代表 658 兆瓦的已簽約容量。如 Tim 所提，我們持續看到健康且成長中的商業洽談管線。

Next, I'd like to level set on how we think about the next few months at Cape Phase 1 as the first 100 megawatts begins initial production and then ramps to full production in early 2027. There are a few distinctions worth clarifying. Ramp-up is a sequence of milestones and not a single moment. We've already hit mechanical completion on GeoBlocks 1 and 2, and we expect to achieve mechanical completion of GeoBlock 3 on time, as Tim mentioned.

接下來，我想先校準一下我們對 Cape 第一期未來幾個月的看法：首批 100 兆瓦將開始初始發電，並在 2027 年初爬坡至滿載發電。有幾個值得釐清的差異。爬坡（ramp-up）是一連串里程碑，而不是某一個單一時點。我們已完成 GeoBlocks 1 與 2 的機械完工（mechanical completion），並如 Tim 所提，預期 GeoBlock 3 也將如期達成機械完工。

After achieving mechanical completion, the units progress through a series of tests, verifications and optimizations, beginning with cold commissioning where the power plants and electrical equipment are tested without the presence of geothermal brine.

在達成機械完工後，機組會進入一系列測試、驗證與最佳化流程，首先是冷態試運轉（cold commissioning），在沒有地熱鹵水的情況下測試發電廠與電氣設備。

Then we move to hot commissioning where we actually flow geothermal brine from the wellhead to the power plant to ensure the heat transfer system, the turbines and the air cooled condensers are operating as intended. When this is verified, we move on to grid synchronization performance testing, during which time we may generate some amount of test power.

接著進入熱態試運轉（hot commissioning），我們會將地熱鹵水自井口導入發電廠，以確認熱交換系統、渦輪機與空冷式冷凝器能如預期運作。完成驗證後，我們會進行電網同步性能測試（grid synchronization performance testing），在此期間我們可能會產生一定量的測試電力。

Cash realized from this test power can be unpredictable as it is typically subject to market pricing unlike revenue generated under our contracts. As with any new industrial asset, it's also normal to encounter early operational adjustments, brief maintenance events or periods of curtailment as we optimize performance across the units.

由這些測試電力所實現的現金收入可能難以預測，因其通常取決於市場價格，而非我們合約下所產生的收入。如同任何新的工業資產，在我們對各機組進行效能最佳化時，出現初期營運調整、短暫維護事件或限發（curtailment）期間也屬正常。

We factor this into our ramp expectations and it's a normal part of bringing a first-of-a-kind commercial development online. Then upon achieving a host of administrative and contractual requirements, we declare commercial operation under our contract as we ramp into steady-state generation. We expect GeoBlock 1 to achieve full power generation towards the end of Q4 with GeoBlocks 2 and 3 following a similar sequence with initial power in early 2027, ramping to full power over the ensuing months.

我們已將這些因素納入爬坡預期之中，這也是將首創型（first-of-a-kind）的商業開發案上線時的正常一環。接著，在達成一系列行政與合約要求後，我們將依合約宣告商轉（commercial operation），並逐步爬坡至穩態發電。我們預期 GeoBlock 1 將在第四季末左右達到滿載發電；GeoBlocks 2 與 3 將遵循類似流程，於 2027 年初開始初始發電，並在接下來數月爬坡至滿載。

Third-party analysts currently anticipate us to generate a mid-single-digit amount of revenue in Q4 2026, and we continue to believe this is achievable. But we'll be honest, there are still things that need to happen over the next several months in order for this to materialize.

第三方分析師目前預期我們在 2026 年第四季可產生中個位數（mid-single-digit）的營收，我們仍相信這是可達成的。但我們也坦白說，未來幾個月仍有一些事情必須順利發生，才能讓這件事實現。

For example, we need to complete the last bit of work at the substation and successfully coordinate with several different grid counterparties to achieve grid synchronization. We also have to finish the hot commissioning phase of work on GeoBlock 1.

例如，我們需要完成變電站最後一小部分工程，並成功與數個不同的電網對口單位協調，以達成電網同步。我們也必須完成 GeoBlock 1 的熱態試運轉階段工作。

And while we don't expect anything unique to come from this process, first-time start-ups are notorious for having small correctable issues here and there. Like I said a moment ago, we still feel like we're on track, but we always feel it better to be transparent around potential challenges that we see.

此外，雖然我們不預期這個流程會出現任何特殊狀況，但首次啟動（first-time start-ups）往往會在各處出現一些可修正的小問題。如我剛才所說，我們仍覺得進度在軌道上，但我們也一向認為，對我們看到的潛在挑戰保持透明會更好。

Similarly, while it's early to begin talking about 2027, we'd like to provide some early thoughts to consider as we prepare for our first full year of commercial operations. The simple fact is for our projects, there are things within our control and there are things outside our control. This isn't new to power development, and it's not unique to Fervo, but it is the reality we're managing to.

同樣地，雖然現在開始談 2027 年還算早，但在我們為第一個完整商轉年度做準備之際，我們想提供一些可供參考的初步想法。簡單來說，對我們的專案而言，有些事情在我們可控範圍內，也有些事情不在我們可控範圍內。這在電力開發領域並不新鮮，也不是 Fervo 獨有，但這就是我們正在面對並管理的現實。

We feel really good about the things within our control. Our ability to drill hotter, faster, deeper and cheaper is an enormous mitigant to a host of factors on our risk register. We have gotten to these results more quickly than we anticipated, and we believe there's still tremendous running room for even better drilling performance.

對於可控範圍內的事情，我們感到非常有信心。我們能鑽得更熱、更快、更深且更便宜的能力，是我們風險清單上多項因素的重要緩解手段。我們比原先預期更快達到這些成果，而且我們相信在鑽井表現上仍有巨大的提升空間。

But we also depend on a large number of partners, regulators and other stakeholders, particularly around transmission that are managing unique circumstances in 2027 that may result in Fervo being curtailed for a period of time. We're working closely with each of these partners to understand the range of outcomes for these potential events and believe these are unique to 2027 and will not recur in the future.

但我們也仰賴大量合作夥伴、監管機構及其他利害關係人，特別是在輸電相關方面，他們正在處理 2027 年的特殊情況，這可能導致 Fervo 在一段期間內被限發（curtailed）。我們正與上述各方密切合作，以了解這些潛在事件可能出現的結果範圍，並相信這些情況僅限於 2027 年，未來不會再發生。

We should state clearly that these curtailment events have nothing to do with Fervo's production, our construction or the operation of our GeoBlocks. With this in mind, for 2027, we currently anticipate generating between $60 million and $80 million of revenue. This is not our formal revenue guidance.

我們應清楚說明，這些限發事件與 Fervo 的產量、我們的施工或 GeoBlocks 的運作完全無關。基於此，對於 2027 年，我們目前預期可產生 6,000 萬至 8,000 萬美元的營收。這並非我們正式的營收指引。

Given the reliability of our assets and the contracted nature of our revenue, the range we're providing today is likely wider than we ordinarily provide. But as this is our first year in commercial operations and the curtailments we may experience are somewhat unique, we feel a wider range is appropriate for now.

鑑於我們資產的可靠性以及營收的合約性質，我們今天提供的區間可能比我們通常提供的更寬。但由於這是我們商轉營運的第一年，且我們可能遭遇的限發情況相對特殊，我們認為目前採用較寬的區間是合適的。

Next, given the importance of behind-the-meter GeoBlocks to our business, I want to address a common misconception about the economics of behind-the-meter generation that it's fundamentally more expensive for Fervo because of the incremental build required to achieve high levels of reliability.

接著，鑑於表後（behind-the-meter）GeoBlocks 對我們業務的重要性，我想針對一個常見誤解作出說明：有人認為表後發電在經濟性上對 Fervo 而言本質上更昂貴，因為為了達到高可靠度需要額外建置。

While it's true that a behind-the-meter project likely requires additional capacity to replicate the reliability the grid would otherwise provide, that doesn't mean Fervo bears all of that incremental cost. In the structures we're pursuing, Fervo is responsible for delivering firm geothermal power and its associated reliability to the customer's private use network, while the customer is responsible for procuring the additional generation and storage capacity required to reach their desired overall reliability level. Fervo's cost structure to deliver our portion of firm geothermal power remains broadly consistent with what we've communicated previously about our front-of-the-meter contracts.

雖然表後專案確實可能需要額外容量，以複製電網原本可提供的可靠度，但這不代表 Fervo 需要承擔所有新增成本。在我們正在推進的架構中，Fervo 負責向客戶的私有用電網路交付具備穩定性（firm）的地熱電力及其相應的可靠度；而客戶則負責採購達到其期望整體可靠度所需的額外發電與儲能容量。就我們交付自身那一部分穩定地熱電力而言，Fervo 的成本結構大致仍與我們先前就表前（front-of-the-meter）合約所溝通的內容一致。

There are incremental costs to physically deliver power on site, but we don't expect those to have a material impact on our overall project return profile. Lastly, before I close this out, I want to return to the comments Tim made about the traction we currently have with our customers and potential customers. We have an active set of origination conversations ongoing across a diversity of customer types and across a breadth of maturity.

在現場實體送電方面確實會有一些增量成本，但我們預期不會對整體專案報酬輪廓造成重大影響。最後，在我結束之前，我想回到 Tim 先前提到的、我們目前在既有客戶與潛在客戶端所取得的進展。我們正在與多元類型、不同成熟度階段的客戶持續進行一系列積極的案源開發（origination）洽談。

We also feel confident in our ability to reliably access our supply chain, obtain permits and move GeoBlocks through our development pipeline. Taken together, we now expect to have 1.1 gigawatts installed by the end of 2030, an increase of 100 megawatts from our previous expectation of 1 gigawatt.

我們也對於能夠穩定取得供應鏈、取得許可，並推動 GeoBlocks 穿越我們的開發管線充滿信心。綜合以上，我們目前預期到 2030 年底將有 1.1 吉瓦的裝置容量，較先前預期的 1 吉瓦增加 1 億瓦（100 兆瓦）。

We don't take this increase lightly. And as our confidence increases with bridge behind-the-meter projects serving as a viable alternative to grid-connected projects from a commercial, technical and financing perspective, we believe this will unlock additional speed to market for Fervo.

我們不會輕忽這項上調。隨著我們對於以表後專案作為電網併網專案替代方案的信心提升——無論在商業、技術或融資層面——我們相信這將為 Fervo 帶來更快的上市速度（speed to market）。

We're extraordinarily proud of the progress our team has made this quarter, and we look forward to continuing to update you as this portfolio matures. Operator, you may now open up to Q&A.

我們對團隊本季取得的進展感到無比自豪，也期待隨著這個投資組合逐步成熟，持續向各位更新。接線員，現在可以開放問答。

(Operator Instructions)

(接線員指示)

David Anderson, Barclays.

David Anderson，巴克萊（Barclays）。

So your land portfolio has now increased to 650,000 acres, and you talked about derisking another 10.5 gigawatts into early development on top of 400 megawatts into advanced development. Has your longer-term development plan changed at all? Have any projects moved up in your time line? And if you could also expand a bit further on the appraisal drilling program starting later this year. What's sort of the target here? What are you trying to cover? Just some more details on that.

所以你們的土地組合現在已增加到 65 萬英畝，你們也談到在 4 億瓦（400 兆瓦）的後期開發之上，將另外 10.5 吉瓦去風險並推進到早期開發。你們更長期的開發計畫有任何改變嗎？是否有任何專案在時程上提前了？另外也請再多談一些今年稍晚開始的評估鑽探（appraisal drilling）計畫。這項計畫的目標是什麼？你們想涵蓋哪些內容？請提供更多細節。

Yes, it's a great question. And I'd say within each of those buckets, it's constantly sort of a growth optimization. Where are we seeing the biggest demand for customers? It's reflected in higher pricing, where are we seeing permit regimes that are allowing us to move forward in the project development? Where are we seeing opportunities for interconnection queue timelines that are expedient or opportunities for behind the meter that can get around the interconnection queue timeline.

是的，這是個很好的問題。我會說在每一個類別裡，我們都在持續做某種成長最佳化。我們在哪些地方看到客戶需求最大？這會反映在更高的定價上；我們在哪些地方看到許可制度允許我們推進專案開發？我們在哪些地方看到併網排隊（interconnection queue）時程較為迅速，或是有哪些表後機會可以繞開併網排隊時程。

So within each of those buckets, there's constantly sort of a reshuffling of those projects. But everything is sort of in line with our expectations in terms of time line of growth.

因此在每個類別內，這些專案都會不斷地重新排序。但就成長時程而言，一切大致符合我們的預期。

I think what you're seeing here in terms of our increase in acreage, our movement of projects through the pipeline, as David mentioned in his remarks, are things that are actually unlocked by the incremental extra capital we were able to secure in the IPO process, which, as David mentioned, was above our original expectations. And so I think we're excited about this.

我認為你們在這裡看到的——包括我們英畝數的增加、專案在管線中的推進——如同 David 在發言中提到的，實際上是因為我們在 IPO 過程中取得了額外資金，而這筆資金（如 David 所說）高於我們原先的預期，因而得以解鎖。所以我想我們對此感到很振奮。

If you would have asked us a year ago where we would be, the maturity of this pipeline is further along than we would anticipate because the IPO proceeds enabled us to spend the time and the money on things like IPO proceeds enabled us to spend the time and the money on things like putting an appraisal rig program together faster, securing more acreage, particularly as we've seen acreage costs increase pretty dramatically.

如果你一年前問我們會走到哪一步，這條管線的成熟度其實比我們原先預期更超前，因為 IPO 募得資金讓我們能更快投入時間與資金在一些事情上，例如更快地把評估鑽機計畫組建起來、取得更多土地，特別是在我們看到土地成本大幅上升的情況下。

So I would say we are moving faster than we would have initially anticipated in building out this pipeline as a combination of higher IPO proceeds unlocks that, and we continue to see robust customer demand. In terms of appraisal drilling, we're very excited about this. It will be very similar to what we would have done in the Blanford prospect last year.

所以我會說，我們在建構這條管線的速度比最初預期更快，這是因為較高的 IPO 募資額帶來的解鎖效應，同時我們也持續看到強勁的客戶需求。至於評估鑽探，我們對此非常興奮。它將非常類似於我們去年在 Blanford 勘探區（prospect）所做的工作。

Many of our projects have good geologic models. We are able to do surface studies, geophysical studies that allow us to unlock insights about the subsurface, but sort of the gold standard for confirming temperature at depth, which is one of the most important criteria in our techno economics is actually to drill one of those wells down to depth. And so that's what we anticipate doing at our prospect later this year.

我們許多專案都有良好的地質模型。我們能進行地表研究、地球物理研究，以取得地下構造的洞見；但要確認深部溫度——這是我們技術經濟（techno-economics）中最重要的判準之一——其黃金標準其實是把其中一口井鑽到目標深度。因此，這就是我們預期在今年稍晚於我們的勘探區要做的事。

And that kind of geologic information will allow us to site where we put our first laterals to inform further geologic modeling and sort of accelerate the process beyond. And again, these are things that are unlocked and sort of ahead of our prior expectations due to the IPO proceeds. So we're really excited to be ramping up an appraisal program for some of our Nevada prospects and beyond.

而這類地質資訊將使我們能決定第一批水平段（laterals）的井位，進一步完善地質建模，並加速後續流程。同樣地，這些都是因 IPO 募得資金而得以解鎖、並且早於我們先前預期的事項。因此，我們非常期待為我們在內華達州（Nevada）及其他地區的一些勘探區加速推進評估計畫。

Great. And you talked about the results of the Sawtooth 7. Just following on that, how many of the -- can you just remind us how many of the 3.0 wells you've now drilled to date? And how many do you need to fill out the kind of drilling programs for Cape II? And just wondering if you're maybe considering adding a fourth or maybe fifth rig to accelerate this.

很好。你也談到了 Sawtooth 7 的結果。延續這點，能否提醒我們：截至目前你們已鑽了多少口 3.0 井？而要完成 Cape II 的鑽探計畫大概還需要多少口？另外想請教，你們是否正在考慮增加第四座、甚至第五座鑽機來加速進度？

Yes, it's a great question. I think we announced with the Sawtooth results that it was our ninth well, and we are continuing with the 3 rigs to add wells pretty regularly. One of the innovations that we have brought over to the geothermal sector for the first time that's kind of unlocked by the technology of our partner, Helmerich & Payne with their Flex 3 rigs is actually batch drilling. We are able to put multiple wells on a pad. We're able to optimize the sequencing because we can actually batch drill surface sections and intermediate sections and then production sections.

是的，這是個很好的問題。我想我們在公布 Sawtooth 的結果時提到，那是我們的第九口井；我們也持續使用 3 座鑽機，並相當規律地新增井數。我們首次將一項創新引入地熱產業——這項創新在某種程度上得益於我們合作夥伴 Helmerich & Payne 的 Flex 3 鑽機技術——也就是批次鑽井（batch drilling）。我們可以在同一個井場平台（pad）上布置多口井。我們也能最佳化作業順序，因為我們可以批次鑽進地表段、中間段，然後再鑽生產段。

And so as a result, actually, we will -- it's not just every 21 days or so, we deliver a new well. We actually kind of drill four or eight wells on a pad and a batch process and we'll sort of finish them all at once. So that Sawtooth 7 well was the last well on the pad that it drilled, and we now have these 3 rigs actively drilling, but it -- so we've drilled significant portions of other wells since then as well. In terms of total wells, we anticipate that there could be anywhere up to 80 wells in the Phase 2 drilling program, and we're very far along in that process already with about 10% of the wells fully drilled and significant portions of the remaining wells drilled out.

因此，實際上，結果是我們——不只是每隔大約 21 天就交付一口新井。我們其實會在同一個井場（pad）上大概鑽四口或八口井，採用批次作業流程，然後一次把它們全部完工。所以 Sawtooth 7 井是該井場上最後一口完成鑽進的井，而我們現在有這 3 部鑽機正在積極鑽井；不過——自那之後，我們也已經在其他井上鑽進了相當多的井段。就總井數而言，我們預期第二期（Phase 2）鑽井計畫最多可能達到 80 口井，而我們在這個流程上已經推進得非常深入：大約有 10% 的井已完成全井鑽進，其餘井也已鑽進了相當多的井段。

So what we continue to see is that the innovations that allowed us to come down the learning curve so quickly to achieve that fast drilling time on the Sawtooth 7 well are continuing to unlock better and better performance. So we would actually expect that trend of faster drilling and lower-cost wells despite the extreme temperatures and the greater depths we're drilling to, to continue throughout the entire Cape Phase 2 drilling program and beyond.

因此，我們持續看到的是：那些讓我們能夠迅速沿著學習曲線下降、在 Sawtooth 7 井達成快速鑽井時間的創新，仍在持續解鎖越來越好的表現。所以我們確實預期，即使面對極端溫度以及我們正在鑽到更深的井深，鑽井更快、單井成本更低的趨勢，將會在整個 Cape 第二期鑽井計畫乃至其後持續下去。

Dylan Nassano, Wolfe Research.

Dylan Nassano，Wolfe Research。

I just wanted to go back to the commentary around 2027. Can you just provide maybe a little more granularity around the curtailments that you're kind of alluding to?

我想回到你們對 2027 年的評論。你能否就你們所暗示的限發（curtailments）提供更細一些的說明？

Yes. thank you for the question. For 2027, I think what we said on the call is that we're looking at revenue somewhere in the range of $60 million to $80 million and tried to allude to this being a pretty wide range. Just again, to confirm, this is not anything that has to do with Fervo's production or our wells or the performance of GeoBlocks.

好的，謝謝你的提問。關於 2027 年，我想我們在電話會議上說的是，我們預估營收大約落在 6,000 萬到 8,000 萬美元之間，並且也試著暗示這是一個相當寬的區間。再確認一次，這與 Fervo 的產量、我們的井，或 GeoBlocks 的表現完全無關。

This is really due to curtailment on the transmission lines that we have going from the Cape site to our end customers. This is something that we've had our eye on for some time. And as we get closer to 2027, it's obviously coming into a clearer picture. And so we felt like now is the right time to begin talking about it.

這主要是因為我們從 Cape 場址通往終端客戶的輸電線路出現限發。這是我們關注了一段時間的事情。而隨著我們接近 2027 年，情況顯然變得更清晰。因此我們覺得現在是開始談論這件事的適當時點。

This is something we think is unique to 2027, where that transmission operator has another asset that's being added into its line. And so there's just curtailment related to bringing that asset into the network alongside it, but nothing other than that.

我們認為這是 2027 年特有的情況，因為該輸電營運商有另一項資產將併入其線路。因此，限發只是與將該資產併入網路、與現有線路並行運作相關，除此之外沒有其他因素。

Okay. That's helpful. And then just a quick follow-up on the 100 megawatts incremental by 2030. Can you just give us a sense of which of your geographies maybe that could easily fit into? And just how are you thinking about the economics there relative to the Cape Station kind of Phase 1, Phase 2 economics?

了解。這很有幫助。接著就 2030 年前新增 100 兆瓦這點做個快速追問。你能否讓我們了解一下，這可能比較容易落在哪些地理區域？以及你們如何看待其經濟性，相對於 Cape 電站第一期、第二期的經濟性？

Yes. It's a great question. And obviously, we'll have more to say about this in the future. But I think, hopefully, the read here is that we're seeing enough on the origination side to be excited about and progressing these conversations that we have the confidence to increase that target from 1 gig to 1.1 gigs.

是的。這是個很好的問題。而且很明顯，我們未來會對此有更多說明。但我想，希望大家從中讀到的是：我們在案源開發（origination）端看到足夠令人振奮的進展，並且這些對話正在推進，因此我們有信心把目標從 1 吉瓦提高到 1.1 吉瓦。

In terms of geography, what we like about our portfolio is that we have a tremendous amount of optionality across the range. And if you look at that funnel that we have that kind of shows how we move GeoBlocks from one level to the next, you obviously see that we're moving things pretty rapidly. That contains several different GeoClusters at various stages. And so we think that we've got a few really high likelihood, high-quality prospects that we can go to here.

就地理分布而言，我們喜歡我們投資組合的一點是：在整個範圍內我們擁有非常大的選擇性（optionalitiy）。如果你看我們那個漏斗圖，展示我們如何把 GeoBlocks 從一個層級推進到下一個層級，你會清楚看到我們推進得相當快。其中包含數個處於不同階段的 GeoClusters。因此我們認為，我們手上有幾個非常高機率、且品質很高的標的可以推進。

We're moving transmission and permitting across the range of those GeoClusters as well. And so we like what we're seeing there. I think it's fairly safe to say that we're more advanced in our resources in Nevada and Utah. And so I would expect that, that's likely where those projects come from, but we do maintain kind of optionality on that.

我們也在這些 GeoClusters 的範圍內同步推進輸電與許可（permitting）。因此我們對目前看到的情況感到滿意。我想可以相當確定地說，我們在內華達州與猶他州的資源推進得更為成熟。所以我預期這些專案很可能會來自那裡，但我們仍保留一定的選擇性。

And on economics, we'd say that what we're seeing on these commercial negotiations is consistent with what we've seen before, which is a range of pricing from $100 to $130 a megawatt hour. And when we think that everything that we're talking about here is going to fall down the fairway of that range.

至於經濟性，我們會說，我們在這些商業談判中看到的情況與過去一致，也就是電價大約落在每兆瓦時 100 到 130 美元的區間。而我們認為，這裡所談的所有項目都會落在該區間的合理範圍內。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，RBC Capital Markets。

I wanted to go back to maybe just the ramp-up here in production in the back half of the year. And just as far as those PPA contracts go, can you maybe just discuss in a bit more detail how those work in terms of obligations for production capacity at any given point in time? I think there have been some concerns or debate that there might be some damage payment obligations just given when things ramp and the official start date. And so we're just trying to think through that.

我想回到今年下半年產量爬坡（ramp-up）的問題。就那些 PPA 合約而言，你能否更詳細說明一下，它們在任何特定時間點對發電容量的義務是如何運作的？我認為外界有一些擔憂或討論，考量到爬坡時程與正式起始日，可能會有損害賠償（damage payment）義務。所以我們只是想把這件事想清楚。

Yes. Chris, thanks for the question. It's obviously something we have our eye on here. There are a couple of different dynamics. One is that each of our PPAs is different. And so the way that these work kind of changes throughout. What we have at Cape Phase 1 as we ramp is actually broader than kind of an instantaneous do you have 10 megawatts or 30 megawatts or 100 megawatts on time.

是的。Chris，謝謝你的提問。這顯然是我們正在密切關注的事情。這裡有幾個不同的動態。其中之一是，我們每一份 PPA 都不一樣。因此其運作方式在不同合約之間會有所差異。在 Cape 第一期的爬坡階段，我們的要求其實比「某個瞬間你是否準時具備 10 兆瓦、30 兆瓦或 100 兆瓦」更為寬鬆。

We have kind of an extended time line to true that up over the course of the year. And so we feel good about our ability to generate that capacity and see things there. When it comes to liquidated damages, it's something that obviously is important to us and something that we think about. But we don't think that those liquidated damages in most cases, are material to the P&L.

我們有一個較長的時間軸，可以在一年內把它對齊（true up）。因此我們對自己能夠產生該容量、並在那方面看到進展感到有信心。至於約定損害賠償（liquidated damages），這當然對我們很重要，也是我們會思考的事情。但我們認為，在多數情況下，這些約定損害賠償對損益表（P&L）的影響並不重大。

What we typically see is that we have some kind of trade-offs here. And what we mean is that we can bring things online faster that may come at the cost that we don't go through a true commissioning phase where we explore all the options, optimize the asset. And I think our management view is that that's not the appropriate decision to make.

我們通常看到的是，這裡存在一些取捨。我們的意思是：我們可以更快把系統上線，但代價可能是我們不會經歷完整的試運轉／投運（commissioning）階段，去探索所有選項並最佳化資產。而我認為管理層的看法是，那不是適當的決策。

And so I think what you're hopefully hearing from us is that we're going to prioritize the health of the asset and demonstration of the core IP kind of above all else, and we think that that's the right trade-off against ODs that are likely immaterial kind of in most cases.

因此，我想你們希望從我們這裡聽到的是：我們會把資產健康狀況以及核心智慧財產（IP）的驗證放在最優先，其重要性高於其他一切；而我們認為，這樣的取捨相對於在多數情況下可能並不重大的 ODs，是正確的。

Got it. And maybe just as a follow-up on a separate topic here. You talked about some of the opportunities to transpose oil and gas drilling technology over to your wells. What other kind of tech unlocks are you all working on or sort of experimenting with here? And what are the kind of expectations for when that could ultimately just work into your overall drilling program and drive more step change in cost reduction?

了解。另外就另一個主題再追問一下。你提到一些把油氣鑽井技術移植到你們井上的機會。你們還在進行或試驗哪些其他類型的技術突破（tech unlocks）？以及你們預期這些技術最終何時能納入整體鑽井計畫，並推動成本進一步階梯式下降？

Yes, it's a great question. And we've had several sort of significant wins in terms of upgrading oil and gas technology to deal with our more challenging geologies that are both -- there are several factors we have to consider here. Our diameter of our wells are larger than onshore, the typical unconventional onshore oil and gas wells.

是的，這是個很好的問題。而且我們在升級油氣技術以應對更具挑戰性的地質條件方面，已經取得了幾項相當重要的成果——這裡有好幾個因素需要考量。我們的井徑比陸上典型的非常規油氣井更大。

So that's one difference from the oil and gas world. Our temperatures are higher temperature than oil and gas wells. And then obviously, drilling through granite with the material properties of granite, it's a much harder rock to drill through than shale. So a lot of this is upgrading the right materials and especially as we push to greater depth.

所以這是與油氣領域的一個差異。我們的溫度也比油氣井更高。然後很明顯地，鑽穿花崗岩——以花崗岩的材料性質來看——比鑽穿頁岩要硬得多。因此，很多工作是在升級合適的材料，尤其是當我們推進到更深的深度時。

So some things, for example, that we've implemented recently that have yielded good results, just to give one example on the completion side is recognition that doing the deeper Phase 2 wells would -- if we wanted to pump with the efficiency that we wanted to would require higher pressures.

舉例來說，我們最近實施了一些措施並取得了不錯的成果；僅以完井端的一個例子來說，我們意識到要做更深的第二階段井——如果我們希望以我們想要的效率進行泵注——就需要更高的壓力。

So we've, for example, gone out and sourced sort of unique equipment to deal with the temperatures, casing diameters and pressures that we see in our operations that have actually led to an increase in stage success rate. To just give you one example of technologies that we're adapting over is the ability to do well stimulation at higher pressures.

因此，例如，我們已經外部採購了一些獨特的設備，用來應對我們作業中遇到的溫度、套管直徑與壓力，這實際上提高了分段作業的成功率。再舉一個我們正在導入的技術例子，就是能夠在更高壓力下進行井刺激作業。

So there continues to be significant examples there. Another technology that we've trialed out multiple times over the last couple of quarters that we're growing increasingly confident in is going to a rotary steerable system for drilling some of these deeper and more challenging wells, which is an advanced technology that allows you to maintain your drilling program in the rotating phase where you can drill faster while still achieving the directional trajectory of our systems. And there were some growing pains adapting that technology to geothermal due to the temperatures and properties of the granite.

所以這方面仍然有許多顯著的例子。另一項我們在過去幾個季度多次試驗、且信心愈來愈高的技術，是在一些更深、更具挑戰性的井採用旋轉導向系統（rotary steerable system）進行鑽井；這是一種先進技術，讓你能在旋轉狀態下維持鑽井程序，在仍能達成我們系統所需的定向軌跡的同時加快鑽進速度。而由於溫度與花崗岩性質的關係，將該技術適配到地熱領域時也經歷了一些磨合期。

But working across our partners, we think we've kind of honed to that end, and that's just one of those examples that as that goes from trial to a more routine part of our drilling program, which is sort of the phase we're in right now with that particular technology, it will continue to yield significant improved drilling results. And there's just a long, long list of these kinds of innovations that we're working on right now.

但透過與合作夥伴的協作，我們認為已經把這件事打磨到位；這只是其中一個例子。隨著它從試驗走向成為我們鑽井計畫中更常態的一部分——而我們現在正處於這項特定技術的這個階段——它將持續帶來顯著改善的鑽井成果。而我們目前正在推進的這類創新，清單非常非常長。

Ben Kallo, Baird.

Ben Kallo，Baird。

Maybe taking a step back, just I know it was less than two months ago when you talked about the higher capital raise opening more opportunities. And then you increased the 2030 targets, you have a new rig out there and you have a new drilling program. Should we think of that as what that allows you the new capital? Or are there additional things that we should wait and see for? And then I have a follow-up.

也許先退一步來看，我知道不到兩個月前你們提到更高規模的資本募集會帶來更多機會。接著你們上調了2030年的目標，現場有一台新鑽機，並且有新的鑽井計畫。我們是否應該把這些視為新資本所帶來的成果？或者還有其他事情是我們應該再等等看、後續可能會出現的？另外我還有一個追問。

Ben, great question. I'd say that this is definitely part of it. And I might separate them a little bit. The third rig that we added out at Cape is part of the normal course of development for the Cape Phase 2 project. And so that one we kind of had planned and so maybe wouldn't put that in the bucket of kind of directly tied to incremental CapEx or I'm sorry, incremental cash.

Ben，這是個很好的問題。我會說這確實是其中一部分。不過我可能會把它們稍微區分一下。我們在Cape現場新增的第三台鑽機，是Cape第二階段專案正常開發進程的一部分。所以那台其實我們原本就有規劃，可能不會把它歸類為與額外資本支出——抱歉，與額外現金——直接相關的那一桶。

On the opposite side of that, though, the incremental 100 megawatts, we would say, is directly tied to that as well as the appraisal drilling program that we're getting ready to embark on. When we think about what it takes to add additional megawatts before the end of 2030, appraisal is definitely part of that.

但相反地，新增的100兆瓦，我們會說是直接與此相關的，另外也包括我們正準備啟動的評估鑽井計畫。當我們思考要在2030年底前增加額外兆瓦需要什麼時，評估工作絕對是其中一部分。

That's what allows us to go into definition and start contracting those GeoClusters more specifically. Additional kind of work streams that we'll have in the mix there are permitting, interconnection queues, really derisking the development and deliverability of those megawatts. And then on the other side, it comes down to long lead equipment.

這讓我們能進入定義階段，並開始更具體地為那些GeoClusters進行簽約。此外，我們還會同步推進其他工作流，包括許可、併網排隊（interconnection queues），真正把這些兆瓦的開發與可交付性去風險化。而另一方面，則取決於長交期設備。

And our supply chain is really robust, both from an oilfield service and equipment perspective, but also the organic Rankine cycle turbines that we utilize. But the electrical side of things is kind of no secret in the market is a little bit more stressed. And so that's where we're using some of this incremental capital to make sure that we have that equipment on time for when we need it.

我們的供應鏈非常強健，無論是油田服務與設備面，還是我們使用的有機朗肯循環（ORC）渦輪機。但電氣端的情況，市場上也不是秘密，壓力比較大。因此，我們會運用部分新增資本，確保在需要時能準時取得那些設備。

In terms of additional things to come, Tim's talked about some of our opportunity register that we have on the subsurface development side. And I'd expect that we're identifying some really interesting ways to deploy modest amounts of capital to derisk both our current projects, but also our future pipeline.

至於後續還會有哪些事情，Tim談到過我們在地下開發端的一些機會清單（opportunity register）。我預期我們正在找出一些非常有意思的方法，用相對適度的資本投入，去降低我們現有專案以及未來專案管線的風險。

Okay. Great. Just going to behind the meter. Could you talk to us kind of the mechanics? And you mentioned that there was a discussion about higher costs. So how would we expect like a data center development to -- the time line to occur with your time line of build-out?

好的。很好。我想問一下表後（behind the meter）的部分。你能談談大致的運作機制嗎？你也提到有關較高成本的討論。那麼以資料中心開發來說，它的時程會如何與你們的建置時程配合？

So like would the data center start construction before you're completed with the power plant or after? And then would you provide the auxiliary equipment needed or even additional generation or stationary storage as part of that deal? Just maybe describe a little bit more how we should expect that to evolve.

例如，資料中心會在你們電廠完工前就開始施工，還是等到之後？另外，你們是否會在交易中提供所需的輔助設備，甚至額外的發電能力或固定式儲能？請再多描述一下，我們應該如何預期它會演進。

Yes. These are great questions and some of the things that we've had to wrestle through because behind the meter is always something we say it's a simple idea to throw around. It's very challenging to implement in practice. And these are all the thorny details that you actually have to work through with your partners as you get this to be done.

是的。這些都是很好的問題，也是我們必須反覆推敲的一些事情，因為表後供電總是我們說起來很簡單的概念。但在實務上要落地非常具挑戰。而這些就是你在推動落實時，必須與合作夥伴一起解決的各種棘手細節。

I think one of the things we're excited about is we've really shortened our construction time lines significantly and especially relative to other technologies, our ability to go from spud to sales in terms of producing electricity on the first couple of geo blocks in a prospect has gotten to be relatively quick. And so as a result of that, we do expect there to be kind of concurrent development of our projects with the data center projects as well.

我認為我們感到振奮的一點是，我們已大幅縮短施工時程；尤其相較於其他技術，我們在一個勘探區（prospect）的前幾個地熱區塊，從開鑽（spud）到售電（sales）、也就是開始發電的速度，已經變得相對快。因此，我們確實預期我們的專案開發會與資料中心專案呈現某種程度的同步並行。

We don't think they're generally going to wait until after our projects are online to do this, particularly in any sort of behind-the-meter or islanded mode. And so we do expect that construction to be done concurrently. And this is where actually I think the GeoBlocks are a really great asset in terms of making this happen because what we're trying to do with our customers is align the growth of our prospects where maybe that's bringing on 4 GeoBlocks initially and then adding four more six months later and four more six months after that, just as an illustrative example about how that might work.

我們不認為他們通常會等到我們的專案上線後才開始做，特別是在任何表後或孤島式（islanded）模式下。因此我們確實預期施工會同步進行。而我認為GeoBlocks其實是促成這件事的一項很棒資產，因為我們與客戶想做的是讓勘探區的成長節奏對齊：例如先上線4個GeoBlocks，六個月後再增加4個，再過六個月再增加4個——這只是用來說明可能的運作方式。

Well, that means we can phase our capital deployment and growth alongside our partners' capital deployment and growth, and they can build out and sort of size their powered shells to be commensurate with bringing up these assets online. And I think when we work with our partners, they recognize that we have a fairly unique asset.

這表示我們可以把資本投放與成長分期，與合作夥伴的資本投放與成長分期同步；他們也可以擴建並調整其供電外殼（powered shells）的規模，使之與這些資產逐步上線相匹配。我想當我們與合作夥伴合作時，他們也認知到我們擁有相當獨特的資產。

The ability to build power plants that have no fuel supply risk that produce 24/7 carbon-free energy at assets that can get to a gigawatt scale across many locations in the West is something that they find very attractive and very unique. And so a lot of them are looking to scale over multiple years to turn these into sort of marquee assets within their portfolios as well just because that's not a mix of attributes you can find really anywhere else.

能夠建造不具燃料供應風險、可 24/7 產出無碳能源的發電廠，且資產可在美國西部多個地點擴展至吉瓦級規模，這一點對他們而言非常有吸引力，也非常獨特。因此，許多人正著眼於在多年期間擴張規模，將這些資產打造為其投資組合中的「旗艦」資產，原因就在於這種屬性組合幾乎在其他地方找不到。

And so that's kind of how we're thinking about it. And we do believe it is and a lot of -- obviously, in a lot of ways faster than the interconnection queue position, which is why we're taking this hybrid approach of doing this where we don't have queue positions that meet our customers' time lines.

所以我們大致是這樣思考的。而且我們確實相信，這在很多方面——顯然——比併網排隊（interconnection queue）的進度要快，這也是為什麼我們採取這種混合式做法：在沒有能符合客戶時程的排隊位置時，我們就以這種方式推進。

In terms of our model and higher costs, there are things, whether it's the resilience or redundancy of electrical infrastructure or different items to ensure that you have the right power quality that we would not be spending capital on if it was a grid-connected project.

就我們的模式與較高成本而言，有一些事項——不論是電力基礎設施的韌性或備援，或是為確保具備正確電能品質的不同項目——如果這是一個併網型專案，我們是不會投入資本支出的。

As we mentioned in our illustrative slide, too, we also see benefit out to our customers of hybrid approaches of pairing our assets with things like solar and storage to kind of meet their objectives in terms of the high reliability needs. And so we're working with partners on that. When we think about this tactically, Fervo has always been a company with a pretty maniacal focus.

如同我們在示意投影片中也提到的，我們也看到混合式方案能為客戶帶來效益：將我們的資產與太陽能、儲能等搭配，以某種程度上滿足他們在高可靠度需求方面的目標。因此我們正與合作夥伴在這方面合作。從戰術層面來看，Fervo 一直是一家相當「偏執」地專注的公司。

What we believe is the one thing that we do best in the world that no one else can replicate is the rapid development of enhanced geothermal systems assets. Meanwhile, we think there's many credible players that can deal with the electrical system design, the solar development and these other attributes that are not as unique to Fervo.

我們相信，我們在全球做得最好的、且無人能複製的一件事，就是快速開發增強型地熱系統（EGS）資產。同時，我們也認為在電力系統設計、太陽能開發以及其他這些並非 Fervo 獨有的屬性上，有許多可信賴的參與者可以勝任。

So we are generally scoping our work to doing what we do best, which is best-in-class enhanced geothermal systems development and working with partners who can handle the other parts of the supply chain to work with our customers to build out these microgrids.

因此，我們通常會將工作範疇界定在做我們最擅長的事——也就是同級最佳的增強型地熱系統（EGS）開發——並與能處理供應鏈其他環節的合作夥伴合作，與客戶一起建置這些微電網。

And that may evolve over time as we learn more, but we love focus at Fervo, and we're laser-focused on being best-in-class of EGS development. And even in these behind-the-meter projects, that's where our focus is as well.

這可能會隨著我們學到更多而隨時間演進，但我們在 Fervo 很重視聚焦，我們也高度聚焦於成為同級最佳的 EGS 開發者。即便是在這些表後（behind-the-meter）專案中，我們的重點也同樣在此。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

I guess first one, maybe, Dave, if you could help on what would the cadence look like between the $60 million and between the $80 million and recognizing that it's out of your control in terms of interconnection, assume that the $60 million would be a front-end loaded haircut to sort of the prior expectations of that $80 million. Could you just help with what that cadence might look like on the lower end and the higher end?

我想先問第一個問題，Dave，也許你可以協助說明一下：在 6,000 萬美元與 8,000 萬美元之間，節奏（cadence）會是什麼樣子？並且考量到併網並非你們可控的因素，假設 6,000 萬美元是相對於先前對 8,000 萬美元預期的一種前端較重的下修（haircut）。你能否協助說明在較低端與較高端情境下，這個節奏可能會長什麼樣子？

Yes, I'm happy to, and thanks for the question, Jed. Really, this is really about the duration of that curtailment, which is maybe stating the obvious. We're working closely with our partners there to get a better understanding of how they evaluate the risk that this is either longer or potentially shorter than they imagine, and that's kind of where that $60 million to $80 million range is coming from.

可以，我很樂意，也謝謝你的問題，Jed。其實這主要取決於限發（curtailment）持續的時間，這可能是不言自明的。我們正與那邊的合作夥伴密切合作，以更清楚了解他們如何評估：這個風險是比他們想像更久，或是可能更短；而 6,000 萬到 8,000 萬美元的區間就是從這裡來的。

The way that we would think about the $60 million kind of coming to fruition is that, that's maybe an extended curtailment where things aren't quite as clean from their perspective of getting that asset online as they currently anticipate. And then obviously, all the way up to $80 million, where our contracts are structured such that we can actually exceed our target expected energy.

我們對 6,000 萬美元情境的理解是：那可能代表限發時間拉長，從他們的角度來看，讓該資產如其目前預期般順利上線的情況並不那麼「乾淨俐落」。而另一方面，最高到 8,000 萬美元，則是在我們的合約結構下，我們實際上有機會超過我們的目標預期發電量。

And so we have some ability to recoup megawatt hours and reclaim revenue for 2027. And so those are all the kind of -- that's the range of outcomes that we're evaluating. I'd say that what we think about on kind of a constant basis is what can we do to control that and influence that.

因此，我們有一定能力把兆瓦時（MWh）補回來，並為 2027 年收回（reclaim）營收。所以，這些就是——我們正在評估的結果區間。我想我們幾乎持續在思考的是：我們能做些什麼來控制並影響這件事。

We think there might be a couple of things that we could add to the system to either limit our dependence on that or to increase production out of the asset. And so that's what we're going to be working on into Q4 and Q1 of '27, and then hopefully have more to say about it then.

我們認為也許可以在系統中加入幾項措施，以降低我們對此的依賴，或提高該資產的產量。因此，這會是我們在第四季以及 2027 年第一季要持續推進的工作，並希望到時能有更多可以分享的內容。

That's helpful. And then, Tim, I was listening to Mike Rowe on a podcast the other day talking about the labor shortage and the gap -- ensuing gap that the country will face. And I'm just curious what you're doing to mitigate on the labor side of things as you have a pretty big ramp in front of you.

這很有幫助。接著，Tim，我前幾天在一個 Podcast 聽 Mike Rowe 談到勞動力短缺，以及國家將面臨的——隨之而來的缺口。我很好奇，當你們前方有相當大的擴張爬坡時，你們在勞動力面向上是如何因應與緩解的。

How are you trying to get ahead of this issue and address that? And whether or not that would be the -- where you rank that from a variable perspective of having an inflationary impact on the business?

你們如何試著超前部署並處理這個問題？以及從變動因素的角度，你會把它在對公司造成通膨性影響的因素中排在什麼位置？

Yes. It's a great question. It's something we think about a lot. It's probably good to sort of bifurcate that we do have two parts of our business that actually draw from relatively distinct labor pools, and that's the drilling side of the business and the power plant construction side of the business. So our approaches here are a little bit different.

是的。這是個很好的問題。這也是我們經常思考的事情。或許可以先把它一分為二：我們的業務其實有兩個部分，分別來自相對不同的勞動力來源池，一個是鑽井端，另一個是電廠建造端。因此我們在這兩邊的做法會有些不同。

On the drilling side of the business, this is where we're blessed to be adjacent to an industry that has probably one of the most robust domestic supply chains and labor pools ever created. I talk about this a lot, given my background in drilling and oil and gas is as we see increasing global competition and industrialization in China and other markets, one of the few things that you can very definitively say that the United States has the strongest labor pool in the world on and the strongest supply chain and equipment supply chain is drilling services.

在鑽井端，我們很幸運，因為我們緊鄰一個可能擁有史上最健全的國內供應鏈與勞動力池的產業。我常談到這點，基於我在鑽井與油氣領域的背景：當我們看到全球競爭加劇，以及中國與其他市場的工業化進程時，有少數幾件事你可以非常明確地說——美國在其中擁有全球最強的勞動力池、最強的供應鏈與設備供應鏈，而其中之一就是鑽井服務。

And we were just out on site last week with a bunch of folks, and it is incredible whenever you go to a drilling site or a completion site, the fact that the people doing that on-site supervision are people with decades of experience, and there's such a deep pool of really skilled labor there that is really exciting for us.

我們上週才到現場和一群人一起看，真的很令人驚嘆：每當你去到鑽井現場或完井（completion）現場，你會發現負責現場監督的人都有數十年的經驗；那裡有非常深厚、技術非常純熟的勞動力池，這對我們而言非常令人振奮。

So we don't really foresee labor challenges on the drilling side of the business at all just because that is such a deep pool and has proven to be so robust. And as you know, the rig count today is a fraction of what it was 10 or 15 years ago. And so as a result, there's a lot of skilled folks that can do that work.

因此，我們完全不太預期鑽井端會有勞動力挑戰，因為那個人才池非常深，而且已被證明非常強韌。而且如你所知，今天的鑽機數量（rig count）只是 10 或 15 年前的一小部分。所以結果就是，有很多熟練的人可以做這些工作。

Where we see a little bit more pressure is on the power plant construction side, and that's because often the skilled workers we're looking for are folks that are also in demand from other power generation assets, other data center build-outs, and that's where we see more stretch.

我們看到壓力稍微大一些的是電廠建造端，因為我們需要的熟練工人往往也同時受到其他發電資產、其他資料中心建置案的需求拉動，這也是我們看到較吃緊的地方。

But I think we have a program there where we're really excited with particularly our strategy of building deep relationships with local and regional suppliers has served us really well. We've disclosed in the past and talked about our partnership with Industrial Builders, who's the primary construction contractor for Cape Phase 1 with deep experience in geothermal. We have a fantastic kind of multiyear relationship with them, and they're based in Idaho, very in close proximity to much of our project sites.

但我認為我們在那邊有一套計畫，我們對此非常興奮，特別是我們與在地與區域供應商建立深度關係的策略，對我們非常有幫助。我們過去也揭露並談過與 Industrial Builders 的合作夥伴關係，他們是 Cape 第一期的主要施工承包商，且在地熱方面有深厚經驗。我們與他們有非常棒的多年期合作關係，而他們位於愛達荷州，與我們許多專案場址距離非常近。

So we find building these long-term deep relationships with really the right construction firms is a huge mitigant to this pressure. And in addition to that, we're being very proactive, and this gets back a little bit to our community engagement strategy in building out apprenticeship programs and workforce development programs to keep filling that pipeline.

因此我們發現，與真正合適的施工公司建立這些長期且深度的合作關係，是緩解這種壓力的一大因素。此外，我們也非常積極主動，這也多少回到我們的社區參與策略：建立學徒計畫與勞動力發展計畫，持續補足人才管道。

We've done a significant amount of local hiring in the Southwest Utah area, and that's from everything from operators to really leveraging the partnership we now have with SUU, Southern Utah University, as part of a geothermal apprenticeship program that's become a hiring pool for us as well. And so this goes back years ago when we established that program.

我們在猶他州西南部地區進行了大量在地招募，涵蓋從操作人員到各類職務；同時也充分運用我們目前與 SUU（南猶他大學）建立的合作夥伴關係，作為地熱學徒計畫的一部分，該計畫也成為我們的人才招募來源之一。而這要追溯到多年前我們建立該計畫的時候。

So even before I think people were starting to talk about labor shortages or competition over labor with these construction booms, we were already proactively sort of training the workforce of tomorrow on the power plant construction side.

所以甚至在我認為人們開始談論勞動力短缺、或在這些建設熱潮下出現勞力競爭之前，我們就已經主動在電廠建設端培訓未來的勞動力。

And we're very confident that our strategy of working with local and regional construction partners that see huge benefit in Fervo's multiyear investments in their communities as well as our work on apprenticeship and other training sources with educational institutions is going to put us in a really good position to succeed in a competitive labor market.

我們非常有信心：我們與在地與區域施工夥伴合作的策略——他們也能從 Fervo 對其社區的多年期投資中獲得巨大效益——再加上我們與教育機構合作推動學徒制與其他訓練來源，將使我們在競爭激烈的勞動市場中處於非常有利的位置並取得成功。

And I think this is something that we spend a lot of time thinking about, but I think Fervo has a really fantastic strategy going forward for both the drilling side of the business and the power plant construction side of the business.

我認為這是我們花很多時間思考的議題，但我也認為 Fervo 在未來無論是鑽井業務端，或是電廠建設業務端，都有一套非常出色的策略。

Sunaina Ocalan, Bernstein SG.

Sunaina Ocalan，Bernstein SG。

If I can go to behind the meter for just one more minute and a follow-up on that. Your slide 5, I think I totally appreciate the fact that you guys will only announce when you have something concrete, I love that. The one that you're working on right now, which you said on the call that you could potentially have some update before the end of the year, is that behind the meter or front of the meter? Or did you provide any color on that? And then I have a follow-up on slide 5.

如果我可以再花一分鐘談一下表後（behind the meter），並就此追問一下。你們的第 5 張投影片，我完全理解你們只會在有具體內容時才對外宣布，我很喜歡這點。你們現在正在推進的那個案子，你們在電話會議上說可能在年底前會有一些更新，那是表後還是表前（front of the meter）？或者你們是否能提供一些方向性的說明？然後我還有一個關於第 5 張投影片的追問。

Yes. I think that we have -- given the level of customer demand, we have a pretty significant amount of conversations in advanced negotiation that both encompass front of the meter and behind the meter. And it's also sort of depending on the unique situation of each asset, there's also hybrid approaches where there may be a portion of projects that are front of the meter and behind the meter as well.

是的。我想以目前的客戶需求強度來看，我們有相當多已進入深入談判階段的對話，涵蓋表前與表後兩種模式。而且也會依每個資產的獨特情況而定，還存在混合式作法，也就是部分專案同時包含表前與表後。

And so I would say that going forward, we will have PPA announcements that encompass kind of both those contract structures and it's a continuum where we'll have some in between. So I'm not sure if that's a satisfactory answer to your question. But given how far along we are in advanced negotiation with multiple parties, it's kind of a blend of everything.

因此我會說，未來我們的 PPA（購電協議）公告會涵蓋這兩類合約結構，而且它是一個連續光譜，中間也會有一些介於兩者之間的形式。所以我不確定這是否足以回答你的問題。但考量我們與多方的深入談判已推進到相當程度，整體而言就是各種形式的組合。

Okay. That's great. And just one more follow-up. On slide 5, this is your current view of like the 50% data center hyperscalers, 15% large C&I, et cetera, right? So do you have an internal view that you're working with in terms of like how big the behind the meter can be? And is that -- is that changing over time? Is this essentially -- is that 50% essentially just addressing a constrained grid right now? What -- any color on what you're expecting that to be over the next few years?

好的。很棒。再追問一個。在第 5 張投影片上，這是你們目前的看法，例如 50% 是資料中心超大規模業者（hyperscalers）、15% 是大型商業與工業（C&I）等等，對吧？那你們內部是否有一個對「表後」規模上限的判斷或假設？而且那個判斷會隨時間改變嗎？這個 50% 本質上是否只是因為目前電網受限所致？未來幾年你們預期會是什麼樣子——能否提供一些方向性的說明？

Yes. I think it's a good question, Sunaina. And I think what we see is a couple of different things here. One, the 50% or so that we're working with in terms of hyperscalers, I think what we're hoping to show here is that, yes, like the AI hyperscaler wave is enormous, and it's a huge catalyst to our business and something that we see very acutely right now.

是的。我認為這是個好問題，Sunaina。我想我們在這裡看到幾件不同的事情。第一，關於我們目前在推進的約 50% 超大規模業者，我們希望傳達的是：沒錯，AI 超大規模業者浪潮非常巨大，對我們的業務是很大的催化劑，而且我們現在就非常明顯地感受到。

But that doesn't mean that other sources or other uses of power are not also needing firm power that we provide. And so across industrial and other non-data center industrial users, we have just a good blend in our origination mix right now. On behind the meter specifically, I think we see it as a really big opportunity.

但這並不代表其他來源或其他用電用途不需要我們所提供的穩定電力（firm power）。因此在工業以及其他非資料中心的工業用戶方面，我們目前的案源組合也相當均衡。就表後而言，我們認為這是一個非常大的機會。

And there had been questions over the last kind of 12 months or so about how people would actually contract for behind the meter in a way that was going to be financeable. And I think we have seen the market start to announce several of these types of agreements that really demonstrate that, yes, behind the meter can be done both from a technical and a contractual standpoint, but also from a financial and debt perspective, which is just important to getting this built.

而在過去大約 12 個月左右，市場上一直有人質疑：表後專案要如何以可融資（financeable）的方式來簽約。我認為我們已看到市場開始宣布數個此類協議，這些協議清楚證明：表後不僅在技術與合約層面可行，在財務與債務融資角度也可行，而這對於把專案真正建起來至關重要。

So I think what we see is an enormous opportunity there, but that doesn't kind of undermine the value that the grid provides. And I'd say that we are huge fans of the grid and think that our customers are as well. And so where there are opportunities to leverage the grid, just like Tim talked about, we will do that, and we will do both.

所以我認為我們看到那裡有巨大的機會，但這並不會削弱電網所提供的價值。我也會說，我們非常支持電網，也認為我們的客戶同樣如此。因此只要有機會能利用電網——就像 Tim 談到的——我們就會這麼做，而且我們兩種模式都會做。

But behind the meter is increasingly a really effective bridge between customers that candidly need power now faster than the grid can move to meet them in the future when we would prefer, and I think they would prefer that those assets are on the grid.

但表後正日益成為一座非常有效的橋樑：坦白說，客戶現在就需要電力，而電網要移動、擴建以在未來滿足他們的需求，速度往往不夠快；而在更長期的未來，我想他們也會更希望那些資產能接入電網。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

I guess maybe, look, I mean, clearly, a number of questions and kind of noise coming out there in the marketplace around maybe the technical aspects of EGS development, including well production results, water loss or usage, seismicity. And Tim, you talked a little bit about this in your opening comments.

我想也許——你看，市場上顯然有不少問題與雜音，圍繞 EGS（增強型地熱系統）開發的一些技術面向，包括井的產能結果、用水或水損失、誘發地震等。Tim，你在開場評論中也稍微談到了一些。

So maybe help educate the public and the investor base around those technical aspects of EGS and even point to securing that $421 million of nonrecourse project debt financing for CP I and the amount of due diligence gone into that. I think that just would be helpful for everyone to hear from you as far as helping to dismiss and disuage some of those concerns that are out there.

所以也許你可以協助教育大眾與投資人，說明 EGS 的這些技術面向，甚至也可以提到你們為 CP I 取得 4.21 億美元無追索權專案債務融資，以及其中所做的大量盡職調查。我認為這會有助於大家聽你說明，從而幫助消除並緩解外界的一些疑慮。

Yes. I appreciate the opportunity, Derek, and it's a great point. I think folks often miss that we closed earlier this year that $421 million debt package as nonrecourse project finance debt, which is sort of a milestone for enhanced geothermal systems.

是的。Derek，感謝你給我這個機會，你提得很好。我認為大家常常忽略：我們在今年稍早完成了那筆 4.21 億美元的債務方案，且是以無追索權的專案融資債務形式完成，這對增強型地熱系統而言可說是一個里程碑。

And I think that it has been interesting for us to watch, I don't know, the keyboard warriors or other folks try to opine about different technology results when oftentimes, they're not subject matter experts in geothermal nor do they have access to the data that the independent engineers and the underwriters of a process like that had access to.

而且對我們來說很有意思的是，我不知道，鍵盤戰士或其他人試圖對不同的技術結果發表意見，但很多時候他們既不是地熱領域的主題專家，也無法取得像獨立工程師與該類流程承銷方所能取得的數據。

And so I think when we looked at this, it's something we're quite proud of, first-of-a-kind project finance is sort of like the holy grail of scaling new hardware technologies. And we crossed that finish line because of the robustness of this. And the feedback we got from our banking syndicate is in terms of diligence questions fielded and scrutiny on the project is it was unlike anything that they had ever seen before just because the complications of geothermal and new technology meant that there was an enormous amount of scrutiny on it.

因此我認為，當我們回頭看這件事時，這是我們非常自豪的成果；首創的專案融資，某種程度上就像是擴大新硬體技術規模的「聖杯」。我們之所以能跨過終點線，是因為這個專案的穩健性。而我們從銀行團得到的回饋是：就他們所面對的盡職調查問題數量與對專案的審視強度而言，這是他們前所未見的，因為地熱與新技術的複雜性意味著必須接受極其大量的審查。

So this project underwent a significant amount of review from a deep bench of qualified independent engineers and underwriters that evaluate everything from scenarios on water loss to scenarios on thermal decline.

因此，這個專案經過一大批具備資格的獨立工程師與承保人進行了大量審查，他們評估的範圍涵蓋從失水情境到熱衰減情境等各個面向。

And I think the results speak for themselves that the folks with access to the data with access to the field results and with the right subject matter expertise to look at this, see the technology maturity and understand the things that we've talked about at length like that thermal decline is not some binary output. I mean that's oftentimes how we see the conversation framed is it's either a yes or a no.

我認為結果不言自明：那些能取得資料、取得現場結果，並具備正確領域專業來檢視此事的人，看到了技術成熟度，也理解我們長時間討論過的重點——例如熱衰減並不是某種二元輸出。我的意思是，我們常常看到討論被框架成非此即彼：要嘛是、要嘛不是。

But in fact, it's something that I stated in my opening remarks, thermal decline is something that happens because physics works, like you're extracting heat. And as a result, you expect that reservoir to cool off over time. But if you actually have time to sit with the data and build financial models, you can see that a very wide range of outcomes on an aspect like thermal decline because we can mitigate it with drilling hotter, newer wells in our makeup well drilling program actually is something that's quite mitigatable from a project returns standpoint.

但事實上，正如我在開場致詞中所說，熱衰減之所以發生，是因為物理定律在運作——你正在抽取熱量。因此，你會預期該儲層會隨時間逐步冷卻。但如果你真的有時間坐下來研究資料並建立財務模型，你會看到像熱衰減這樣的面向其結果可能落在非常廣的範圍內，因為我們可以透過補井鑽探計畫鑽更熱、更新的井來加以緩解；從專案報酬的角度來看，這其實是相當可緩解的。

And again, I appreciate the opportunity to reiterate this because that's what we think that means from that project finance is the folks that had all the right subject matter experts and access to data and scrutiny determined that these were bankable projects. And that, to us, means far more than any of the noise and speculation that you might see out there. And I do think speaks to the maturity of our technology.

再次感謝讓我有機會重申這一點，因為就我們對專案融資的理解而言，這代表那些擁有正確領域專家、可取得資料並進行嚴格審視的人，判定這些是可融資（bankable）的專案。而對我們來說，這比你可能在外界看到的任何雜音與臆測都重要得多。我也確實認為，這反映了我們技術的成熟度。

Great. I think that's very helpful. I guess my follow-up, David, this might be for you but just continuing on that thermal decline and the makeup well conversation. I guess help us understand from like an NPV per well perspective and the makeup wells leveraging the existing surface facilities that you'll already have in place, understand there'll be hotter, higher producing wells. But also just maybe from an NPV perspective, each new well leveraging what's already existing and help us on just kind of the overall project economics.

很好。我覺得這非常有幫助。我想我的追問，David，這可能要請你回答，但仍延續熱衰減與補井的討論。請協助我們從每口井的淨現值（NPV）角度理解：補井將利用你們既有、已建置的地面設施；我理解這些井會更熱、產能更高。但也請從NPV角度談談，每一口新井如何利用既有資產，以及整體專案經濟性的大致情況。

Yes. Thanks for that question, Derek, because I do think that, that is -- that's the way that we think about this internally, and we would encourage others to think about it as well. What we have the benefit here of is a couple of things, and you kind of pointed to one very accurately, which is the wells that we drill in the future are going to be a step change better than the wells that we drilled prior to COD of that asset just because we've continued learning and we've continued drilling in those specific fields.

是的。謝謝你的問題，Derek，因為我確實認為——這就是我們內部思考這件事的方式，也會鼓勵其他人用同樣方式來看。我們在這裡的優勢有幾點，而你非常精準地指出其中之一：也就是我們未來鑽的井，會比該資產在商轉（COD）之前鑽的井有顯著的躍升式改善，原因只是我們持續學習，並且持續在那些特定場域鑽井。

The other thing that we have the advantage of here is just time value of money. And as we drill wells in the future, because when we think about our CapEx, the drilling and completion of wells and the associated well pad facilities is about half of our pre-COD CapEx and the CapEx associated with the power cycle, the power gen equipment on the surface is about half.

另一個我們的優勢就是資金的時間價值。當我們未來再鑽井時，因為我們看待資本支出（CapEx）的方式是：井的鑽探與完井，以及相關的井場（well pad）設施，大約占我們商轉前CapEx的一半；而與發電循環（power cycle）相關的地面發電設備，也大約占一半。

We're really talking about drilling a portion of that half that's associated with the subsurface. And we're doing that, obviously, years in the future. And because of that, it does have a muted effect on the return profile of the projects. And often what we see is that because we have this range of outcomes in terms of what we're able to deliver under our PPAs and our PPA prices are attractive, what the returns tell us is that in most scenarios, we would prefer to drill an additional well because that additional well that we're drilling is more productive than the wells that we brought on originally.

因此，我們真正談的是在那一半與地下（subsurface）相關的CapEx中，再去鑽其中的一部分。而且顯然這是在多年之後才會進行。也正因如此，它對專案的報酬曲線影響相對被淡化。我們常看到的是：由於在我們的購電協議（PPA）下可交付電量存在一個結果範圍，且PPA價格具吸引力，報酬所呈現的是，在多數情境下，我們會更傾向再鑽一口井，因為那口新增的井比我們最初投產的井更具生產力。

And that means that we can actually deliver above kind of that expected baseline of power under our PPAs, and we see that as an attractive opportunity to deploy capital with a high return.

這也意味著，我們實際上可以在PPA之下交付高於預期基準的電量，而我們將其視為一個以高報酬部署資本的具吸引力機會。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。