Insight
Geothermal Market Update Q1 2026
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Report summary
The geothermal market saw notable growth in Q1 2026, with investment up 82% year-on-year to US$2.15 billion. Fervo Energy announced a new EGS project at a greenfield site in Utah, signaling a shift beyond conventional hotspots. Six next-generation projects were announced, with the US accounting for the majority of activity. Data centre demand continued as a key driver, with Ormat contracting 163 MW for Google and Switch in Nevada. While Q1 licensing activity was subdued, multiple US lease sales anticipated later in 2026 position the market for sustained momentum.
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