TCL #53: Fluor, Fervo, Boom lead dash into mining, geothermal and power turbines

Last week, while markets argued over rate cuts, boards green-lit more projects to chase rocks, heat and spinning metal, the unglamorous assets that keep AI servers humming and delivery vans rolling.

Mining

Fluor Corporation has been awarded a contract by Teck Resources Limited for the Highland Valley Copper Mine Life Extension (HVC MLE) project in Logan Lake, British Columbia, Canada. This is a brownfield extension of Teck's wholly owned HVC Operations that produces copper and molybdenum concentrates using autogenous and semi-autogenous grinding and flotation processes. Fluor will provide engineering, procurement, and integrated construction management services for the HVC MLE project and will extend the mine's life from 2028 to 2046.

Battery

Amazon has led an $81 million funding round for the battery startup Blue Current. This funding comes as Amazon is expanding its fleet of electric delivery vans. Blue Current, based in Hayward, California, develops silicon solid-state batteries and expects to have its batteries on the market by 2030.

Kyon Energy and Saft are collaborating on a battery storage facility in Dahlem, Germany with an output of 100 MW and storage of 204 MWh. Both entities are subsidiaries of TotalEnergies. The project is scheduled to begin commercial operation in October 2026 and will contribute to the German power grid. The project will utilize Saft's Intensium Shift+ modular battery containers, which feature lithium-ion technology with lithium iron phosphate (LFP) cells.

Energy

Fervo Energy, a geothermal startup, has secured $462 million in private funding, with Google as a notable investor. This funding will support Fervo's major project in Utah and enable new developments. Fervo utilises hydraulic fracturing technology adapted from the oil and gas industry to create geothermal reservoirs and generate electricity. The company is investing over $2 billion in Utah to construct what is anticipated to be the world's largest enhanced geothermal project. The recent funding round coincides with a surge in demand for new power sources driven by the artificial intelligence race.

Boom Supersonic, an American aerospace manufacturer, has raised $300 million to develop and sell stationary natural gas turbines, branded as Superpower. The first customer for Boom's Superpower turbines will be data centre startup Crusoe, which will purchase 29 turbines for $1.25 billion. This deal will provide Crusoe with 1.21 GW of power generation capacity for its data centres.

Aviation Fuel

Topsoe and Carbon Neutral Fuels (CNF) are collaborating to advance electro-Sustainable Aviation Fuel (e-SAF) production, a type of synthetic fuel produced using captured carbon dioxide or carbon monoxide and hydrogen derived from water splitting, serving as a drop-in replacement for fossil fuels. Topsoe will supply its Solid Oxide Electrolyzer Cell (SOEC) technology for CNF's Project Starling in Workington, UK, which aims to produce 25,000 metric tons of e-SAF per year. Construction is slated for 2028, with operations expected in 2031, pending a final investment decision.