$206M in new capital fully funds Cape Station Phase I, enabling 100 MW of clean baseload power by 2026.
Investor confidence surges with strategic support from Breakthrough Energy Catalyst, Mercuria, and X-Caliber Rural Capital.
Cape Station expands path to 2 GW, reinforcing enhanced geothermal systems (EGS) as a bankable, zero-carbon energy solution.
Fervo Energy has secured $206 million in new funding to complete Phase I of Cape Station—set to become the world’s largest enhanced geothermal systems (EGS) development. This financing milestone cements Fervo’s position as a leader in delivering firm, zero-carbon geothermal energy at scale.
Located in Beaver County, Utah, Cape Station will deliver 100 MW of baseload power by 2026, with Phase II adding another 400 MW by 2028. The site is fully permitted for expansion to 2 gigawatts, positioning it as a critical player in the future U.S. energy grid.
“With this capital in place, Fervo’s ability to de-risk and finance multi-GW EGS project areas is becoming a reality,” said David Ulrey, CFO at Fervo. “These investments demonstrate what we’ve known all along: Fervo’s combination of technical excellence, commercial readiness, and market opportunity makes us a natural partner for serious energy capital.”
The funding package includes:
$100M in project-level preferred equity from Breakthrough Energy Catalyst, backing EGS following rigorous technical and environmental diligence.
$60M expansion of Fervo’s corporate term loan from Mercuria, reinforcing long-term strategic alignment.
$45.6M in bridge financing from X-Caliber Rural Capital’s affiliate, XRA, increasing their total contribution to $145.6M.
RELATED ARTICLE: Fervo Energy Secures $255 Million to Build World’s Largest Geothermal Power Development
“Fervo embodies exactly what we look for at Breakthrough Energy Catalyst: strong development capabilities, technical rigor, and a clear path to scale,” said Mario Fernandez, Head of Catalyst at Breakthrough Energy. “Cape Station proves what’s possible when breakthrough innovation meets disciplined delivery.”
“We are very proud to help complete the funding of Cape Station Phase I,” added Jordan Blanchard, Co-Founder of X-Caliber Rural Capital. “This milestone is not just a win for the future of clean energy, but for rural America… proving that rural investment can have a global impact on sustainability and energy security.”
Construction of Cape Station is underway, and the project remains on track for its 2026 commercial operation date. With fully contracted output and deep investor backing, Fervo is fast becoming a cornerstone of America’s firm, renewable energy infrastructure.
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