Fervo Energy has successfully secured US$206mn of additional capital to continue advancing its Cape Station EGS development project.
Fervo completed the successful close of three significant transactions: US$100mn in project-level equity from Breakthrough Energy Catalyst; US$60mn upsize to Fervo’s existing corporate term loan facility from Mercuria; and US$45mn in additional non-dilutive bridge debt financing from XRL-ALC, LLC.
David Ulrey, Chief Financial Officer for Fervo, said, “With this capital in place, Fervo’s ability to de-risk and finance multi-GW-EGS project areas is becoming a reality. 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 confidence our investors have in Fervo and in the Cape asset affirms that next-generation geothermal is ready to play a defining role in America’s energy future.”
With full funding in place and key permits secured, Cape Station Phase 1 remains on track for its 2026 commercial operation date.