Fervo secures $206M in new financing to speed up Cape Station

Fervo Energy/Cape Station

Fervo raised $206M: $100M in project equity from Breakthrough Energy Catalyst, a $60M loan increase from Mercuria, and $45.6M more bridge debt from X-Caliber Rural Capital. The money accelerates Cape Station in Beaver County, Utah, where Phase I targets 100 MW in 2026 and Phase II another 400 MW by 2028.

• $100M project-level preferred equity from Breakthrough Energy Catalyst.
• $60M loan increase from Mercuria (raising facility to $100M).
• $45.6M bridge debt from X-Caliber Rural Capital affiliate ($145.6M total commitment).
• Cape Phase I targets 100 MW in 2026; Phase II adds 400 MW by 2028.