Houston-based Fervo Energy has secured a $100 million bridge loan from X-Caliber Rural Capital, based in Irvington, New York, to fund the first phase of its Cape Station geothermal energy project in Utah. The Cape Station project is expected to become the world’s largest geothermal energy plant upon completion, producing 400 megawatts of clean energy by 2028.
The first phase, slated to deliver 90 megawatts of renewable energy, is expected to be completed by June 2026. The project will supply clean energy to customers in California, further expanding the region's renewable energy capacity.
Jordan Blanchard, co-founder of X-Caliber Rural Capital, highlighted the impact of such investments on rural communities, noting that this project promotes sustainability while stimulating local economies. Fervo Energy has already made significant advancements, reporting a 70% reduction in drilling times, positioning it for growth and further innovation in the geothermal sector.
Tim Latimer, co-founder and CEO of Fervo, emphasized that the company’s technological advancements and secured agreements make it an ideal candidate for debt financing. Fervo continues to grow, with a new office in downtown Houston and expanded collaborations, including a recent partnership with one of the country’s largest utilities and Google.
To date, Fervo has raised $531 million in venture capital funding, according to Crunchbase.
Source: houston.innovationmap.com