X-Caliber Rural Capital Affiliate Increases Funding to $146MM for Fervo Energy’s Cape Station Phase I

X-Caliber Capital Holdings LLC, “X-Caliber”, a nationally recognized commercial real estate finance franchise whose affiliate companies provide direct mortgage lending, servicing, advisory, and investment opportunities, today announced XRL-ALC, “XRA”, an affiliate of X-Caliber Rural Capital (“XRC”), closed on an additional $46MM to support Fervo Energy’s Cape Station Phase I project in Beaver County, Utah.

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Fervo Energy Cape Station Phase I Construction Progress.

Cape Station Phase I uses advanced geothermal technology to generate carbon-free, clean, reliable energy 24 hours a day. XRA had previously provided a $100MM bridge loan, and together with its lending partner American Lending Center (ALC), offers conventional construction financing for commercial real estate and infrastructure projects in micro-rural areas. XRC’s recent closing of an additional $46 million brings their total funding to date to $146MM.

“X-Caliber is very pleased to continue our support of Fervo Energy’s groundbreaking project,” said Chris Callahan, President and CEO of parent company X-Caliber. “Next-generation geothermal solutions are redefining the energy landscape, and we’re proud to provide innovative, cost-effective financing that supports transformative ideas—often in places you might least expect.”

“Together with our ALC partners, we’re delivering much-needed, cost-effective capital to micro-rural areas—empowering projects with potential for global impact that might otherwise never get off the ground,” said Jordan Blanchard, Co-founder, X-Caliber Rural Capital. “We’re excited to see innovation take shape and proud to play a part in making it happen.”

American Lending Center has a strong track record in helping thousands of businesses and supporting innovation by providing conventional loans for businesses located in rural areas.

“This project represents a blueprint for the future—one made possible through the strong partnership between XRC and ALC,” said John Shen, CEO, American Lending Center. “Together, we’re proud to help pave the way for global participation in next-generation energy solutions.”

Fervo Energy’s Cape Station is the world’s largest EGS development and having Phase I fully funded is a notable milestone, underscoring their record-breaking progress in commercializing firm, carbon-free geothermal energy at scale.

“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, Chief Financial Officer at Fervo Energy. “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.”

Breakthrough Energy Catalyst, a program within the larger Breakthrough Energy network founded by Bill Gates and focused on accelerating the commercialization of emerging climate technologies, recently closed on $100MM of project-level preferred equity.

“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 marks a major step forward in unlocking the infrastructure capital and project financing needed to commercialize EGS. This project proves what’s possible when breakthrough innovation meets disciplined delivery. It sets the foundation for a model that can be repeated well beyond this site to provide affordable, reliable, and clean energy to the world.”

Combined with XRA’s loan, Fervo Energy has completed the capital needed for Cape Station Phase I. With full funding in place, key permits secured, and construction well underway, Cape Station Phase I remains on track for its 2026 commercial operation date when it is expected to deliver 100 megawatts (MW) of baseload clean power to the grid. Cape Station Phase II will bring an additional 400 MW online by 2028. The full Cape Station development has received permitting approval to expand up to 2 gigawatts (GW).

About X-Caliber Capital Holdings LLC

X-Caliber Capital Holdings LLC is a nationally recognized commercial real estate finance franchise whose affiliate companies provide direct mortgage lending, servicing, advisory, and investment opportunities leveraging expansive and innovative lending platforms that offer FHA, bridge, USDA, and C-PACE financing. X-Caliber and its affiliates have team members located in 20 states across the country.

About XRL-ALC, LLC

XRL-ALC, LLC (XRA), is an affiliate of X-Caliber Rural that offers conventional construction financing for commercial real estate and infrastructure projects located in micro-rural areas. XRA loans can be part of a larger capital stack including USDA OneRD financing, CPACE, New Markets Tax Credits, and senior secured debt. Micro-rural areas are defined as areas with a population of fewer than 20,000 and not part of a Metropolitan Statistical Area. The Company is dedicated to creating attractive solutions for its borrowers that meet the needs of micro-rural communities throughout the country.

About Fervo Energy

Fervo Energy provides 24/7 carbon-free energy through the development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. Geothermal has a major role to play in the future electric grid, and Fervo’s key advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost competitive and globally scalable. For more information, please visit www.fervoenergy.com.

About American Lending Center TBD

American Lending Center Holdings (ALCH) is a mission-driven financial service organization dedicated to fostering economic growth. ALCH has played a critical role by supporting businesses in underserved and rural communities. Since its inception, ALCH has helped create or retain 140,000+ jobs and provided impactful financing solutions to empower businesses nationwide.

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