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

IRVINGTON, N.Y.--(BUSINESS WIRE)--Jun 12, 2025--

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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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.

Fervo Energy Cape Station Phase I Construction Progress.

WASHINGTON (AP) — President Donald Trump's photo portrait display at the Smithsonian's National Portrait Gallery has had references to his two impeachments removed, the latest apparent change at the collection of museums he has accused of bias as he asserts his influence over how official presentations document U.S. history.

The wall text, which summarized Trump's first presidency and noted his 2024 comeback victory, was part of the museum's “American Presidents” exhibition. The description had been placed alongside a photograph of Trump taken during his first term. Now, a different photo appears without any accompanying text block, though the text was available online. Trump was the only president whose display in the gallery, as seen Sunday, did not include any extended text.

The White House did not say whether it sought any changes. Nor did a Smithsonian statement in response to Associated Press questions. But Trump ordered in August that Smithsonian officials review all exhibits before the nation celebrates the 250th anniversary of the Declaration of Independence on July 4. The Republican administration said the effort would “ensure alignment with the president’s directive to celebrate American exceptionalism, remove divisive or partisan narratives, and restore confidence in our shared cultural institutions.”

Trump's original “portrait label," as the Smithsonian calls it, notes Trump's Supreme Court nominations and his administration's development of COVID-19 vaccines. That section concludes: “Impeached twice, on charges of abuse of power and incitement of insurrection after supporters attacked the U.S. Capitol on January 6, 2021, he was acquitted by the Senate in both trials.”

Then the text continues: “After losing to Joe Biden in 2020, Trump mounted a historic comeback in the 2024 election. He is the only president aside from Grover Cleveland (1837– 1908) to have won a nonconsecutive second term.”

Asked about the display, White House spokesman Davis Ingle celebrated the new photograph, which shows Trump, brow furrowed, leaning over his Oval Office desk. Ingle said it ensures Trump's “unmatched aura ... will be felt throughout the halls of the National Portrait Gallery.”

The portrait was taken by White House photographer Daniel Torok, who is credited in the display that includes medallions noting Trump is the 45th and 47th president. Similar numerical medallions appear alongside other presidents' painted portraits that also include the more extended biographical summaries such as what had been part of Trump's display.

Sitting presidents are represented by photographs until their official paintings are commissioned and completed.

Ingle did not answer questions about whether Trump or a White House aide, on his behalf, asked for anything related to the portrait label.

The gallery said in a statement that it had previously rotated two photographs of Trump from its collection before putting up Torok's work.

“The museum is beginning its planned update of the America’s Presidents gallery which will undergo a larger refresh this Spring,” the gallery statement said. “For some new exhibitions and displays, the museum has been exploring quotes or tombstone labels, which provide only general information, such as the artist’s name.”

For now, references to Presidents Andrew Johnson and Bill Clinton being impeached in 1868 and 1998, respectively, remain as part of their portrait labels, as does President Richard Nixon's 1974 resignation as a result of the Watergate scandal.

And, the gallery statement noted, “The history of Presidential impeachments continues to be represented in our museums, including the National Museum of American History.”

Trump has made clear his intentions to shape how the federal government documents U.S. history and culture. He has offered an especially harsh assessment of how the Smithsonian and other museums have featured chattel slavery as a seminal variable in the nation's development but also taken steps to reshape how he and his contemporary rivals are depicted.

In the months before his order for a Smithsonian review, he fired the head archivist of the National Archives and said he was firing the National Portrait Gallery's director, Kim Sajet, as part of his overhaul. Sajet maintained the backing of the Smithsonian's governing board, but she ultimately resigned.

At the White House, Trump has designed a notably partisan and subjective “Presidential Walk of Fame” featuring gilded photographs of himself and his predecessors — with the exception of Biden, who is represented by an autopen — along with plaques describing their presidencies.

The White House said at the time that Trump himself was a primary author of the plaques. Notably, Trump's two plaques praise the 45th and 47th president as a historically successful figure while those under Biden's autopen stand-in describe the 46th executive as “by far, the worst President in American History” who “brought our Nation to the brink of destruction.”

Barrow reported from Atlanta.

People react to a photograph of President Donald Trump on display at the Smithsonian's National Portrait Gallery's "American Presidents" exhibit on Sunday, Jan. 11, 2026 in Washington. (AP Photo/Rod Lamkey, Jr.)

Visitors to the National Portrait Gallery walk past the portrait of President Donald Trump, Sunday, Jan. 11, 2026, in Washington. (AP Photo/Rod Lamkey, Jr.)

Visitors stop to look at a photograph of President Donald Trump and a short plaque next to it are on display at the Smithsonian's National Portrait Gallery's "American Presidents" exhibit on Sunday, Jan. 11, 2026 in Washington. (AP Photo/Rod Lamkey, Jr.)

A photograph of President Donald Trump and a short plaque next to it are on display at the Smithsonian's National Portrait Gallery's "American Presidents" exhibit on Sunday, Jan. 11, 2026 in Washington. (AP Photo/Anna Johnson)

President Donald Trump speaks during a meeting with oil executives in the East Room of the White House, Friday, Jan. 9, 2026, in Washington. (AP Photo/Evan Vucci)