on a roll

Luxe rideshare service with EV evolution plans expands Houston-area coverage to two suburbs

Alto, which plans an imminent evolution into electric vehicles, has expanded its service in the Houston area. Photo courtesy of Alto

Some big news for outside-the-Loop ridesharing users: Luxury rideshare company Alto, which currently operates in Inner Loop and Greater Houston, will expand its current service areas to The Woodlands and Spring.

Woodlands and Spring residents who’ve used Alto in Houston can look forward to the service in December and join a waitlist now. Importantly, new users who register now will receive the first three months of Alto membership completely free. (Be sure to check the site for important details.) Memberships run $12.95 per month, or $119 for annual or family memberships. The company promises unlocked fares that are 30-50 percent lower than usually promoted.

Founded in 2018 and launched in Houston in 2020, Alto elevates basic ridesharing with a fleet of company-owned, clearly branded, 5-star crash rated luxury SUVs. For safety, cloud-based cameras capture both interior and exterior videos of the ride. The company has previously announced its plans to evolve its fleet into being completely electric.

Choosy customers can select their preferred ride “vibe” — meaning an upbeat or chill music choice and even level of conversation with the driver — via the app. Vehicles are appointed with chargers, drinks, and even upscale scents (no smelly trips here).

In effort to create a more consistent customer-service based experience, Alto drivers aren’t contractors or side-hustlers but rather employees who receive benefits. A major benefit: Alto doesn’t put time restrictions on departures, meaning users who are running late don’t have to frantically message the driver.

As those who’ve used Alto are familiar, Alto drivers are professional and personable (without being overbearing) and tend to drive much slower and conservatively — something that should be considered for those behind schedule. Importantly, Alto builds 10 to 15-minute pick up windows to adjust for demand and cleaning between rides.

As for the new area users: consider this a chance to cruise Market Street in The Woodlands or Old Town Spring in regal rideshare style.

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This article originally ran on CultureMap.

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A View From HETI

Fervo Energy has closed financing to support the remaining construction costs for the first phase of Cape Station. Photo via fervoenergy.com

Houston geothermal unicorn Fervo Energy has closed $421 million in non-recourse debt financing for the first phase of its flagship Cape Station project in Beaver County, Utah.

Fervo believes Cape Station can meet the needs of surging power demand from data centers, domestic manufacturing and an energy market aiming to use clean and reliable power. According to the company, Cape Station will begin delivering its first power to the grid this year and is expected to reach approximately 100 megwatts of operating capacity by early 2027. Fervo added that it plans to scale to 500 megawatts.

The $421 million financing package includes a $309 million construction-to-term loan, a $61 million tax credit bridge loan, and a $51 million letter of credit facility. The facilities will fund the remaining construction costs for the first phase of Cape Station, and will also support the project’s counterparty credit support requirements.

Coordinating lead arrangers include Barclays, BBVA, HSBC, MUFG, RBC and Société Générale, with additional participation from Bank of America, J.P. Morgan and Sumitomo Mitsui Trust Bank, Limited, New York Branch.

“As demand for firm, clean, affordable power accelerates, EGS (Enhanced Geothermal Systems) is set to become a core energy asset class for infrastructure lenders,” Sean Pollock, managing director, project Finance at RBC Capital Markets, said in a news release. “Fervo is pioneering this step change with Cape Station, a vital contribution to American energy security that RBC is proud to support.”

The oversubscribed financing marks Cape Station’s shift from early-stage and bridge funding to a long-term, non-recourse capital structure, according to the news release.

“Non-recourse financing has historically been considered out of reach for first-of-a-kind projects,” David Ulrey, CFO of Fervo Energy, said in a news release. “Cape Station disrupts that narrative. With proven oil and gas technology paired with AI-enabled drilling and exploration, robust commercial offtake, operational consistency, and an unrelenting focus on health and safety, we have shown that EGS is a highly bankable asset class.”

Fervo continues to be one of the top-funded startups in the Houston area. The company has raised about $1.5 billion prior to the latest $421 million. It also closed a $462 million Series E in December.

According to Axios Pro, Fervo filed for an IPO that would value the company between $2 billion and $3 billion in January.

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