seeing green

Houston company advances electronics recycling mission with new accreditation

CompuCycle reports that it's the only service provider in the country that can provide a recycling solution for both metals and plastics in-house. Courtesy of CompuCycle

An innovative Houston company focused on sustainable tech recycling has expanded.

CompuCycle describes its unique Plastics Recycling System as the first and only certified, single solution e-waste recycling business. The company's unique process can now break down discarded technology products into single polymers that can then be reused in the manufacturing process.

“Properly managing all components of electronics is a cornerstone of sustainability and environmental responsibility,” Kelly Adels Hess, CEO of CompuCycle, says in a news release. “Making single polymer plastics that original equipment manufacturers (OEMs) can reuse to produce new electronics or other products, while adhering to international recycling standards, is a gamechanger for domestic companies and those that need their plastics shipped globally.”

As of now, CompuCycle reports that it's the only service in the country that can provide a recycling solution for both metals and plastics in-house. The company has met the Environmental Protection Agency’s two accredited certification standards, e-Stewards and R2 certification requirements, per the release.

“We saw an opportunity to solve an industry challenge by creating the first domestic, sustainable, single-solution e-waste plastics program that reduces the amount of plastic negatively impacting the environment, while also making it advantageous for companies to recycle and reuse. It’s truly a win for everyone involved,” adds Clive Hess, president at CompuCycle.

CompuCycle, which has over a 20-year history, added recycling electronics to its toolkit in 2019. While CompuCycle has focused on responsible electronics disposal since Kelly's father-in-law, John Hess, founded the company in 1996, certain recent events have increased the need to recycle more efficiently.

"China is no longer accepting scrap, which is where a lot of materials would go after it was dismantled," Kelly told InnovationMap in 2019. "That's why we've created this solution to be able to responsibly handle it here in the U.S."

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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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