seeing green

National agency announces $100M in funding for energy advancement at Houston event

At Houston event, the Department of Energy’s Advanced Research Projects Agency-Energy announced $100 million in cleantech funding. Photos by Jeff Fitlow/Rice University

Rice University played host to the first-of-its-kind event from the Department of Energy’s Advanced Research Projects Agency-Energy, or ARPA-E, earlier this month in which the governmental agency announced $100 million in funding for its SCALEUP program.

Dubbed “ARPA-E on the Road: Houston,” the event welcomed more than 100 energy innovators to the Hudspeth Auditorium in Rice’s Anderson-Clarke Center on June 8. Evelyn Wang, director of ARPA-E, announced the funding, which represents the third installment from the agency for its program SCALEUP, or Seeding Critical Advances for Leading Energy technologies with Untapped Potential, which supports the commercialization of clean energy technology.

The funding is awarded to previous ARPA-E awardees with a "viable road to market" and "ability to attract private sector investments," according to a statement from the Department of Energy. Previous funding was granted in 2019 and 2021.

"ARPA-E’s SCALEUP program has successfully demonstrated what can happen when technical experts are empowered with the commercialization support to develop a strong pathway to market” Wang said. “I’m excited that we are building on the success of this effort with the third installment of SCALEUP, and I look forward to what the third cohort of teams accomplish.”

Rice Vice President for Research Ramamoorthy Ramesh also spoke at the event on how Rice is working to make Houston a leader in energy innovation. Joe Zhou, CEO of Houston-based Quidnet Energy, also spoke on a panel about how ARPA-E funding benefited his company along with Oregon-based Onboard Dynamics’s CEO Rita Hansen and Massachusetts-based Quaise Energy’s CEO Carlos Araque.

Attendees were able to ask questions to Wang and ARPA-E program directors about the agency’s funding approach and other topics at the event.

Houston energy innovators have benefited from programs like SCALEUP.

Quidnet Energy received $10 million in funding from ARPA-E as part of its SCALEUP program in 2022. The company's technology can store renewable energy for long periods of time in large quantities.

In January, Houston-based Zeta Energy also announced that it has secured funding from ARPA-E. The $4 million in funding came from the agency's Electric Vehicles for American Low-Carbon Living, or EVs4ALL, program. Zeta Energy is known for its lithium sulfur batteries

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A View From HETI

Fervo Energy is targeting a listing on the Nasdaq exchange. Photo courtesy Fervo Energy

Fervo Energy has officially filed for IPO.

The Houston-based geothermal unicorn filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17 to list its Class A common stock on the Nasdaq exchange. Fervo intends to be listed under the ticker symbol "FRVO."

The number and price of the shares have not yet been determined, according to a news release from Fervo. J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are leading the offering.

The highly anticipated filing comes as Fervo readies its flagship Cape Station geothermal project to deliver its first power later this year

"Today, miles-long lines for gasoline have been replaced by lines for electricity. Tech companies compete for megawatts to claim AI market share. Manufacturers jockey for power to strengthen American industry. Utilities demand clean, firm electricity to stabilize the grid," Fervo CEO Tim Latimer shared in the filing. "Fervo is prepared to serve all of these customers. Not with complex, idiosyncratic projects but with a simplified, standardized product capable of delivering around-the-clock, carbon-free power using proven oil and gas technology."

Fervo has been preparing to file for IPO for months. Axios Pro first reported that the company "quietly" filed for an IPO in January and estimated it would be valued between $2 billion and $3 billion.

Fervo also closed $421 million in non-recourse debt financing for the first phase of Cape Station last month and raised a $462 million Series E in December. The company also announced the addition of four heavyweights to its board of directors last week, including Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE.

Fervo reported a net loss of $70.5 million for the 2025 fiscal year in the S-1 filing and a loss of $41.1 million in 2024.

Tracxn.com estimates that Fervo has raised $1.12 billion over 12 funding rounds. The company was founded in 2017 by Latimer and CTO Jack Norbeck.

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