fusion funding

Houston venture firm invests in Virginia fusion power plant company in collaboration with TAMU

NearStar Fusion team Andrew Case, Chris Faranetta, Douglas Witherspoon, Amit Singh and Marco Luna. Photo courtesy NearStar Fusion.

Houston-based climate tech venture firm Ecosphere Ventures has partnered with Virginia Venture Partners and Virginia Innovation Partnership Corporation’s venture capital program to invest in Virginia-based NearStar Fusion Inc., which develops fusion energy power plants.

NearStar aims to use its proprietary plasma railgun technology to safely and affordably power baseload electricity on and off the power grid through a Magnetized Target Impact Fusion (MTIF) approach, according to a news release from the company.

NearStar’s power plants are designed to retrofit traditional fossil fuel power plants and are expected to serve heavy industry, data centers and military installations.

“Our design is well-suited to retrofit coal-burning power plants and reuse existing infrastructure such as balance of plant and grid connectivity, but I’m also excited about leveraging the existing workforce because you won’t need PhDs in plasma physics to work in our power plant,” Amit Singh, CEO of NearStar Fusion, said in a news release.

NearStar will also conduct experiments at the Texas A&M Hypervelocity Impact Laboratory (HVIL) in Bryan, Texas, on prototype fuel targets and evolving fuel capsule design. The company plans to publish the results of the experiments along with a concept paper this year. NearStar will work with The University of Alabama in Huntsville (UAH) to develop computer performance models for target implosions.

NearStar’s MTIF approach will utilize deuterium, which is a common isotope of hydrogen found in water. The process does not use tritium, which NearStar believes will save customers money.

“While avoiding tritium in our power plant design reduces scientific gain of the fusion process, we believe the vastly reduced system complexity and cost savings of eliminating complicated supply chains, regulatory oversight, and breeding of tritium allows NearStar to operate power plants more profitably and serve more customers worldwide, ”Douglas Witherspoon, NearStar founder and chief scientist, said in a news release.

Houston’s Ecosphere Ventures invests in climate tech and sustainability innovations from pre-seed to late-seed stages in the U.S. Ecosphere also supports first-time entrepreneurs and technical founders.

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A View From HETI

Google will soon be able to pull from energyRe’s portfolio of more than 600 megawatts of new solar and solar storage projects in South Carolina. Photo via Pixabay

EnergyRe, a developer of large-scale renewable energy projects with headquarters in Houston and New York, has signed a renewable energy agreement that will allow Google to invest in and purchase renewable energy credits (RECs) from its projects under development in South Carolina.

Google will be able to pull from energyRe’s portfolio of more than 600 megawatts of new solar and solar storage projects in the state.

The agreement marks the second partnership between the companies. Last year, energyRe and Google signed a 12-year power purchase agreement in which Google would purchase renewable energy from a 435-megawatt solar project. EnergyRe would supply electricity and RECs generated from the solar project to Google to power the equivalent of more than 56,000 homes.

"Strengthening the grid by deploying more reliable and clean energy is crucial for supporting the digital infrastructure that businesses and individuals depend on," Amanda Peterson Corio, head of data center energy at Google, said in a news release. "Our collaboration with energyRe will help power our data centers and the broader economic growth of South Carolina."

EnergyRe's work includes developing high-voltage transmission, onshore and offshore wind, large-scale solar, distributed generation and storage assets in markets around the United States. Its national onshore utility-scale portfolio includes 1,520 megawatts of contracted solar assets and 398 megawatt-hours of contracted battery storage assets.

"This agreement is a milestone in energyRe's mission to develop innovative and impactful clean energy solutions for the future," Miguel Prado, CEO of energyRe, added in the news release."We're honored to partner with Google to help advance their ambitious sustainability and decarbonization objectives while delivering dependable, locally sourced clean energy to meet growing energy demands."

Google aims to achieve net-zero carbon emissions across its operations and value chain by 2030.

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