Changing the Future

Major energy conference returns to Rice University with invaluable networking opportunities

Photo by Natalie Harms

The 20th Annual Rice Alliance Energy Tech Venture Forum, which unites energy ventures with industry investors, is returning Thursday, September 21, at Rice University’s Jones Graduate School of Business.

For two decades, the Energy Tech Venture Forum — hosted by the Rice Alliance for Technology and Entrepreneurship — has served as the premier conference, bringing together energy industry leaders, venture capital investors, and promising energy and cleantech ventures to propel the future of energy.

Across interactive panels, keynotes speeches, and venture pitches, attendees can explore emerging energy sources, enhancements and efficiencies within existing energy resources, and advances in clean or renewable technologies — and, perhaps most importantly, learn where investors are contributing to the acceleration of these advancements.

More than 90 startup technology ventures commercializing energy transition innovations will participate and meet investors looking for disruptive energy technologies that can accelerate clean and renewable energy.

The full list of both presenting companies and pitching startup can be found here.

Keynote speakers include:

  • Christina Karapataki, partner at Breakthrough Energy Ventures, the venture capital fund cofounded by Bill Gates
  • Scott Nyquist, vice chairman at Houston Energy Transition Initiative, founded by the Greater Houston Partnership
  • Jeff Tillery, chief operating officer at Veriten, founded by Rice alumus Maynard Holt, formerly with Tudor Pickering Holt

The event also includes pitches from Rice Alliance’s Clean Energy Accelerator Class 3 Demo Day, plus the announcement of “Most Promising Company” chosen by the energy tech industry experts and participating investors.

You'll want to register now for this invaluable conference, but if you still need some convincing then check out the forum's agenda here.

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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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