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Houston unicorn startup named North American Company of the Year by cleantech firm

Fervo Energy has been named North American Company of the Year, and two other Houston companies made the Global Cleantech 100 list. Photo via fervoenergy.com

Houston-based geothermal energy startup Fervo Energy has been named North American Company of the Year by research and consulting firm Cleantech Group.

Fervo appears on this year’s Global Cleantech 100, Cleantech Group’s annual list of the world’s most innovative and promising cleantech companies

Houston companies Syzygy Plasmonics and Vaulted Deep also made the Global Cleantech 100 list this year.

“These innovators give us reasons to be optimistic about the future. Their groundbreaking work demonstrates that progress toward net zero remains possible and inspires us to double down on the challenge of addressing climate change,” says Richard Youngman, CEO of Cleantech Group.

Fervo was honored during a Jan. 27 awards dinner at Cleantech Forum North America, an event hosted by Cleantech Group. Co-founder and CEO Tim Latimer accepted the North American Company of the Year award on behalf of Fervo.

“We have always been honored to be part of the Global Cleantech 100,” Latimer says in a LinkedIn post. “Being recognized for the fourth consecutive year and named the ‘North American Company of the Year’ is a testament to our relentless pursuit of innovation in the energy sector. The demand for clean, firm power has never been more urgent, and we are proud to lead the way.”

Founded in 2017, Fervo is now a unicorn, meaning its valuation as a private company has surpassed $1 billion. The startup’s valuation is estimated at $1.4 billion. According to PitchBook data, the company raised $634 million in VC funding in Q4. Read more here.

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A View From HETI

Sage Geosystems' South Texas facility is ready to generate and supply electricity to the grid. Photo courtesy Sage Geosystems

Houston-based Sage Geosystems, a provider of geothermal power, has begun full operations at its South Texas facility for the San Miguel Electric Cooperative.

Sage says the plant was recently “placed in service,” according to a news release. This means it’s fully built and tested, and ready to generate and supply electricity to the grid.

Since selling its first electricity in Q2 of this year, the facility has been operating for more than four months to evaluate aspects like efficiency and water management. Sage relied on its GeoTwin modeling tool to carry out some of the testing.

The testing demonstrates Sage’s proprietary approach to geothermal power “overcomes one of the industry’s most persistent challenges, high water losses in engineered reservoirs, while delivering the consistent performance required to scale next-generation geothermal,” co-founder and CEO Cindy Taff said in the release.

Sage says the South Texas facility will serve as a model for future projects, including one in Nevada. The Nevada facility will use Sage’s proprietary technology to extract geothermal heat from hot dry rock, creating a reliable, affordable source of carbon-free power.

During the testing period, water losses amounted to less than 10 percent. This low rate indicates most water remains in the system, enabling Sage to capture more usable energy, boost power production and improve the project’s finances, the company says.

“Commercial geothermal isn’t just about creating a reservoir. It’s about creating one whose performance can be engineered, predicted, and consistent,” Lev Ring, the company’s co-founder, president and chief technology officer, said in the release.

Since being founded in 2020, Sage has raised $159 million in outside funding. This includes a more than $97 million Series B round co-led by Ormat Technologies and Carbon Direct Capital.

Two years ago, Sage announced a deal with Meta Platforms, the parent company of Facebook and Instagram, to supply up to 150 megawatts of geothermal power to Meta data centers.

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