getting recognized

2 Houston cleantech companies rank on most innovative energy companies lists

Fast Company magazine just placed Fervo Energy and Syzygy Plasmonics on its energy innovation list. Photo via Getty Images

A pair of Houston energy startups have been named among the 10 most innovative energy companies for 2024.

Fast Company magazine just placed Fervo Energy and Syzygy Plasmonics on its energy innovation list. In all, 606 companies and organizations across a variety of industries were recognized for “reshaping industries and culture.”

Fervo produces carbon-free geothermal energy. Its existing geothermal project is in Nevada, and it’s building a geothermal project in Utah. The company recently raised $244 million.

“Solar and wind are cheap, but they don’t provide the kind of always-on dispatchable electricity that hydropower, hydrogen, and nuclear do; even at current high prices, enhanced geothermal is still cheaper than those other sources,” Fast Company notes.

The Fast Company accolade comes shortly after Time and Statista named Fervo one of the top greentech companies for 2024.

By relying on light rather than combustion to generate chemical reactions, Syzygy is taking on the use of fossil fuels in the chemical industry, Fast Company points out. Fossil fuels account for about 18 percent of the world’s industrial CO2 emissions.

Fast Company outlines some of Syzygy’s accomplishments in 2023:

  • Gained an undisclosed amount of funding from Mitsubishi Heavy Industries.
  • Completed its Pearland manufacturing facility.
  • Wrapped up 1,000 cumulative hours of testing on its ammonia-splitting reactor cell, capable of producing 200 kilograms of hydrogen per day.

———

This article originally ran on InnovationMap.

Trending News

A View From HETI

The combined technology portfolios will accelerate the introduction of promising early-stage decarbonization technology. Photo via Getty Images

SLB announced its plans to combine its carbon capture business with Norway company, Aker Carbon Capture.

Upon completion of the transaction, which is expected to close by the end of the second quarter of this year, SLB will own 80 percent of the combined business and ACC will own 20 percent.

According to a SLB news release, the combined technology portfolios will accelerate the introduction of promising early-stage decarbonization technology.

“For CCUS to have the expected impact on supporting global net-zero ambitions, it will need to scale up 100-200 times in less than three decades,” Olivier Le Peuch, CEO of SLB, says in the release. “Crucial to this scale-up is the ability to lower capture costs, which often represent as much as 50-70% of the total spend of a CCUS project.

The International Energy Agency estimates that over one gigaton of CO2 every year year will need to be captured by 2030 — a figure that scales up to over six gigatons by 2050.

"We are excited to create this business with ACC to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors,” Le Peuch continues.

SLB is slated to pay NOK 4.12 billion — around $379.4 million — to own 80 percent of Aker Carbon Capture Holding AS, which owns ACC, per the news release, and SLB may also pay up to NOK 1.36 billion over the next three years, depending on business performance.

Trending News