the view from heti

Houston organization strives for equity for energy transition for young women in STEM

Despite making up more than 57 percent of the workforce, women are still significantly outnumbered by men in STEM professions. The SUPERGirls Shine Foundation is hoping to change that in Houston and beyond. Photo via htxenergytransition.org

STEM occupations account for nearly 7 percent of all U.S. occupations, however, according to the Equal Employment Opportunity Commission, women make up only 27 percent of STEM workers. Studies continue to show that between the ages 8 and 14, girls’ confidence levels drop by 30 percent and by the time they reach middle school, they completely lack confidence and self-esteem to pursue science, technology, engineering and mathematics.

Loretta Williams Gurnell is working to change the narrative for Houston students.

In 2016, Gurnell established SUPERGirls Shine Foundation, which is a Houston-based nonprofit organization that is focused on providing underserved girls with the opportunity and resources to succeed in STEM. By providing a strong STEM foundation, the organization equips girls with the tools to excel in professions that traditionally have low female and diverse representation.

In addition, the organization focuses on closing the gender gap in STEM, noting that their goal is to increase the number of girls in STEM classes, degrees and careers by 25 percent by the year 2025. Despite making up more than 57 percent of the workforce, women are still significantly outnumbered by men in STEM professions.

On a yearly basis, SUPERGirls Shine Foundation awards graduating high school seniors and collegiate ambassadors up to $10,000 dollars to close the financial gaps for college degrees. The foundation offers internships for college students and recent graduates to bring awareness, access and equity for more women and girls from underserved communities in STEM, innovation and leadership initiatives.

Through their 40/40 Mentorship Program, the foundation matches high-level industry leaders to grades 8th – 12th to provide skill-building and networking opportunities. The SUPERGirls Collegiate Ambassador Membership Program serves as a network for college students and recent graduates seeking community, careers and access to industry experts and mentors in STEM.

Learn more about Greentown Labs startup SUPERGirls Shine Foundation and how the organization is providing underserved girls with the opportunity and resources to succeed in STEM.

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This article originally ran on the Greater Houston Partnership's Houston Energy Transition Initiative blog. HETI exists to support Houston's future as an energy leader. For more information about the Houston Energy Transition Initiative, EnergyCapitalHTX's presenting sponsor, visit htxenergytransition.org.

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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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