new role

National plastics-focused initiative names Houston expert to committee

Rachel Meidl has more than 27 years of experience in industry, government, policy, finance, international relations, and academia. Photo via rice.edu

A Houston energy and sustainability expert has been named to a national committee that provides a forum for issues around national efforts to reduce plastic pollution.

Rachel Meidl, a fellow at Rice University’s Baker Institute for Public Policy, was appointed to the Roundtable on Plastics Committee established by the National Academies of Sciences, Engineering and Medicine.

"As a member of the The National Academies of Sciences, Engineering, and Medicine Roundtable on Plastics Committee, our science- and evidence-based work will cover all aspects of the plastics lifecycle and examine interventions in plastic production, waste management, environmental and health impacts, and data collection, management, and modeling," Meidl writes on LinkedIn. "The goal is to pave the way for a sustainable circular economy for plastics. I look forward to working on this important endeavor."

Meidl has more than 27 years of experience in industry, government, policy, finance, international relations, and academia. Her research focuses on sustainability, environmental justice, resiliency, circular economy, safety and environmental regulations of the treatment, storage, disposal and transportation of hazardous materials and wastes.

She also works with understanding environmental, economic and social impacts across energy and material supply chains. Previously, she was appointed deputy associate administrator of the Pipeline and Hazardous Materials Safety Administration in Washington, D.C.. There, she led the agency’s domestic and international strategy, policy and programs.

The roundtable is expected to be a way for federal agencies and experts in academia, industry and nongovernmental organizations to talk about future research initiatives. Activities will include aspects of the plastics lifecycle and potential interventions in plastic production and waste management; material and product design; environmental and health impacts and data collection, management and modeling. The National Academies will address the diversity and complexity of issues in reducing plastic waste by convening various sectors and experts to match each step in the lifecycle of the plastics.

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A View From HETI

Fervo plans to sell 70 million shares of Class A common stock at $25 to $26 per share. Photo courtesy Fervo Energy

Houston-based geothermal power company Fervo Energy is now eyeing an IPO that would raise $1.75 billion to $1.82 billion, up from the previous target of $1.33 billion.

In paperwork filed Monday, May 11 with the U.S. Securities and Exchange Commission, Fervo says it plans to sell 70 million shares of Class A common stock at $25 to $26 per share.

In addition, Fervo expects to grant underwriters 30-day options to buy up to 8.33 million additional shares of Class A common stock. This could raise nearly $200 million.

When it announced the IPO on May 4, Fervo aimed to sell 55.56 million shares at $21 to $24 per share, which would have raised $1.17 billion to $1.33 billion. The initial valuation target was $6.5 billion.

A date for the IPO hasn’t been scheduled. Fervo’s stock will be listed on Nasdaq under the ticker symbol FRVO.

Fervo, founded in 2017, has attracted about $1.5 billion in funding from investors such as Bill Gates-founded Breakthrough Energy Ventures, Google, Mitsubishi Heavy Industries, Devon Energy (which is moving its headquarters to Houston), Tesla co-founder JB Straubel, CalSTRS, Liberty Mutual Investments, AllianceBernstein, JPMorgan, Bank of America and Sumitomo Mitsui Trust Bank.

Fervo’s marquee project is Cape Station in Beaver County, Utah, the world’s largest EGS (enhanced geothermal system) project. The first phase will deliver 100 megawatts of baseload clean power, with the second phase adding another 400 megawatts. The site can accommodate 2 gigawatts of geothermal energy. Fervo holds more than 595,000 leased acres for potential expansion.

Cape Station has secured power purchase agreements for the entire 500-megawatt capacity. Customers include Houston-based Shell Energy North America and Southern California Edison.

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