Fervo Energy has raised additional funding to continue executing on its mission of more reliable geothermal energy production. Photo via FervoEnergy.com

A next-generation geothermal tech company announced a new investment from an Oklahoma City-based oil and gas producer.

Fervo Energy secured the $10 million strategic investment from Devon Energy Corporation (NYSE: DVN) this week. The deal creates a partnership between the two entities.

“We are thrilled to have Devon as a partner,” says Tim Latimer, co-founder and CEO of Fervo, in a news release. “Devon is a technology leader with historic and unparalleled expertise in drilling and completing wells. We expect this partnership will help unlock further potential for geothermal as the primary 24/7 renewable energy source.”

Fervo's technology includes drilling horizontal wells for commercial geothermal production as well as distributed fiber optic sensing to geothermal reservoir development, per the release. The strategy allows for more accessible geothermal power.

“We are excited about this partnership with Fervo, an innovator and leader in the enhanced geothermal space,” says David Harris, chief corporate development officer and executive vice president at Devon. “This investment is a good match for Devon’s new energy ventures strategy.”

Last year, Fervo raised a $138 million series C round to support the completion of power plants in Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, and New Mexico, as well as in other countries. This latest investment brings the company's total funds raised to $187 million since its inception in 2017.

This article originally ran on Innovation Map.


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University of Houston collaborates with county on future-facing sustainability efforts

dream team

Researchers at the University of Houston are partnering with the Harris County Office of County Administration’s Sustainability Office, the Harris County Energy Management Team, and other county staff in an effort to develop a comprehensive baseline of energy use and energy-use intensity that will aim to reduce energy costs and emissions in county facilities.

Once fully established, the team will work on tracking progress and evaluating the effectiveness of energy-saving measures over time. They will begin to build the foundation for future programs aimed at maximizing savings, reducing energy consumption, and increasing the use of renewable energy sources in county operations.

Harris County energy managers, Glen Rhoden and Yas Ahmadi, will work with UH professionals, including:

  • Jian Shi, UH Cullen College of Engineering associate professor of engineering technology and electrical and computer engineering
  • Zhu Han, Moores professor of electrical and computer engineering
  • Xidan "Delia" Zhang, UH research intern

The group began collaborating a year ago, and analyzed energy consumption data from county facilities.They were able to successfully identify key summertime energy-saving opportunities and completed retro-commissioning of four county buildings. Those efforts saved over $230,000 annually in electricity costs.

“This project is a prime example of how impactful research at UH can be when applied to real-world challenges, delivering tangible benefits to both the environment and the communities we serve,” Shi says in a news release.

The team will plan to do additional building projects, which includes the development of solar energy and heat pump initiatives, building automation system upgrades, and LED lighting installations. The goal is to reduce electricity usage by at least 5 percent per year for county facilities by 2030 and cut greenhouse gas emissions by 50 percent over the next 5 years for county buildings.

“Addressing climate change and the energy transition requires a collaborative effort that is not only data-driven and action-oriented but also human-centric,” Shi adds. “It’s about more than just technology—it’s about improving the quality of life for Texans.”

Houston-based autonomous trucking tech co. raises $20M

fresh funding

A Houston-based autonomous vehicle technology company has raised early funding.

Bot Auto has announced the completion of its pre-series A funding round which was oversubscribed and raised $20 million. The round was led by investments from Brightway Future Capital, Cherubic Ventures, EnvisionX Capital, First Star Ventures, Linear Capital, M31 Capital, Taihill Venture, Uphonest Capital, and Welight Capital.

“As true believers in autonomous trucking, we're thankful for our investors' shared vision,” Xiaodi Hou, founder and CEO of Bot Auto, says in a news release. “Our strong commitment, combined with recent AI advancements and a sharpened focus on operational efficiency, has created a clear path to commercialization.”

The funds raised will be focused on developing the technology and will opt to avoid unnecessary hiring ahead of operational maturity, scaling the operational footprint prior to product readiness, over expansion and partnership debt. The company aims for a more sustainable and efficient future, and is hoping its engineers and AV executives help Bot Auto become an autonomous trucking game changer.

The Investment is expected to help expand Bot Auto's tech development in autonomous trucking that will focus on safety and operation efficiency.

“Our prospects for success have never been more promising,” Hou adds. “ We march forward, committed to bringing this transformative technology to humanity for a brighter future.”

Bot Auto’s vision aligns with the pioneering spirit of Houston’s legacy in space exploration, striving to achieve remarkable feats in technology and transportation. The company is dedicated to leveraging this investment to make significant strides in the US autonomous trucking industry, ultimately contributing to a more sustainable and efficient future.

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This article originally ran on InnovationMap.

Texas-based Tesla posts first quarterly increase in deliveries, but shares slump

mixed feelings

Low interest financing, sweet lease deals, price cuts and free charging boosted Tesla’s global deliveries in the third quarter, the first increase this year for the electric vehicle maker.

The Austin, Texas, company said Wednesday that it delivered 462,890 vehicles from July through September, bolstered by loans as low as 1.99%, and $299 monthly leases on the Model 3, its least expensive vehicle. It delivered 435,059 vehicles during the same period last year.

The figures for July through September came in slightly higher than analyst estimates of 462,000 for the period, according to data provider FactSet.

However, shares of Tesla Inc. dropped sharply in morning trading, down nearly 4%.

The deliveries were “good and a step in the right direction,” wrote Dan Ives of Wedbush, but that there would be pressure on the company's stock because investors had been hoping for even better.

“Overall, this is a clear improvement from the first half and we believe getting in the range of 1.8 million for the year is still the key and important bogey,” Ives said.

Tesla has struggled much of the year to sell its aging model lineup as growth in electric vehicle sales in the U.S. and Europe slowed due to concerns with range, price and the ability to charge on trips.

Falling sales early in the year led to once-unheard of discounts for the automaker, cutting into its industry leading profit margins. Analysts estimated that Tesla’s average vehicle sales price was $42,500 for the third quarter, the lowest price in four years.

The sales decline likely will pull down third quarter earnings when they are announced on Oct. 23.

Tesla’s sales decline comes as competition is increasing from legacy and startup automakers, which are trying to nibble away at the company’s market share.

Nearly all of Tesla’s sales came from the smaller and less-expensive Models 3 and Y, with the company selling only 22,915 of its more expensive models that include X and S, as well as the new Cybertruck.

Wedbush analyst Dan Ives wrote in a note to investors Tuesday that third-quarter sales would bring a rebound as China sales continue to increase and price and demand stabilizes.” As China continues to heat up on the demand story for Tesla with favorable leasing/financing terms and pent-up demand in the region, we are confident that we will see a significant growth figure in the region,” he wrote.

Europe will continue to be slow with macroeconomic pressures, and U.S. demand should stabilize, Ives wrote.

But BNP Paribas Exane said in an investor note that long term expectations of the market are somewhat high for Tesla. The company said its sales estimates for 2026 and 2027 “remain 10% to 15% below the street, respectively.”

Tesla is scheduled to unveil a purpose built robotaxi at an event next week.