Fervo Energy has tapped Baker Hughes to supply technology to five power plants at Cape Station, its flagship geothermal power generation project in Utah. Photo courtesy Fervo Energy.

Houston-based geothermal energy startup Fervo Energy has tapped Houston-based energy technology company Baker Hughes to supply geothermal equipment for five Fervo power plants in Utah.

The equipment will be installed at Fervo’s Cape Station geothermal power project near Milford, Utah. The project’s five second-phase, 60-megawatt plants will generate about 400 megawatts of clean energy for the grid.

Financial terms of the deal weren’t disclosed.

“Baker Hughes’ expertise and technology are ideal complements to the ongoing progress at Cape Station, which has been under construction and successfully meeting project milestones for almost two years,” says Tim Latimer, co-founder and CEO of Fervo. “Fervo designed Cape Station to be a flagship development that's scalable, repeatable, and a proof point that geothermal is ready to become a major source of reliable, carbon-free power in the U.S.”

Cape Station is permitted to deliver about two gigawatts of geothermal power. The first phase of the project will supply 100 megawatts of power to the grid beginning in 2026. The second phase is scheduled to come online by 2028.

“Geothermal power is one of several renewable energy sources expanding globally and proving to be a vital contributor to advancing sustainable energy development,” Baker Hughes Chairman and CEO Lorenzo Simonelli says. “By working with a leader like Fervo Energy and leveraging our comprehensive portfolio of technology solutions, we are supporting the scaling of lower-carbon power solutions that are integral to meet growing global energy demand.”

Founded in 2017, Fervo is now a unicorn, meaning its valuation as a private company has surpassed $1 billion. In March, Axios reported Fervo is targeting a $2 billion to $4 billion valuation in an IPO.

Over the course of eight years, Fervo has raised almost $1 billion in capital, including equity and debt financing. This summer, the company secured a $205.5 million round of capital.

Twenty-six Houston-area companies landed on the latest Fortune 500 list. Photo via Getty Images

Houston earns No. 3 spot among cities with most Fortune 500 headquarters

biggest companies

Houston maintained its No. 3 status this year among U.S. metro areas with the most Fortune 500 headquarters. Fortune magazine tallied 26 Fortune 500 headquarters in the Houston area, behind only the New York City area (62) and the Chicago area (30).

Last year, 23 Houston-area companies landed on the Fortune 500 list. Fortune bases the list on revenue that a public or private company earns during its 2024 budget year.

On the Fortune 500 list for 2025, Spring-based ExxonMobil remained the highest-ranked company based in the Houston area as well as in Texas, sitting at No. 8 nationally. That’s down one spot from its No. 7 perch on the 2024 list. During its 2024 budget year, ExxonMobil reported revenue of $349.6 billion, up from $344.6 billion the previous year.

Here are the rankings and 2024 revenue for the 25 other Houston-area companies that made this year’s Fortune 500:

  • No. 16 Chevron, $202.8 billion
  • No. 28 Phillips 66, $145.5 billion
  • No. 56 Sysco, $78.8 billion
  • No. 75 Conoco Phillips, $56.9 million
  • No. 78 Enterprise Products Partners, $56.2 billion
  • No. 92 Plains GP Holdings, $50 billion
  • No. 143 Hewlett-Packard Enterprise, $30.1 billion
  • No. 153 NRG Energy, $28.1 billion
  • No. 155 Baker Hughes, $27.8 billion
  • No. 159 Occidental Petroleum, $26.9 billion
  • No. 183 EOG Resources, $23.7 billion
  • No. 184 Quanta Services, $23.7 billion
  • No. 194 Halliburton, $23 billion
  • No. 197 Waste Management, $22.1 billion
  • No. 214 Group 1 Automotive, $19.9 billion
  • No. 224 Corebridge Financial, $18.8 billion
  • No. 256 Targa Resources, $16.4 billion
  • No. 275 Cheniere Energy, $15.7 billion
  • No. 289 Kinder Morgan, $15.1 billion
  • No. 345 Westlake Corp., $12.1 billion
  • No. 422 APA, $9.7 billion
  • No. 443 NOV, $8.9 billion
  • No. 450 CenterPoint Energy, $8.6 billion
  • No. 474 Par Pacific Holdings, $8 billion
  • No. 480 KBR Inc., $7.7 billion

Nationally, the top five Fortune 500 companies are:

  • Walmart
  • Amazon
  • UnitedHealth Group
  • Apple
  • CVS Health

“The Fortune 500 is a literal roadmap to the rise and fall of markets, a reliable playbook of the world's most important regions, services, and products, and an indispensable roster of those companies' dynamic leaders,” Anastasia Nyrkovskaya, CEO of Fortune Media, said in a news release.

Among the states, Texas ranks second for the number of Fortune 500 headquarters (54), preceded by California (58) and followed by New York (53).

Solugen has named James Begeal, with more than 25 years of experience in the chemical industry, as its new president of energy and water. Photo courtesy Solugen.

Solugen names Houston founder as new president of energy and water

new leaders

Houston-based biochemical producer Solugen has hired chemical industry veteran James Begeal as its new president of energy and water.

In his new position, Begeal leads the commercial strategy for the energy and produced-water sectors, “bringing our innovative chemistry directly to leading oil and gas operators, accelerating revenue growth, and deepening our commercial pipeline,” Solugen said in a news release.

Begeal has more than 25 years of experience in the chemical industry, including roles at oilfield technology company Baker Hughes and chemical company Clariant. In 2016, he co-founded NexGen Chemical Technologies, a Cypress-based provider of alternative natural-gas sweeteners. Begeal served as chief operating officer and chief technology officer at NexGen, which was acquired by League City-based Foremark Performance Chemicals in 2023. He then joined Foremark, which was acquired by investment firm CC Industries in 2024.

Begeal is no stranger to Solugen, having previously served as a company advisor.

“James is a builder — he knows what it takes to launch, scale, and win in this space,” says Solugen CEO Gaurab Chakrabarti. “We’re excited to have him bring that same builder’s mindset to Solugen as we double down on delivering solutions that meet our customers’ toughest challenges.”

The company also recently named Carlos Diaz as its new VP of strategy and international business. Diaz worked for 18 years at Baker Hughes and will lead Solugen's commercial expansion efforts into Latin America and beyond, according to a company representative.

Solugen, founded in 2016, raised $357 million in a series C venture capital round. The 2021 round catapulted Solugen into the unicorn category, meaning the private company is valued at more than $1 billion.

Baker Hughes has teamed up with Dallas-based Frontier Infrastructure and has been selected by the U.S. Air Force and the Department of Defense for global clean energy projects. Photo via bakerhughes.com.

Baker Hughes launches major clean energy initiatives with U.S. military and more

clean team

Energy tech company Baker Hughes announced two major clean energy initiatives this month.

The Houston-based company has teamed up with Dallas-based Frontier Infrastructure to develop carbon capture and storage (CCS), power generation and data center operations in the U.S.

Baker Hughes will supply technology for Frontier’s nearly 100,000-acre CCS hub in Wyoming, which will provide open-access CO2 storage for manufacturers and ethanol producers, as well as future Frontier projects. Frontier has already begun drilling activities at the Wyoming site.

“Baker Hughes is committed to delivering innovative solutions that support increasing energy demand, in part driven by the rapid adoption of AI, while ensuring we continue to enable the decarbonization of the industry,” says Lorenzo Simonelli, chairman and CEO of Baker Hughes.

Additionally, Baker Hughes announced this week that it was selected by the U.S. Air Force and the Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO) to develop utility-scale geothermal power plants that would power global U.S. military bases.

Baker Hughes was granted an "awardable," or eligible, status through the CDAO's Tradewinds Solutions Marketplace, which aims to accelerate "mission-critical technologies," including AI, machine learning and resilient energy technologies. The potential geothermal plants would provide cost-effective electricity, even during a grid outage.

“The ability of geothermal to provide reliable, secure baseload power makes it an ideal addition to America’s energy mix,” Ajit Menon, vice president of geothermal, oilfield services and equipment at Baker Hughes, said in a news release. “Baker Hughes has been a pioneer in this field for more than 40 years and our unique subsurface-to-surface expertise and advanced technology across the geothermal value chain will help the U.S. military unlock this critical domestic energy source, while simultaneously driving economic growth and energy independence.”

Baker Hughes has incorporated a new tech platform for its CCUS operations. Photo via Getty Images

Baker Hughes launches new digital platform for CCUS operations

now online

Baker Hughes has announced the debut of its digital platform to track CO2 volumes in real time, CarbonEdge. CarbonEdge utilizes carbon capture utilization and sequestration journey, which includes pipeline flows.

Powered by Cordant, the Houston-based Baker Hughes boasts CarbonEdge is “the first end-to-end, risk-based digital platform for CCUS operations that provides comprehensive support, regulatory reporting, and operational risk management,” according to the company.

The connectivity across the entire CCUS project lifecycle will assist customers to better improve decision-making, enhance operational efficiency, identify and manage risk, and simplify regulatory reporting. Applicable to any CCUS infrastructure applied across multiple industries, CarbonEdge joins other Baker Hughes’ digital solutions in JewelSuite, Leucipa, and Cordant, which all span the energy and industrial value chains to help ensure lower emissions.

“CCUS technology solutions are essential for driving decarbonization of the energy and industrial sectors on our path to solving for climate change,” Baker Hughes Chairman and CEO Lorenzo Simonelli says in a news release.

The launch customer will be Wabash Valley Resources (WVR), which is a low-carbon ammonia fertilizer pioneer in Indiana.WVR will deploy Baker Hughes’ CarbonEdge platform to monitor, measure, and verify volumes of CO2 transported, collected, and sequestered underground.

“With the launch of CarbonEdge, we not only expand our portfolio of digital solutions to support new energies and empower our customers’ ability to mitigate risk while enhancing operational efficiency, but also take a bold step toward a future with more sustainable energy development,” Simonelli continues.”We look forward to working alongside Wabash Valley Resources to refine and evolve CarbonEdge, ensuring it continues to meet the dynamic needs of a rapidly changing industry.”
In total, HIF has raised $200 million this year. Photo via hifglobal.com

Japanese agency invests $36M into Houston e-fuels company's portfolio

coming in hot

Houston-based electrofuel company HIF Global has secured a $36 million investment from the Japan Organization for Metals and Energy Security, a government agency.

The investment, made through an e-fuel subsidiary of Japanese energy company Idemitsu Kosan, is earmarked for HIF’s e-fuel projects in the U.S., Australia, Chile, and Uruguay.

Earlier this year, Idemitsu led a $164 million investment round in HIF. Of that amount, Idemitsu chipped in $114 million. Other investors included Houston-based Baker Hughes along with AME, EIG, Gemstone Investments, and Porsche.

In total, HIF has raised $200 million this year.

“Japan set a priority for the commercial introduction of e-fuels into its fuel supply to support their mandate for 46 percent [greenhouse gas] emissions reduction by 2030. We have already proven e-fuels are a real solution with over 18 months of e-fuels production from our Haru Oni facility in southern Chile,” says Cesar Norton, president and CEO of HIF.

In 2023, Idemitsu agreed to buy e-methanol from HIF’s $6 billion plant in Matagorda County. HIF says the plant will be the world’s first large-scale e-fuel facility. The plant is expected to produce about 1.4 million metric tons per year of e-methanol and about 300,000 metric tons of green hydrogen per year by 2027.

HIF, founded in 2016, aims to produce 150,000 barrels per day of e-fuel and recycle 25 million metric tons per year of carbon dioxide by 2035. E-fuels, which are synthetic alternatives to fossil fuels, include e-gasoline, e-diesel, and e-sustainable aviation fuel converted from e-methanol.

Using electrolyzers powered by renewable energy, HIF begins the e-fuel process by separating hydrogen from oxygen in water. The company then couples the resulting green hydrogen with recycled carbon dioxide to create carbon-neutral e-fuels.

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Hobby debuts solar canopy as airport system reaches new sustainability milestone

solar solutions

Houston's William P. Hobby Airport is generating its own clean energy.

Houston Aiports announced that Hobby's red garage is now home to a "solar canopy" that is producing energy at 100 percent capacity to power daily operations. The photovoltaic (PV) solar system generated more than 1.1 gigawatt-hours of electricity in testing, and is expected to produce up to 1 megawatt-hour now that it's operating at full power.

“This project is proof that sustainability can be practical, visible and directly tied to the passenger experience,” Jim Szczesniak, director of aviation for Houston Airports, said in a news release. “Passengers now park under a structure that shields their cars from the Texas sun while generating clean energy that keeps airport operations running efficiently, lowering overall peak demand electrical costs during the day and our carbon footprint. It’s a win for travelers, the city and the planet.”

The project was completed by Texas A&M Engineering Experiment Station (TEES) and CenterPoint Energy. It's part of Houston Airport's efforts to reduce carbon emissions by 40 percent over its 2019 baseline.

In a separate announcement, the airport system also shared that it recently reached Level 3 in the Airports Council International (ACI) Airport Carbon Accreditation program after reducing emissions by 19 percent in three years. This includes reductions at George Bush Intercontinental Airport (IAH), Hobby and Ellington Airport/Houston Spaceport.

The reductions have come from initiatives such as adding electric vehicles to airport fleets, upgrading airfield lighting with LED bulbs, adding smarter power systems to terminals, and improving IAH's central utility plant with more efficient equipment. Additionally, the expansion to Hobby's West Concourse and renovations at IAH Terminal B incorporate cleaner equipment and technology.

According to Houston Airports, from 2019 to 2023:

  • IAH reduced emissions by 17 percent
  • Hobby reduced emissions by 32 percent
  • Ellington Airport reduced emissions by 4 percent

"I see firsthand how vital it is to link infrastructure with sustainability,” Houston City Council Member Twila Carter, chair of the council’s Resilience Committee, said in the release. “Reducing carbon emissions at our airports isn’t just about cleaner travel — it’s about smarter planning, safer communities and building a Houston that can thrive for generations to come.”

Houston Methodist leader on the push for sustainable health care and new local event

Q&A

Every industry can play a role in the energy transition, and Houston Methodist is leading the charge in the health care sector.

Culminating at this week’s inaugural Green ICU Conference, part of Houston Energy and Climate Startup Week, the health care system has spent the last three years taking a closer look at its environmental footprint—and showing other hospital systems and medical organizations how they too can make simple changes to reduce emissions.

The event, held tomorrow, Sept. 17, at TMC Helix Park, will bring together health care professionals, industry leaders, policymakers and innovators to explore solutions for building a more sustainable healthcare system.

In an interview with EnergyCapital, Dr. Faisal N. Masud, medical director of critical care at Houston Methodist and a champion for sustainability efforts across the system, shares the inspiration behind the event and what attendees can expect to take away.

Tell us about how the Green ICU Conference came to be.

Houston Methodist’s inaugural Green ICU conference is about three years in the making. It originated because Houston Methodist recognized the significant impact health care has on sustainability and the lack of similar initiatives in the U.S.

The Center for Critical Care at Houston Methodist launched a sustainability-focused ICU initiative, published a roadmap and became involved in international efforts to develop guidelines that many other organizations now use. Our work led to the creation of the first Green ICU Collaborative in the country, and the Green ICU Conference was established to share best practices and address the global impact of critical care on the environment.

What were some of the biggest takeaways from the collaborative, and how are they represented in this new event?

Through the Green ICU Collaborative, we’ve seen that health care professionals can make a significant impact on sustainability through simple, practical changes, and many solutions can be implemented without major costs or compromising patient care. Additionally, there’s a strong link between environmental stewardship and patient safety and quality. These lessons will be represented in the new Green ICU Conference by showcasing easy-to-adopt best practices, emphasizing the importance of sustainability in daily health care operations, and fostering a sense of shared responsibility among attendees to improve both patient outcomes and environmental impact.

Why are ICUs considered to be such carbon hot spots?

ICUs are considered carbon hot spots because they care for the sickest patients, requiring intensive therapies, numerous medications and a large amount of equipment, such as ventilators and pumps. This makes them the most resource- and energy-intensive areas in a hospital. A single day in the ICU can have a greenhouse gas impact equivalent to driving a car 1,000 kilometers.

The U.S. health care sector is responsible for approximately 8.5 percent of greenhouse gas emissions, and hospitals are the second-most energy-intensive commercial buildings in the country. With the Texas Medical Center being in the heart of Houston, it’s critical that health care organizations play a role in this area.

That’s why the Center for Critical Care launched a system-wide Green ICU Initiative with the Houston Methodist Office of Sustainability to help reduce our carbon impact and waste while continuing to provide unparalleled patient care. Innovation is part of our culture, and that extends into our sustainability efforts. Houston Methodist’s Green ICU initiative is the first-of-its-kind in the U.S.

What efforts has Houston Methodist taken to cut emissions?

The first step to cutting emissions is measuring an organization’s carbon footprint to determine the best path forward. Houston Methodist’s Office of Sustainability has aggregated two years of baseline emissions data pending third-party validation. The hospital has taken several steps to cut emissions, including implementing composting programs, installing solar panels, improving energy utilization and participating in global plastic recycling initiatives. These efforts are part of a broader commitment led by our Office of Sustainability to reduce the hospital’s environmental footprint.

Tell us a little more about the event. Who should attend? What do you expect to be some of the highlights?

The Green ICU Conference, taking place during Houston Energy and Climate Week, is focused on health care sustainability, bringing together health care professionals, engineers, experts and anyone interested in reducing health care’s environmental impact. With participants and speakers from six countries, the conference brings together leading experts who aim to raise awareness, share best practices and offer practical, easy-to-adopt solutions for making health care more sustainable.

Highlights include perspectives from leading voices in health care sustainability, real-world examples of successful sustainability initiatives and opportunities for networking and collaboration. Anyone interested in health care, sustainability,or making a positive impact in their community should consider attending.

And, because of increasing interest, we’ve opened up the opportunity for attendees to join virtually at no cost or in person.

What do you hope attendees take away? What are your major goals for the event?

The main goals of hosting the Green ICU Conference for the first time are to raise awareness about the environmental impact of health care; engage and empower attendees to implement easy, practical sustainability solutions; and foster a sense of shared community and responsibility.

I hope attendees leave the event feeling motivated and equipped to make meaningful changes in their own practices, whether that’s improving patient care, supporting their colleagues, or leaving their organization and environment in a better place for future generations.

Texas House Democrats urge Trump administration to restore $250M solar grant

solar grants

Eight Democratic members of the U.S. House from Texas, including two from Houston, are calling on the Trump administration to restore a nearly $250 million solar energy grant for Texas that’s being slashed by the U.S. Environmental Protection Agency (EPA).

In a letter to Lee Zeldin, head of the EPA, and Russell Vought, director of the federal Office of Management and Budget (OMB), the House members urged the two officials to reinstate the nearly $250 million grant, which was awarded to Texas under the $7 billion Biden-era Solar for All program. The Texas grant was designed to assist 28,000 low-income households in installing solar panels, aiming to reduce their energy bills.

“This administration has improperly withheld billions in congressionally appropriated funding that was intended to benefit everyday Americans,” the letter stated.

The letter claimed that numerous court rulings have determined the EPA cannot repeal already allocated funding.

“Congress made a commitment to families, small businesses, and communities across this country to lower their utility bills and reduce harmful pollution through investments in clean energy. The Solar for All program was part of that commitment, and the EPA’s actions to rescind this funding effectively undermine that congressional intent,” the House members wrote.

The six House members who signed the letter are:

  • U.S. Rep. Sylvia Garcia of Houston
  • U.S. Rep. Al Green of Houston
  • U.S. Rep. Greg Casar of Austin
  • U.S. Rep. Jasmine Crockett of Dallas
  • U.S. Rep. Lloyd Doggett of Austin
  • U.S. Rep. Julie Johnson of Dallas
  • U.S. Rep. Marc Veasey of Fort Worth

The nearly $250 million grant was awarded last year to the Harris County-led Texas Solar for All Coalition.

In a post on the X social media platform, Zeldin said the recently passed “One Big Beautiful Bill” killed the Greenhouse Gas Reduction Fund, which would have financed the $7 billion Solar for All program.

“The bottom line is this: EPA no longer has the statutory authority to administer the program or the appropriated funds to keep this boondoggle alive,” Zeldin said.