Houston renewables company Proteus Power is getting acquired. Photo via

Houston-based developer of utility-scale renewable energy Proteus Power is being acquired by JBB Advanced Technologies for an undisclosed amount after founder, chairman, and CEO, John B. Billingsley signed a letter of intent to purchase.

"I know the potential of renewable energy, both for our country and for the small landowners and communities we work with," Billingsley says in a news release. "Proteus Power is just the type of company I have known and grown in the past, and we're perfectly positioned to make it a very profitable company for our investors. In the near term, this very substantial business will provide a multi-billion-dollar boost to the Texas economy, from Lubbock to Midland, across West Texas and down to the Gulf Coast."

Proteus Power currently incorporates a total of 15.5 gigawatts of utility-scale renewable energy projects, which include utility-scale solar and battery energy storage systems. Nearly 5 gigawatts of both utility-scale solar and battery energy storage should be developed at an estimated EPC (Engineering, Procurement, and Construction) cost of $3.38 billion over the next four years.

Proteus Power projects also include multiple independent system operators: ERCOT West, ERCOT Houston, ERCOT North, ERCOT South, Miso LA/MS, Miso Illinois, Miso Texas, and SPP South.

Billingsley, who launched one of the nation's largest renewable energy companies, Tri Global Energy, with the purchase of Proteus Power, continues JBB’s efforts for “clean, affordable solar energy systems to commercial concerns” according to the company.

Proteus Power headquarters in Houston will move to JBB Advanced Technologies' headquarters in Carrollton, Texas, with all current employees being retained, pending the final acquisition, which is expected in the fourth quarter of 2024.A branch office is also planned to be located in Lubbock, Texas.

"The Proteus Power development team is clearly among the best in the renewable industry today," Billingsley adds. "The company has thrived under the leadership of Chief Development Officer Dan Phillips, and we at JBBAT are fortunate to inherit such a strong team to work with us as we move forward to jump back in the energy transition."

Jupiter Power's Callisto I is up and running. Photo courtesy of jupiterpower.io

Houston clean energy storage facility goes online to power ERCOT grid

green light

A new battery energy storage facility in Houston is officially up and running to power the ERCOT grid with a supply of reliable, zero emissions power.

Jupiter Power announced the commercial operations launch of its 400-megawatt-hour battery facility, Callisto I, in central Houston on the site of the former HL&P H.O. Clarke fossil fuel power plant.

"Jupiter couldn't be prouder about bringing the Callisto I project online," Andy Bowman, CEO of Jupiter Power, says in a news release. "This project responds to lawmakers' calls to increase affordable and dispatchable new generation in an area where people need more power. Callisto I is the first energy storage project at this scale in the City of Houston and will help meet Houston's growing power needs while also increasing resiliency from extreme weather events."

The new project is Jupiter Power's ninth project to deliver energy storage to ERCOT — bringing its total ERCOT fleet to 1,375-megawatt-hour capacity — but its the first in the Houston area. The company is currently developing over 11,000 megawatts of projects across the country. Founded in 2017, Jupiter Power is headquartered in Austin and has offices in Houston and Chicago.

"The announcement of Jupiter Power's Callisto I Energy Storage project is significant and exciting for the region, as it's the first large-scale transmission-connected energy storage project in the City of Houston," Jane Stricker, senior vice president at the Greater Houston Partnership and executive director at the Houston Energy Transition Initiative, adds. "This critical project will help address peak power demand and is another great example of our region's leadership in scaling and deploying impactful solutions for an all the above energy future."

Among the company's financial backers is Houston-based EnCap Energy Transition, which invested in Jupiter Power via its Fund II.

Primergy says Gemini is the biggest solar-and-storage duo in the U.S. Photo via primergysolar.com

Houston firm's portfolio co. goes online with solar, energy storage facility in Nevada

powering on

A portfolio company of Quinbrook Infrastructure Partners, an energy-focused investment manager with U.S. offices in Houston and New York, has flipped the switch on its solar power and battery energy storage system in Nevada’s Mojave Desert.

The portfolio company, Oakland, California-based Primergy Solar, says its Gemini Solar + Storage project near Las Vegas is now fully operational.

Gemini’s 1.8 million solar panels can generate up to 690 megawatts of power, enough to meet 10 percent of Nevada’s peak power demand. The panels are paired with 380 megawatts of four-hour battery storage.

“Gemini creates a blueprint for holistic and innovative clean energy development at mega scale, and we are proud to have brought this milestone project to life and to have delivered so many positive impacts across job creation, environmental stewardship, and local community engagement,” David Scaysbrook, co-founder and managing partner of Quinbrook, says in a news release.

Primergy says Gemini is the biggest solar-and-storage duo in the U.S.

“Achieving full commercial operations marks a significant technical and financial milestone for our team. We successfully navigated challenging supply chain and inflation issues through proactive planning and collaboration to bring this project online,” Primergy CEO Ty Daul says.

Primergy develops, owns, and operates utility-scale solar power and battery storage projects across the U.S. It manages projects in several U.S. energy markets, including the one served by the Electric Reliability Council of Texas (ERCOT).

As Gemini was taking shape, Primergy and Quinbrook closed on $1.9 billion in debt and tax equity financing for construction and development.

In October 2022, APG, the largest pension asset manager in the Netherlands, acquired a 49 percent ownership stake in Gemini on behalf of pension fund client ABP.

In April 2024, the remaining 51 percent share of the project was acquired by the $600 million Quinbrook Valley of Fire Fund. Funds associated with Blackstone Strategic Partners and Ares Management Infrastructure Secondaries were the lead investors.

All three of Intersect Power's storage systems — Lumina I, Lumina II, and Radian — are expected to be online this year. Photo courtesy of Intersect

Houston company secures $837M for trio of Texas energy storage projects

power move

Houston-based clean energy company Intersect Power has wrapped up $837 million in financing for the construction and operation of three standalone battery energy storage systems in Texas.

The money came in the form of debt financing, construction debt, and tax equity. The projects qualify for tax credits under the federal Inflation Reduction Act. Backers of the financing include Deutsche Bank, Morgan Stanley, and affiliates of HPS Investment Partners.

All three storage systems — Lumina I, Lumina II, and Radian — are expected to be online this year. Each system will be capable of storing 320 megawatts of solar power with a two-hour duration.

“Batteries will be a vital part of the energy transition and are the perfect complement to the billions of dollars of solar generation that we are building in California and Texas,” Sheldon Kimber, founder and CEO of Intersect, says in a news release.

Kimber says the storage systems will help Intersect Power triple the size of its portfolio over the next three years.

Intersect’s portfolio features 2.2 gigawatts of solar projects that are already operating, and 2.4 gigawatt hours of storage being operated or built. The company was founded in 2016.

Intersect recently signed a deal with Tesla Energy for 15.2 gigawatt hours of Megapack battery energy storage systems. The contract, which will deliver systems for Intersect projects in Texas and California, ends in 2030.

EnCap is ready to deploy growth capital to advance the energy transition. Photo via Getty Images

Houston energy transition growth capital firm closes $1.5B fund

A Houston-based energy transition-focused growth capital firm announced the close of its second fund to the tune of $1.5 billion.

EnCap Energy Transition's Fund II, or EETF II, was created to invest in solutions to decarbonize the power industry, and invest in low carbon fuels and carbon management.This second energy transition fund follows EnCap Energy Transition Fund I, a $1.2 billion fund that deployed capital to seven material portfolio company investments and four fund realizations with Broad Reach Power, Jupiter Power, Triple Oak, and Paloma Solar & Wind.

Previously, the company made investment commitments to five portfolio companies through EETF II, including Bildmore Renewables, Linea Energy, Parliament Solar, Power Transitions, and Arbor Renewable Gas. With the Bildmore arm, the EnCap fund aims to fuel development of renewable energy projects that can’t attract traditional tax equity financing.

EnCap expects to have 8-10 portfolio companies in EETF II in total.

"The EnCap Energy Transition team is proud to have raised a sizeable pool of capital to continue to invest in the opportunity created by the shift to a lower-carbon energy system,” EnCap Energy Transition Managing Partner Jim Hughes says in a news release.

“We greatly appreciate the strong support from our existing investor base and are pleased to have added a number of new, high-quality investors, both domestically and internationally," he continues. "Since our inception in 2019, we now manage approximately $2.7 billion of capital commitments to invest in decarbonization and are excited for the opportunities ahead of us."

Recently,EnCap was part of a deal in the battery energy storage business carrying an equity value of more than $1 billion. Engie purchased the majority of a startup . Broad Reach’s battery storage business from EnCap Energy Transition Fund I. Broad Reach launched in 2019 with backing from EnCap.

“We continue to believe all sources of energy are needed to support the world’s growing energy needs and that our Energy Transition Team will build off the significant success achieved to date,” said EnCap Managing Partner Jason DeLorenzo in a news release.

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This article originally ran on InnovationMap.

Broad Reach Power's battery storage assets piqued a French company's interest. Photo via broadreachpower.com

French company to acquire Houston-based battery storage startup in $1B deal

M&A Moves

A French utility company is buying the bulk of Houston-based Broad Reach Power’s battery energy storage business in a deal carrying an equity value of more than $1 billion.

Engie, has agreed to purchase the majority of the startup’s battery storage business from EnCap Energy Transition Fund I and three investment partners — New York City-based Yorktown Partners, Switzerland-based Mercuria Energy, and New York City-based Apollo Infrastructure Funds.

“This acquisition is fully in line with Engie’s strategy: It will contribute to the development of a low-carbon, affordable, and resilient energy system where flexible assets will play a critical role alongside renewables,” says Catherine MacGregor, the utility’s CEO.

Broad Reach launched in 2019 with backing from EnCap Energy Transition, an arm of Houston-based private equity firm EnCap Investments. Apollo Global Management, an asset manager that controls Apollo Infrastructure Funds, bought a 50 percent stake in Broad Reach in 2021.

The deal includes 350 megawatts of grid-scale battery assets that already are operating and 880 megawatts of assets under construction, primarily in the territory served by the Electric Reliability Council of Texas (ERCOT). It also includes a 1.7-gigawatt pipeline of battery storage projects that are in the advanced stage of development and a significant pipeline of early-stage projects.

In July, Broad Reach said it had lined up $435 million in credit facilities to support the 880 megawatts’ worth of systems under construction in Texas and California.

The Broad Reach acquisition does not include the company’s 1.8-gigawatt portfolio of solar and wind power projects, or its four gigawatt-hours’ worth of battery storage in the Mountain West.

The deal is expected to close in the fourth quarter of this year. The purchase price wasn’t disclosed, but the Bloomberg news service reports the deal will cause Engie to “take a $1.6 billion hit” to it net debt.

Shawn Cumberland, managing partner of EnCap and chairman of Broad Reach, calls Broad Reach “the top battery storage player in the U.S. market.” And Corinne Still, an infrastructure partner at Apollo, refers to Broad Reach as “the leading and most innovative” battery energy storage operator in North America.

“It has been a terrific honor and pleasure to be part of the rapid growth of the U.S. energy storage sector from the very beginning and see our company grow into one of the top developers,” says Doug Moorehead, founder and COO of Broad Reach.

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Innovative Houston clean hydrogen company expands to Brazil

on the move

Houston biotech company Cemvita has expanded into Brazil. The company officially established a new subsidiary in the country under the same name.

According to an announcement made earlier this month, the expansion aims to capitalize on Brazil’s progressive regulatory framework, including Brazil’s Fuel of the Future Law, which was enacted in 2024. The company said the expansion also aims to coincide with the 2025 COP30, the UN’s climate change conference, which will be hosted in Brazil in November.

Cemvita utilizes synthetic biology to transform carbon emissions into valuable bio-based chemicals.

“For decades Brazil has pioneered the bioeconomy, and now the time has come to create the future of the circular bioeconomy,” Moji Karimi, CEO of Cemvita, said in a news release. “Our vision is to combine the innovation Cemvita is known for with Brazil’s expertise and resources to create an ecosystem where waste becomes opportunity and sustainability drives growth. By joining forces with Brazilian partners, Cemvita aims to build on Brazil’s storied history in the bioeconomy while laying the groundwork for a circular and sustainable future.”

The Fuel of the Future Law mandates an increase in the biodiesel content of diesel fuel, starting from 15 percent in March and increasing to 20 percent by 2030. It also requires the adoption of Sustainable Aviation Fuel (SAF) and for domestic flights to reduce greenhouse gas emissions by 1 percent starting in 2027, growing to 10 percent reduction by 2037.

Cemvita agreed to a 20-year contract that specified it would supply up to 50 million gallons of SAF annually to United Airlines in 2023.

"This is all made possible by our innovative technology, which transforms carbon waste into value,” Marcio Da Silva, VP of Innovation, said in a news release. “Unlike traditional methods, it requires neither a large land footprint nor clean freshwater, ensuring minimal environmental impact. At the same time, it produces high-value green chemicals—such as sustainable oils and biofuels—without competing with the critical resources needed for food production."

In 2024, Cemvita became capable of generating 500 barrels per day of sustainable oil from carbon waste at its first commercial plant. As a result, Cemvita quadrupled output at its Houston plant. The company had originally planned to reach this milestone in 2029.

Capitalism and climate: How financial shifts will shape our behavior

guest column

I never imagined I would see Los Angeles engulfed in flames in this way in my lifetime. As someone who has devoted years to studying climate science and advocating for climate technology solutions, I'm still caught off guard by the immediacy of these disasters. A part of me wants to believe the intensifying hurricanes, floods, and wildfires are merely an unfortunate string of bad luck. Whether through misplaced optimism or a subconscious shield of denial, I hadn't fully processed that these weren't just harbingers of a distant future, but our present reality. The recent fires have shattered that denial, bringing to mind the haunting prescience of the movie Don't Look Up. Perhaps we aren't as wise as we fancy ourselves to be.

The LA fires aren't an isolated incident. They're part of a terrifying pattern: the Canadian wildfires that darkened our skies, the devastating floods in Spain and Pakistan, and the increasingly powerful hurricanes in the Gulf. A stark new reality is emerging for climate-vulnerable cities, and whether we acknowledge the underlying crisis or not, climate change is making its presence felt – not just in death and destruction, but in our wallets.

The insurance industry, with its cold actuarial logic, is already responding. Even before the recent LA fires, major insurers like State Farm and Allstate had stopped writing new home policies in California, citing unmanageable wildfire risks. In the devastated Palisades area, 70% of homes had lost their insurance coverage before disaster struck. While some homeowners may have enrolled in California's limited FAIR plan, others likely went without coverage. Now, the FAIR plan faces $5.9 billion in potential claims, far exceeding its reinsurance backup – a shortfall that promises delayed payments and costlier coverage.

The insurance crisis is reverberating across the nation, and Houston sits squarely in its path. As a city all too familiar with the destructive power of extreme weather, we're experiencing our own reckoning. The Houston Chronicle recently reported that local homeowners are paying a $3,740 annually for insurance – nearly triple the national average and 60% higher than the Texas state average. Our region isn't just listed among the most expensive areas for home insurance; it's identified as one of the most vulnerable to climate hazards.

For Houston homeowners, Hurricane Harvey taught us a harsh lesson: flood zones are merely suggestions, not guarantees. The next major hurricane won't respect the city's floodplain designations. This reality poses a sobering question: Would you risk having your largest asset – your home – uninsured when flooding becomes increasingly likely in the next decade or two?

For most Americans, home equity represents one of the largest components of household wealth, a crucial stepping stone to financial security and generational advancement. Insurance isn't just about protecting physical property; it's about preserving the foundation of middle-class economic stability. When insurance becomes unavailable or unaffordable, it threatens the very basis of financial security for millions of families.

The insurance industry's retreat from vulnerable markets – as evidenced by Progressive and Foremost Insurance's withdrawal from writing new policies in Texas – is more than a business decision. It's a market signal. These companies are essentially pricing in the reality of climate change, whether we choose to call it that or not.

What we're witnessing is the market beginning to price us out of areas where we've either built unsustainably or perhaps should never have built at all. This isn't just about insurance rates; it's about the future viability of entire communities and regional economies. The invisible hand of the market is doing what political will has failed to do: forcing us to confront the true costs of our choices in a warming world.

Insurance companies aren't the only ones sounding the alarm. Lenders and investors are quietly rewriting the rules of capital access based on climate risk. Banks are adjusting mortgage terms and raising borrowing costs in vulnerable areas, while major investment firms are factoring carbon intensity into their lending decisions. Companies with higher environmental risks have faced higher loan spreads and borrowing costs – a trend that's accelerating as climate impacts intensify. This financial reckoning is creating a new economic geography, where access to capital increasingly depends on climate resilience.

The insurance crisis is the canary in the coal mine, warning us of the systemic risks ahead. As actuaries and risk managers factor climate risks into their models, we're seeing the beginning of a profound economic shift that will ripple far beyond housing, affecting businesses, agriculture, and entire regional economies. The question isn't whether we'll adapt to this new reality, but how much it will cost us – in both financial and human terms – before we finally act.

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Nada Ahmed is the founding partner at Houston-based Energy Tech Nexus.

Houston renewables developer powers two new California solar parks

now open

EDP Renewables North America LLC, a Houston-based developer, owner, and operator of renewable energy projects, has unveiled a solar energy park in California whose customers are Houston-based Shell Energy North America and the Eureka, California-based Redwood Coast Energy Authority.

Sandrini I & II Solar Energy Park, located near Bakersfield, is capable of supplying 300 megawatts of power. The park was completed in two phases.

“Sandrini I & II represent EDP Renewables’ continued commitment to investing in California and are a direct contribution to California's admirable target of achieving 100 percent clean electricity by 2045,” says Sandhya Ganapathy, CEO of EDP. “The Golden State is known for its leadership in solar energy, and EDP Renewables is elated to meet the growing demand for reliable clean energy sources.”

Shell signed a 15-year deal to buy power from the 200-megawatt Sandrini I, and the Redwood Coast Energy Authority signed a 15-year deal to buy power from the 100-megawatt Sandrini II.

In July, EDP announced the opening of the 210-megawatt Pearl River Solar Park in Mississippi. Earlier in 2024, the company debuted the 175-megawatt Crooked Lake Solar Park in Arkansas and the 74-megawatt Misenheimer Solar Park in North Carolina. Click here to read more.