Texas developer closes $225M to supercharge US energy storage expansion

growth ahead

Jupiter Power's Houston facility went online earlier this year. Photo courtesy of jupiterpower.io

Austin-based developer and operator of utility-scale battery energy storage systems Jupiter Power has announced the successful closing of a $225 million corporate credit facility.

The transaction strengthens Jupiter Power’s U.S. portfolio, which includes one of the nation’s largest energy storage development pipelines, totaling over 12,000 megawatts. Jupiter Power, which also has offices in Houston, began commercial operations with the launch of its 400-megawatt-hour battery facility, Callisto I, in central Houston in August of 2024.

"Securing this corporate credit facility highlights the market's recognition of Jupiter Power as a leader in advancing large-scale energy storage solutions, as evidenced by our 2,575 megawatt hours of battery energy storage systems already in operation or construction," Jupiter Power CFO Jesse Campbell says in a news release. “This funding enhances our ability to advance projects across our pipeline in markets where energy storage is needed most. We greatly appreciate the support of our banking partners in this transaction.”

The $225 million in total revolving credit facilities will include up to $175 million in letters of credit and $50 million in revolving loans. Leading on the lender side includes Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corp.

“HSBC is proud to support Jupiter Power with their credit facility as they continue to expand and accelerate the development of their energy storage projects across the United States,” Paul Snow, head of renewables - Americas at HSBC adds. “HSBC’s inaugural facility with Jupiter Power not only reinforces our commitment to financing premiere clean energy projects, but complements our ambition to deliver a net zero global economy.”

The Houston project is the first in the area, and Jupiter Power's ninth to deliver energy storage to ERCOT, which brings its total ERCOT fleet to 1,375-megawatt-hour capacity.

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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.

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ExxonMobil invests over $200M in Texas advanced recycling sites

doubling down

ExxonMobil announced that it plans to invest more than $200 million to expand its advanced recycling operations at its Baytown and Beaumont sites that are expected to start in 2026. The new operations can help increase advanced recycling rates and divert plastic from landfills, according to ExxonMobil.

“We are solutions providers, and this multi-million-dollar investment will enhance our ability to convert hard-to-recycle plastics into raw materials that produce valuable new products,” says Karen McKee, president of ExxonMobil Product Solutions, in a news release.

The investment plans to add 350 million pounds per year of advanced recycling capacity at Baytown and Beaumont, which will bring ExxonMobil’s total capacity to 500 million pounds annually. The first Baytown facility started in 2022 and represents one of the largest advanced recycling facilities in North America by having processed more than 70 million pounds of plastic waste.

“At our Baytown site, we’ve proven advanced recycling works at scale, which gives us confidence in our ambition to provide the capacity to process more than 1 billion pounds of plastic per year around the world,” McKee said in a news release. “We’re proud of this proprietary technology and the role it can play in helping establish a circular economy for plastics and reducing plastic waste.”

Advanced recycling works by transforming plastic waste into raw materials that can be used to make products from fuels to lubricants to high-performance chemicals and plastics. Advanced recycling allows for a broader range of plastic waste that won't be mechanically recycled and may otherwise be buried or burned.

ExxonMobil will continue development of additional advanced recycling projects at manufacturing sites in North America, Europe and Asia with the goal of reaching 1 billion pounds per year of recycling capacity by 2027.

Houston-based Fervo Energy collects $255M in additional funding

cha-ching

A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.

Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II with participating investors including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

The funding will go toward supporting Fervo's ongoing and future geothermal projects.

“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” Fervo CEO and Co-Founder Tim Latimer says in a news release. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”

Additionally, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, an independent energy and commodity group that previously invested in the company.

“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” Brian Falik, group chief investment officer of Mercuria, adds. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”

In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.

Other wins for Fervo this year include moving into its new headquarters in downtown Houston, securing a power purchase agreement with California, growing its partnership with Google, and being named amongst the year's top inventions by Time magazine.

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This article originally ran on InnovationMap.

Greentown raises funding, a new tree initiative in Houston, and more trending energy transition news

top stories

Editor's note: From DOE funding for underground power line research to Zeta Energy's big deal with, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Investors from Houston and Boston fuel Greentown with $4M commitment

A mix of public and private investors have funded Greentown Labs. Photo via GreentownLabs.com

Greentown Labs, a climatetech incubator with locations in the Houston and Boston areas, has announced it has received funding from a mix of investors.

The $4 million in funding came from both of the Houston and Massachusetts locations. Houston investors included Bobby Tudor, CEO of Artemis Energy Partners and chairman of the Houston Energy Transition Initiative; David Baldwin, co-founder of OpenMinds and TEX-E and partner at SCF Partners; and Rice University. Other investors included MassDevelopment and the City of Somerville.

“The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential,” Tudor says in a news release. “We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others.”Continue reading.

Houston launches Google-backed tool to address urban tree cover disparities

American Forests is aiming to assist with at least 100 cities to make progress on Tree Equity by 2030. Photo by Thomas Koenig/Big Pineapple Productions

The oldest national nonprofit conservation organization in the U.S American Forests has launched the Houston Tree Equity Score Analyzer, which was developed through local nonprofit Trees For Houston and local stakeholders from local government, environmental groups and the public health sector, and supported by Google’s philanthropic arm Google.org with a $450,000 grant.

To mark the launch, Trees For Houston and American Forest celebrated the partnership and worked to plant 50 trees at Shadydale Elementary in Northeast Houston on December 6.

“This marks a significant milestone for Houston's urban forestry efforts,” says Texas State Representative Senfronia Thompson at the December 6 event. “This effort goes beyond simply planting trees—it’s about creating the foundation for a greener, more inclusive future for our community. By uniting diverse resources and partners, including American Forests, Google.org and Trees For Houston, we’re showcasing a powerful dedication to enhancing the environmental well-being and quality of life in our urban areas.”Continue reading.

Houston company secures $10M contract to deliver subsea well decommissioning solution

Expro has secured a $10 million contract to provide a subsea well decommissioning solution, combining subsea safety systems and surface fluid management to support safe re-entry and fluid management for plugged and abandoned wells. Photo courtesy of Expro

Houston energy services provider Expro was awarded a contract valued at over $10 million for the provision of a well decommissioning solution.

The solution will combine subsea safety systems and surface processing design that can enable safe entry to the well and management of well fluids.

“The contract reinforces our reputation as the leading provider of subsea safety systems and surface well test equipment, including within the P&A sector,” Iain Farley, Expro’s regional vice president for Europe and Sub-Saharan Africa, says in a news release.Continue reading.

This Houston innovator's innovative corrosion detection tech is vital to the future of energy

Anwar Sadek of Corrolytics joins the Houston Innovators Podcast to discuss his company's growth and move to Houston. Photo courtesy

Houston-based Corrolytics approach is to help revolutionize and digitize microbial corrosion detection — both to improves efficiency and operational cost for industrial companies, but also to move the needle on a cleaner future for the energy industry.

"We are having an energy transition — that is a given. As we are bringing new energy, there will be growth of infrastructure to them. Every single path for the energy transition, corrosion will play a primary role as well," Anwar Sadek, co-founder and CEO of Corrolytics, says on the Houston Innovators Podcast.

The technology Sadek and his team have created is a tool to detect microbial corrosion — a major problem for industrial businesses, especially within the energy sector. Sadek describes the product as being similar to a testing hit a patient would use at home or in a clinic setting to decipher their current ailments.Continue reading.

Houston company's $2B carbon-negative fuel project to rise in Southeast Texas

Pathway Energy has announced a major sustainable aviation fuel project in Port Arthur, Texas. Rendering courtesy of Pathway Energy

Houston developer of ultra carbon-negative fuels projects Pathway Energy announced a series of commercial-scale sustainable aviation fuel (SAF) facilities with the first being based in Port Arthur, Texas.

The project, estimated to be valued at $2 billion, will be one of the largest decarbonization projects in the world.

Pathway plans to bring commercial SAF to market with its years of experience in waste and biomass conversion processes and technologies that include biomass gasification, Fischer-Tropsch, biomass power generation, and complex biorefinery and industrial processes. Continue reading.

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