Houston geothermal startup adds former BP, Calpine execs to C-suite

new leaders

Al Vickers, XGS Energy's new COO, and Richard Chong, the company's new CFO. Photos courtesy XGS/LinkedIn

XGS Energy, a Houston-based developer of geothermal power systems, has added several energy industry veterans to its C-suite this summer.

The company named Al Vickers as its new chief operating officer earlier this month. Vickers will replace Ghazal Izadi in the role, as she moves into the chief growth officer position.

Vickers previously served as CEO of BP's U.S. Low Carbon Energy business and most recently was COO of Houston-based Grid United, which develops next-generation transmission infrastructure.

“I have spent my career developing, building, and operating large, complex energy infrastructure, and I am excited to work with XGS’s proven technology, which is ready to deliver clean, round-the-clock power at the scale the grid and customers need,” Vickers said in a news release. “XGS sits at the intersection of innovation, affordability, demand growth, responsible infrastructure development, and long-term energy resilience. I’m excited to roll up my sleeves and apply best practices from both oil and gas and infrastructure development to deliver gigawatt-scale geothermal projects.”

Kurt Fricker, who most recently held leadership roles at Hess Corporation, was also announced as XGS's new chief procurement officer.

The hires come shortly after XGS announced Richard Chong as its new chief financial officer in May.

Chong joins XGS from Houston-based power producer Calpine, where he most recently was vice president of finance. His work there included leading $2.25 billion in financing for Geysers, the world’s largest geothermal power complex.

Chong says XGS’ proven technology and the rising demand for clean power will help the company execute on its multi-gigawatt pipeline.

“I look forward to applying the experience I’ve built over two decades in energy finance to help XGS deliver clean, reliable power to customers and unlock the massive development opportunity ahead for next-generation geothermal,” Chong said in the release.

XGS’ first project is a 150-megawatt geothermal facility in New Mexico. It will supply around-the-clock electricity to the grid operated by Public Service Co. of New Mexico in support of Meta data centers.

XGS recently tapped Houston-based energy technology company Baker Hughes to provide engineering services for the New Mexico project.

XGS’ geothermal system uses thermally conductive materials to deliver affordable energy anywhere hot rock exists — without the need for water resources or specific geological conditions. This results in lower-risk projects, more site options, easier permitting and faster deployment.

Since 2023, XGS has raised nearly $57 million in venture capital.

XGS launched in 2008 in Palo Alto, California, as Geothermic Solution. In conjunction with its Series A round in 2023, the company rebranded to its current name. The company recently moved its headquarters to Houston, according to the Houston Business Journal.

From Your Site Articles

Chevron ranks among America's best places to work. Photo courtesy of Chevron

4 Houston energy companies named best places to work by U.S. News

Where to Work

Nearly a dozen public and private Houston-based companies have been hailed among the best places to work in 2025 by U.S. News and World Report, with four from the energy sector.

The annual "U.S. News Best Companies to Work For" report examines thousands of publicly-traded companies around the world to determine the best employers based on six metrics including work-life balance and flexibility; quality of pay and benefits; job and company stability; career opportunities and professional development; and more. The companies were not ranked, but included based on reader surveys and publicly available data about each workplace.

New for the 2025-2026 ratings, U.S. News expanded its methodology to include privately owned companies and companies with internship opportunities for recent graduates and new, current, and prospective students. Companies were also grouped into job-specific and industry-specific lists, and the publication also added a new list highlighting "employers that are particularly friendly to employees who are also caregivers in their personal lives."

U.S. News included seven publicly-traded companies and four privately owned companies in Houston on the lists.

Houston-based energy companies on the list

It may not come as a surprise that oil and gas corporation Chevron landed at the top of the list of top public employers in the Energy Capital of the World. The energy giant currently employs more than 45,000 people, earns $193.47 billion in annual revenue, and has a market cap of $238.74 billion. The company earned high ratings by U.S. News for its job stability, "belongingness," and quality of pay.

Chevron also appeared in U.S. News' industry-specific "Best in Energy and Resources" list, the "Best Companies in the South" list, and the "Best for Internships" list.

Chevron is joined by three other Houston energy leaders:

Calpine – Best in Energy and Resources; Best Companies (overall)
ConocoPhillips – Best in Energy and Resources; Best Companies (overall); Best in Caregiving; Best Companies in the South
Occidental – Best in Energy and Resources; Best Companies (overall); Best Companies in the South

Other top companies to work for in Houston are:

American Bureau of Shipping (ABS) — Best in Engineering and Construction; Best Companies (overall)
Hines – Best in Real Estate and Facilities Management; Best Companies (overall)
Insperity, Kingwood – Best in Healthcare and Research; Best Companies (overall); Best in Caregiving; Best Companies in the South
KBR – Best in Engineering and Construction; Best Companies (overall); Best Companies in the South
Men's Warehouse – Best in Consumer Products; Best Companies (overall)
PROS – Best in Information Technology; Best Companies (overall); Best Companies in the South
Skyward Specialty Insurance – Best in Finance and Insurance; Best Companies (overall); Best Companies in the South

"'Best' is a subjective term relative to career satisfaction, and many aspects factor into someone’s decision to apply for a job with any given company," U.S. News said. "But some universally desired factors can contribute to a good workplace, such as quality pay, good work-life balance, and opportunities for professional development and advancement

In all, 30 employers headquartered in the Lone Star State made it onto U.S. News' 2025-2026 "Best Places to Work For" lists. Houston and the Dallas-Fort Worth metro area tied for the most employers make the list, at 11 companies each. Diamondback Energy in Midland was the only company from West Texas to make it on the list for the second year in a row.

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A version of this article originally appeared on CultureMap.com.

ExxonMobil has agreed to transport CO2 from Calpine Corp.’s Baytown Energy Center. Photo via Getty Images.

Exxon expands CO2 storage network with Calpine agreement

power deal

ExxonMobil Corp. has agreed to transport and permanently store up to 2 million metric tons per year of CO2 from Calpine Corp.’s Baytown Energy Center.

The strategic agreement is part of Calpine’s Baytown Carbon Capture and Storage (CCS) Project, which is designed to capture the energy center’s CO2 emissions and enable the supply of low-carbon electricity. It’s also in line with Exxon’s broader strategy to expand its CCS infrastructure along the Gulf Coast.

“Calpine is excited to partner with ExxonMobil to achieve this important project milestone,” Caleb Stephenson, Calpine Executive Vice President, said in a news release. “As the largest U.S. generator of electricity from natural gas, we understand that the nation’s gas fleet will remain the backbone of the grid for decades to come. We believe CCS is an actionable and cost-effective way to meet customers' demand for reliable power and alleviate concerns about the indisputable long-term need for gas-fired facilities. Low-cost natural gas along with carbon capture technology and widespread geologic storage resources can bolster U.S. energy, natural gas use, jobs, and export strength.”

The Baytown CCS Project is expected to produce about 500 megawatts of low-carbon electricity, which Calpine said is enough to power more than 500,000 homes. It can also provide steam for nearby industrial purposes.

The project anticipates creating construction and other full-time jobs, with engineering, permitting, and other development activities coming soon.

"We’re thrilled to work with Calpine on this project that supports American energy security, enhances industrial competitiveness and leverages America’s abundant low-cost natural gas resources," Barry Engle, President of ExxonMobil Low Carbon Solutions, said in a news release. “This agreement underscores the growing confidence our customers across diverse sectors—including steel, fertilizer, industrial gases, natural gas processing, and now power generation—have in our unique end-to-end CCS system.”

This is ExxonMobil’s sixth CCS customer, bringing the company's total amount of CO2 under contract to approximately 16 million tons a year, according to the company. The CO2 from Calpine’s facility will tie into ExxonMobil’s CO2 pipeline system on the Gulf Coast.

Houston's Calpine Corp. will be acquired by Baltimore-based nuclear power company Constellation Energy Corp. Photo via DOE

Houston-based Calpine Corp. to be acquired in clean energy megadeal

big deal

Baltimore-based nuclear power company Constellation Energy Corp. and Houston-based Calpine Corp. have entered into an agreement where Constellation will acquire Calpine in a cash and stock transaction with an overall net purchase price of $26.6 billion.

The companies say the agreement has the potential to create America’s “largest clean energy provider,” with what is reported to be the largest fleet of U.S. power stations servicing about 2.5 million customers.

“This is an incredible opportunity to bring together top tier generation fleets, leading retail customer businesses and the best people in our industry to help drive a stronger American economy for a cleaner, healthier and more sustainable future,” Andrew Novotny, president and CEO of Calpine, said in a news release.

Calpine is the largest U.S. producer of energy from low-emission natural gas generation and oversees the largest geothermal generation operation in the U.S. Last year it announced plans to build the Baytown Carbon Capture and Storage Project (Baytown CCS Project), a first-of-its-kind carbon capture demonstration facility, as part of a cost-sharing agreement with the U.S. Department of Energy.

Constellation is considered the top clean energy producer in the U.S., which provides 10 percent of the country’s emissions-free energy. The deal will add to Constellation’s already diverse portfolio of zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage.

“Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy, and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand,” Joe Dominguez, president and CEO of Constellation, said the release. “What makes this combination even more special is it brings together two world-class teams, with the most talented women and men in the industry, who share a noble passion for safety, sustainability, operational excellence and helping America’s families, businesses and communities thrive and grow. We look forward to welcoming the Calpine team upon closing of this transaction.”

Constellation also announced that it will invest in adding more zero-emission energy to the grid to create “the most reliable generation portfolio in the U.S.” It plans to explore new advanced nuclear projects, invest in renewables and increase the output of existing nuclear plants.

“Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear energy to battery storage that will power our economy in a way that puts people and our environment first,” Novotny said in a news release. “It’s a win for every American family and business in our newly combined footprint that wants clean and reliable energy. ECP’s commitment to these goals over the last seven years was critical to the progress we have made as a company and to laying a foundation for future growth.”

Houston power company Calpine announced plans to build the Baytown Carbon Capture and Storage Project, a carbon capture demonstration facility that aims to capture carbon dioxide from the Baytown Energy Center. Photo via DOE

First-of-its-kind, DOE-backed plant coming to Houston area

Carbon capture and storage

The first full-scale implementation of carbon capture and storage technology at a natural gas combined cycle power plant in the U.S. is coming to Baytown.

Houston power company Calpine announced plans to build the Baytown Carbon Capture and Storage Project (Baytown CCS Project), which is a carbon capture demonstration facility that aims to capture carbon dioxide from the Baytown Energy Center (BEC). The BEC is a natural gas combined-cycle power plant in Baytown.

The Department of Energy recently announced that it will share in the cost of up to $270 million on the Baytown project. The DOE revealed more details on the project on its website.

The project aims to utilize Shell’s CANSOLV point-source technology to capture up to 2 million metric tons of CO2 per year, which is equivalent to the annual emissions of nearly 450,000 gasoline-powered cars. In addition, the project plans to sequester the CO2 in saline storage sites on the Gulf Coast.

Evaluating the use of greywater cooling to minimize freshwater consumption by reusing wastewater, the project’s primary power and steam off-taker Covestro hopes to prove “technologies that showcase the benefits of decarbonized process heat and electricity in the industrial sector,” according to a news release.

In December of 2023, Calpine was selected by the Department of Energy's Office of Clean Energy Demonstrations for a cost-sharing agreement for a commercial-scale carbon capture and storage project.

"This is a critical step towards decarbonizing Calpine’s facility, which is located on our Covestro Baytown site,” Demetri Zervoudis, Covestro head of operations for North America and Baytown site general manager, said in a previous news release. “Carbon capture and storage technology is an important tool for the chemical industry to reduce carbon emissions, and it is encouraging to see Calpine at the forefront of this transition.”

The Baytown Decarbonization Project was developed collaboratively with local stakeholders in East Houston. According to the company, the project has already incorporated community feedback into the project designs to reduce non-CO2 air pollutants and minimize the usage of freshwater. The company estimates creating 22-26 permanent jobs and 1,500,000 hours of construction jobs and has partnerships with minority-serving institutions.

“Carbon capture is an important technology for decarbonizing the electricity sector and the economy,” Thad Hill, CEO of Calpine Corp said in 2023 when the DOE decided to work with the CSS program. “Calpine is very grateful for the commitment and support for the project by our stakeholders.”

Calpine’s Baytown Decarbonization Project will capture around two million metric tons of carbon dioxide for permanent sequestration each year. Photo via LinkedIn

DOE taps Houston company's facility to advance carbon capture, storage infrastructure

greenlight

Earlier this month, a Houston power company was selected by the Department of Energy's Office of Clean Energy Demonstrations for a cost-sharing agreement for a commercial-scale carbon capture and storage project.

Calpine's Baytown Decarbonization project is projected to capture and store about two million metric tons of carbon dioxide each year. The Baytown Energy Center is an existing 896-megawatt natural gas combined heat and power facility, according to a news release, "that provides steam and power to the adjacent Covestro chemicals manufacturing facility as well as power to the Texas electric grid."

The project will add post-combustion carbon capture equipment that will reduce the emissions intensity of two of its three combustion turbines at a design capture rate of 95 percent. In addition to the Baytown project, the DOE also selected Calpine’s carbon capture project at its Sutter Energy Center in California.

“We are very pleased and honored that the DOE has recognized the quality of this project and the strength of Calpine’s CCS program,” Thad Hill, CEO of Calpine Corp., says in the release. “We are looking forward to working with the DOE to finalize the cost-sharing agreement and with our other stakeholders to advance the development of the Baytown Decarbonization Project. Carbon capture is an important technology for decarbonizing the electricity sector and the economy. Calpine is very grateful for the commitment and support for the project by our stakeholders.”

The Baytown Decarbonization Project is being developed collaboratively with local stakeholders in East Houston. In addition to expanding full-time job opportunities, Calpine will enhance workforce development programs, target procurement with diverse and small business enterprises, and work with local schools and other organizations.

"This is a critical step towards decarbonizing Calpine’s facility, which is located on our Covestro Baytown site,” Demetri Zervoudis, Covestro head of operations for North America and Baytown site general manager, says in the release. “Carbon capture and storage technology is an important tool for the chemical industry to reduce carbon emissions, and it is encouraging to see Calpine at the forefront of this transition.”

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Houston energy startups help drive $1B funding haul for Q1-Q2 2026

cha-ching

Houston startups started 2026 strong, bringing in nearly $1 billion in venture capital in the first half of the year, Pitchbook data shows.

Here are 17 Houston companies that secured funding since January, according to reporting by Energy Capital and our sister site, InnovationMap.com.

Did we miss a funding round? Let us know by emailing innoeditor@innovationmap.com. This article originally appeared on our sister site, InnovationMap.com.

Sage Geosystems

Sage Geosystems has raised a $97 million Series B. Photo via sagegeosystems.com.

Houston-based geothermal energy startup Sage Geosystems closed its Series B fundraising round in January and plans to use the money to launch its first commercial next-generation geothermal power generation facility.

Ormat Technologies and Carbon Direct Capital co-led the $97 million round, according to a press release from Sage. Existing investors Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital and Ignis H2 Energy also participated, as well as new investors SiteGround Capital and The UC Berkeley Foundation’s Climate Solutions Fund.

The new geothermal power generation facility will be located at one of Ormat Technologies' existing power plants. The Nevada-based company has geothermal power projects in the U.S. and numerous other countries around the world. The facility will use Sage’s proprietary pressure geothermal technology, which extracts geothermal heat energy from hot dry rock, an abundant geothermal resource. Continue reading.

TrueLeap Inc.

Sandip Bordoloi and Sunny Zhang, founders of True Leap Inc. Photo via trueleapinc.com.

Houston-based edtech company TrueLeap Inc. closed an oversubscribed seed round in January.

The $3.3 million round was led by Joe Swinbank Family Limited Partnership, a venture capital firm based in Houston. Gamper Ventures, another Houston firm, also participated with additional strategic partners.

TrueLeap reports that the funding will support the large-scale rollout of its "edge AI, integrated learning systems and last-mile broadband across underserved communities." Continue reading.

Wellysis

Wellysis is known for its continuous ECG/EKG monitor with AI reporting, known as the S-Patch. Photo via wellysis.com.

Wellysis, a Seoul, South Korea-headquartered wearable biosensing company with its U.S. subsidiary based in Houston, closed a $13.5 million pre-IPO funding round in February and plans to expand its Texas operations.

The round was led by Korea Investment Partners, Kyobo Life Insurance, Kyobo Securities, Kolon Investment and a co-general partner fund backed by SBI Investment and Samsung Securities, according to a news release.

Wellysis reports that the latest round brings its total capital raised to about $30 million. The company is working toward a Korea Securities Dealers Automated Quotations listing in Q4 2026 or Q1 2027.

Wellysis is known for its continuous ECG/EKG monitor with AI reporting. Its lightweight and waterproof S-Patch cardiac monitor is designed for extended testing periods of up to 14 days on a single battery charge. Continue reading.

DexMat

DexMat plans to use its seed funding to commercially scale Galvorn, its carbon-based conductive fiber. Photo courtesy DexMat.

Houston-based material science and climatech startup DexMat closed a $5 million seed round in February.

The round was led by non sibi ventures, with participation from Governance Partners, Tailwind Futures, BetterWay, Capital Factory and other investors. The company additionally announced that it has secured $3 million of non-dilutive funding.

DexMat plans to use the recent round to commercially scale Galvorn, its carbon-based conductive fiber. The high-performance copper alternative, originally developed at Rice University, is made from carbon nanotube (CNT) fibers, which are less energy- and CO2-intensive to produce. Continue reading.

Coya Therapeutics

Coya Therapeutics plans to scale up manufacturing and prepare for the commercialization of COYA 302, its ALS therapy drug. Photo via Getty Images

Houston-based clinical-stage biotechnology company Coya Therapeutics (NASDAQ: COYA) closed a $11.1 million in a private investment round in February.

India-based pharmaceuticals company Dr. Reddy’s Laboratories Inc. led the round with a $10 million investment, according to a news release. New York-based investment firm Greenlight Capital, Coya’s largest institutional shareholder, contributed $1.1 million.

Coya reports that it plans to use the proceeds to scale up manufacturing of low-dose interleukin-2 (IL-2), which is a component of its COYA 302 and will support the commercial readiness of the drug. COYA 302 enhances anti-inflammatory T cell function and suppresses harmful immune activity for treatment of Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), Parkinson’s disease and Alzheimer’s disease. Continue reading.

Utility Global

Utility Global’s H2Gen technology aims to decarbonize the heavy industrial sector. Photo courtesy of Utility Global

Houston-based Utility Global raised $100 million in an ongoing Series D round to globally deploy its decarbonization technology at an industrial scale, the company reported in February.

The round was led by Ara Partners and APG Asset, according to a news release. Utility plans to use the funding to expand manufacturing, grow its teams and support its commercial developments and partnerships.

Utility Global's H2Gen technology produces low-cost, clean hydrogen from water and industrial off-gases without requiring electricity. It's designed to integrate into existing industrial infrastructure in hard-to-abate assets in the steel, refining, petrochemical, chemical, low-carbon fuels, and upstream oil and gas sectors. Continue reading.

Cart.com

Cart.com raised $180 million to scale its logistics network, expand AI capabilities and develop workflow automation tools. Photo courtesy of Cart.com

Houston-based commerce and logistics platform Cart.com raised $180 million in growth capital from private equity firm Springcoast Partners, pushing the startup past the $1 billion funding mark since its founding in 2020, the company reported in March.

Cart.com says it will use the capital to scale its logistics network, expand AI capabilities and develop workflow automation tools. Continue reading.

Artemis

Houston-based Artemis, formerly Monalee, closed its latest funding round in March. Rendering courtesy Artemis.

Houston tech startup Artemis raised $6 million from 10 investors, it reported in March. The company offers an AI-supported platform that enables solar, battery storage and home improvement contractors to design, sell and finance energy projects.

Long Journey and Copec WIND Ventures co-led the round, with participation from angel investor Scott Banister, Coalition Operators, FJ Labs, Ludlow Ventures, Palm Tree Crew, Plug and Play Ventures, Shrug Capital and Tribeca Ventures.

To help propel growth, the company secured $10 million in financing last year (under its previous name, Monalee) from venture debt and growth credit provider Applied Real Intelligence. As Monalee, the company raised $16 million in venture capital. Continue reading.

Helix Earth Technologies

Helix Earth's technology is estimated to save up to half of the net energy used in commercial air conditioning, reducing both emissions and costs for operators. Photo via Getty Images

Houston-based Helix Earth Technologies closed a $12 million Seed 2 funding round to scale manufacturing of its energy-efficient commercial HVAC add-on technology in April.

Veriten, a Houston-based energy investment firm, led the round. Rua Ventures, Carnrite Ventures, Skywriter LLC and Textbook Ventures also participated.

Helix Earth—which was founded based on NASA technology, spun out of Rice University and has been incubated at Greentown Labs—is developing high-efficiency retrofit dehumidification systems that aim to reduce the energy consumption of commercial HVAC units. The company reports that its technology can lead to "healthier indoor air, lower energy bills, reduced building maintenance, and more comfortable spaces for building owners and occupants." Continue reading.

NanoTech Materials

The company has developed thermal insulation technology that improves efficiency and safety in buildings and outdoor infrastructure. Photo via LinkedIn

Houston-based NanoTech Materials closed a $29.4 million Series A in April.

The round was led by Austin-based HPI Real Estate & Investments. Houston-based Goose Capital and Austin-based Milliken & Company also participated.

Nanotech has developed its patented Insulative Ceramic Particle (ICP) technology, which reduces heat transfer in buildings and outdoor infrastructure, improving efficiency and safety. It's known for its Cool Roof Coat, Wildfire Shield and Insulative Coat: Cool Touch product lines. Continue reading.

Paige

Paige founder and CEO Emily Cisek. Photo courtesy Paige

Houston-based Paige, a comprehensive life planning and succession software company, secured a $2.5 million investment to expand the AI-driven tools on its platform this spring.

The funding comes from Alabama-based 22nd State Banking Company, according to a news release. Paige says it will use the funding to expand automation, AI-driven onboarding and self-service tools, as well as add to its sales and customer success teams.

The company was originally founded by CEO Emily Cisek in 2020 as The Postage and rebranded to Paige last year. It helps users navigate and organize end-of-life planning with features like document storage and organization, password management, and funeral and last wishes planning. Continue reading.

Ace Green Recycling

The company plans to use the funds to support its flagship Texas facility and planned merger. Photo via LinkedIn

Houston-based Ace Green Recycling raised $32 million in private investment in public equity (PIPE) financing to support its future plans for growth, the company reported in May.

The battery recycling technology company secured the financing with Athena Technology Acquisition Corp. II, a publicly traded special purpose acquisition company that Ace previously announced it plans to merge with. Once the merger is completed, Ace will become a publicly traded company on the Nasdaq Stock Exchange under the ticker symbol "AGXI."

Ace says the financing will be used to complete the merger and scale the company. Continue reading.

Casimir

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. Photo via casimir.inc

Houston-based Casimir emerged from stealth in May with a $12 million seed round to commercialize its quantum energy chip.

The round was led by Austin-based Scout Ventures. Lavrock Ventures, Cottonwood Technology, Capital Factory, American Deep Tech, and Tim Draper of Draper Associates also participated in the round. The oversubscribed round exceeded the company’s original $8 million target, according to a news release.

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. The company plans to commercialize its first-generation MicroSparc chip by 2028. Continue reading.

VoltaGrid

VoltaGrid has developed a modular power generation system that improves reliability and limits emissions. Photo via voltagrid.com

Houston-based power generation startup VoltaGrid nailed down a $1 billion equity investment from asset management heavyweight Blackstone and Houston-based oilfield services provider Halliburton in May.

The investment came in two forms:

A $775 million primary capital raise
A $225 million secondary capital purchase from existing investors

VoltaGrid, founded in 2020, provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers. Continue reading.

Aquanta Vision

Babur Ozden is the founder and CEO of Aquanta Vision. Photo via LinkedIn

Houston climatech startup Aquanta Vision secured pre-seed funding to accelerate the commercialization of its methane leak detection software, the company announced in May.

EIC Rose Rock participated in the round, joining investors like Marathon Petroleum Corporation, Chevron Technology Ventures, Ecosphere Ventures, and Odyssey Energy Advisors. The investment follows successful field trials for Aquanta Vision’s optical gas imaging (OGI) detection software, according to the company. Continue reading.

Axiom Space

Axiom Space closed an oversubscribed $525 million round in June. Image via NASA

Axiom Space tacked on an additional $175 million to a previously announced capital raise in June, bringing the oversubscribed round to a total of more than $525 million.

Axiom shared in February that it had secured $350 million in a financing round led by Type One Ventures and Qatar Investment Authority. In June, the company reported that Japan-based MUFG Bank Ltd. joined the round as a new investor, in addition to continued participation from existing backers.

The funding will go toward developing the company's commercial space station, known as Axiom Station, and the production of its Axiom Extravehicular Mobility Unit (AxEMU) under its NASA spacesuit contract. Continue reading.

Receipts Depositary Corporation

The company's platform makes it easier to buy and trade hard-to-access and less traditional assets. File photo

Houston-based fintech company Receipts Depositary Corporation closed a $7 million oversubscribed funding round in June and plans to scale.

The round was led by Austin-based LiveOak Ventures, with participation from Hivemind Capital, Onigiri Capital, OTC Markets Group, GTS, and Redbeard Ventures, according to a release from RDC.

RDC's platform issues depositary receipts (DRs) to qualified investors on digital and alternative assets, making it easier for investors to buy and trade hard-to-access and less traditional assets. Continue reading.

Houston's KBR announces name for new government services company

Coming Soon

Houston-based KBR Inc.'s new Mission Technology Solutions unit officially has a name.

The previously announced government services spinoff, which until now has been nicknamed SpinCo, will be known as Trinzic. The company said that the name was inspired by the word intrinsic, "reflecting essential, built-in capabilities and deep expertise operating in some of the world’s most complex and mission-critical environments."

New York-based firm Siegel + Gale developed the company's new brand. In addition to the new name, the company shares that its new logo will feature a stylized letter N, with brand colors in orange and gray.

“Trinzic represents who KBR Mission Tech has always been at our core: an essential partner bringing innovation and trusted execution to the missions that matter most,” Stuart Bradie, KBR President and CEO, said in a release. “The new Trinzic brand represents both our strong heritage and the tremendous opportunity ahead. Our teams aim to deliver solutions that address some of the world’s most critical national priorities every day, and this new identity captures the purpose-driven culture and mission focus that we expect to continue to define the company moving forward.”

KBR expects the spin-off to be completed in January 2027. At that time, Trinzic will operate as an independent, publicly traded company that will focus on technology and engineering services for the space and national security sectors.

KBR will remain a separate publicly traded company that will focus solely on sustainability technology and services designed to reduce carbon emissions and support energy transition efforts.

Recently, KBR was picked as the technology provider for what’s expected to be Asia's first commercial-scale ethanol-to-jet sustainable aviation fuel (SAF) plant. The proposed plant on Jurong Island in Singapore is being developed by Keppel Ltd.’s Infrastructure Division and Aster Chemicals and Energy. KBR will provide technology licensing and Front-End Engineering Design (FEED) services based on its PureSAF technology.

KBR first announced the spinoff plans in October 2025. Last month, KBR announced two C-suite hires for Trinzic, or what was then known as SpinCo.

Michael LaRouche will serve as Trinzic's inaugural president and CEO. LaRouche is currently CEO of Serco North America, a Virginia-based government services contractor. Nicholas Veasey, current CFO of Virginia-based MAG Aerospace, was named Trinzic's CFO. Bradie will remain chairman, president and CEO of KBR.

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This article originally appeared on CultureMap.com.

Meta and OpenAI agree to follow Texas’ new standards for data centers

data demands

Meta Platforms, the parent company of Facebook and Instagram; OpenAI, the owner of ChatGPT; and other tech companies have agreed to follow Texas’ new standards for the development of data centers.

As Texas politicians respond to communities’ increased pushback against power- and water-dependent data centers, Gov. Greg Abbott recently established guidelines for data center projects. President Trump and Gina Jinojosa, a Democrat who will oppose Abbott in the November election, have leveled criticism about the new rules.

Abbott recently directed the Public Utility Commission of Texas and Electric Reliability Council of Texas (ERCOT) to ensure data centers:

Pay for their electrical infrastructure instead of shifting costs to families and small businesses
Reuse their own water
Reduce the cost of electricity for Texans
Prevent disruption to residential neighborhoods
Eliminate reliance on taxpayer-funded financial incentives

Abbott and Trump differ over data center ‘guardrails’

After releasing the guidelines, Abbott put a moratorium on new data centers in the state.

Abbott directed the Public Utility Commission and ERCOT to audit all data center projects going through ERCOT’s approval process for connecting to the state’s power grid. The two agencies must complete their review before a data center project can join the grid. Any project that fails to comply with the agencies’ requirements won’t be permitted access to the grid.

“I established clear guardrails to ensure data centers protect our electric grid, conserve our water, respect our neighborhoods, and pay their own way,” Abbott, who’s running for a fourth consecutive term as governor, said in a news release. “They must not pass costs on to Texas families or interfere with their quality of life.”

Abbott has hailed Texas as “the epicenter of AI development.”

In a recent interview with Punchbowl News, President Trump questioned the data center rules imposed by Abbott, a fellow Republican.

“I saw Texas the other day sort of is against data centers,” Trump said. “I think it’s a mistake. And I’m not taking positions, I just think it’s a mistake, because there are other communities that want it. When a community wants it, it means a lot of money is going to come into that community.”

In a statement, Gina Hinojosa, the Democratic nominee for Texas governor, stresses that the governor’s data center standards don’t wield the same power that laws would.

“We need a moratorium on data centers until the legislature can meet to put in place real protections so Texans can have a seat at the table to decide if and how data centers come into their communities,” Hinojosa said. “When the companies being regulated are cheering for the rules, you know the rules were written for them, not for Texans.”

The Texas Tribune has identified at least 248 planned data centers in the state, with perhaps hundreds more that aren’t as far along in the development process. At least 355 data centers already operate in Texas. The majority of the new data centers will help power AI software and services.

Meta promises it will be ‘paying our own way‘

In a blog post, Meta commends Abbott’s data center initiative. Meta and investment manager BlackRock are investing more than $10 billion to build a data center campus in El Paso. The 12-building campus, expected to go online in 2028, will be capable of delivering 1 gigawatt of computing power to support Meta’s AI technology.

BlackRock will own 80 percent of the project, and Meta will own the remaining 20 percent.

Meta’s two other Texas data centers are in Fort Worth and Temple.

“Whether it’s creating jobs, growing opportunities for local businesses, or improving energy and water infrastructure, we’re committed to strengthening communities and paying our own way,” Meta says of Abbott’s directive.

OpenAI commits to helping Texas maintain AI leadership

In an Aug. 7 letter to Abbott, OpenAI says it, too, will follow Texas’ data center standards. In fact, the company says the standards reflect practices it already applies to data center projects.

“Texas has built a strong environment for innovation, energy, and economic growth,” the company says. “OpenAI wants to help Texas remain a national leader in AI while demonstrating that this growth can be responsible, reliable, and beneficial to Texans.”

OpenAI is building a $470 million data center in Milam County, and last year it launched operations at a data center campus in Abilene as part of its $500 billion Stargate initiative with Oracle and SoftBank.

Abbott’s office also announced Aug. 11 that EdgeConneX and Stream Data Centers have also pledged to comply with the regulations. Read more here.

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