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Fervo's $244M funding round, events not to miss, and more Houston energy transition things to know this week

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Fervo Energy's big deal — and more things to know this week. Photo via blog.google

Editor's note: Dive headfirst into the new week with three quick things to catch up on in Houston's energy transition: a roundup of events not to miss, a podcast to stream, and more.

Really big deal: Fervo Energy raises $244M funding round

An Oklahoma-based shale oil and gas leader has backed Fervo Energy's latest round of funding, supporting the startup's geothermal technology yet again.

Fervo announced its latest round of funding this week to the tune of $244 million. The round was led by Devon Energy, a company that's previously backed the startup.

“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” Tim Latimer, Fervo CEO and co-founder, says in a news release. “Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.”Read more.

Podcast to stream: Emma Konet, CTO and co-founder of Tierra Climate

If the energy transition is going to be successful, the energy storage space needs to be equipped to support both the increased volume of energy needed and new energies. And Emma Konet and her software company, Tierra Climate, are targeting one part of the equation: the market.

"To me, it's very clear that we need to build a lot of energy storage in order to transition the grid," Konet says on the Houston Innovators Podcast. "The problems that I saw were really on the market side of things."

Konet says she was bullish on the energy storage side of things when she was an early hire at Key Capture Energy, a private equity-backed energy storage project developer. The issue with energy storage projects, as Konet describes, is they aren't being monetized properly and, in some cases, aren't sustainable and increasing emissions. Read more.

Events not to miss

Put these Houston-area energy-related events on your calendar.

  • For the sixth year in a row, the Industrial XR Forum is returning to bring together industrial, energy & engineering immersive tech leaders, software developers and more at the 2024 Industrial IMMERSIVE Week on March 5 to 7 at Hyatt Regency West. Register.
  • CERAWeek 2024 is Monday, March 18, to Friday, March 22, in the George R. Brown Convention Center. Register.
  • DeCarb Connect supports senior leaders in decarbonization to accelerate strategy and decision making to reduce carbon emissions and reach net zero targets. The event is March 26 to 28 at Westin Houston Memorial City. Register.
  • On March 27, Greentown Houston is hosting "Accelerating Net-Zero Solutions: CCUS Innovation and Startup Showcase." Watch the Go Make 2023 cohort pitch their innovations in carbon utilization, storage, and traceability; hear about their work with Shell throughout the startup-corporate-partnerships accelerator; and learn from CCUS industry experts. Register.
  • On April 17, the University of Houston presents "Gulf Coast Hydrogen Ecosystem: Opportunities & Solutions" featuring experts from academia, industry, government, and more. The symposium begins at 8 am with a networking reception takes place beginning at 5 pm at the University of Houston Student Center South - Theater Room. Register.

Tierra Climate is technology agnostic, so while the company is seeing activity in the battery space, they can also work with other types of storage. Photo via Getty Images

Houston-based energy storage fintech platform founder targets new market key to transition

ready to grow

If the energy transition is going to be successful, the energy storage space needs to be equipped to support both the increased volume of energy needed and new energies. And Emma Konet and her software company, Tierra Climate, are targeting one part of the equation: the market.

"To me, it's very clear that we need to build a lot of energy storage in order to transition the grid," Konet says on the Houston Innovators Podcast. "The problems that I saw were really on the market side of things."

Konet says she was bullish on the energy storage side of things when she was an early hire at Key Capture Energy, a private equity-backed energy storage project developer. The issue with energy storage projects, as Konet describes, is they aren't being monetized properly and, in some cases, aren't sustainable and increasing emissions.

"The product we're building is solving these problems. It's a financial product, but what it's doing is solving a market deficiency," she says. "We're sending the right signal to the battery to operate in a way that reduces emissions, and then we're paying them for it because there's a demand to decarbonize."

For over a year, Konet, as co-founder and CTO, has worked on the platform, which is essentially a marketplace for corporates to buy carbon offsets, incentifying and monetizing storage projects.

Emma Konet, co-founder and CTO of Tierra Climate, joins the Houston Innovators Podcast. Photo via LinkedIn

Tierra Climate is technology agnostic, so while the company is seeing activity in the battery space, they can also work with other types of storage — like hydrogen, pumped water, and more. Konet says her ideal customers are companies with money and interest in playing a role in the energy transition and looking to offset their scope two and three emissions.

"The ultimate vision for our company is for this to be an accessible product that has a high degree of integrity that small to very large companies can execute on, because it's a pay-per-performance mechanism that doesn't lock companies into a really large contract," she says. "It's really scalable."

This year, she says the company, which won fourth place in the 2023 Rice Business Plan Competition, is focused on securing its first big contract and fundraising for its seed round.

———

This article originally ran on InnovationMap.

The six finalists for the sustainability category for the 2023 Houston Innovation Awards weigh in on their challenges overcome. Photos courtesy

4 biggest challenges of Houston-based sustainability startups

Houston innovation awards

Six Houston-area sustainability startups have been named finalists in the 2023 Houston Innovation Awards, but they didn't achieve this recognition — as well as see success for their businesses — without any obstacles.

The finalists were asked what their biggest challenges have been. From funding to market adoption, the sustainability companies have had to overcome major obstacles to continue to develop their businesses.

The awards program — hosted by EnergyCapital's sister site, InnovationMap, and Houston Exponential — will name its winners on November 8 at the Houston Innovation Awards. The program was established to honor the best and brightest companies and individuals from the city's innovation community. Eighteen energy startups were named as finalists across all categories, but the following responses come from the finalists in the sustainability category specifically.

    Click here to secure your tickets to see who wins.

    1. Securing a commercial pilot

    "As an early-stage clean energy developer, we struggled to convince key suppliers to work on our commercial pilot project. Suppliers were skeptical of our unproven technology and, given limited inventory from COVID, preferred to prioritize larger clients. We overcame this challenge by bringing on our top suppliers as strategic investors. With a long-term equity stake in Fervo, leading oilfield services companies were willing to provide Fervo with needed drilling rigs, frack crews, pumps, and other equipment." — Tim Latimer, founder and CEO of Fervo Energy

    2. Finding funding

    "Securing funding in Houston as a solo cleantech startup founder and an immigrant with no network. Overcome that by adopting a milestone-based fundraising approach and establishing credibility through accelerator/incubator programs." — Anas Al Kassas, CEO and founder of INOVUES

    "The biggest challenge has been finding funding. Most investors are looking towards software development companies as the capital costs are low in case of a risk. Geothermal costs are high, but it is physical technology that needs to be implemented to safety transition the energy grid to reliable, green power." — Cindy Taff, CEO of Sage Geosystems

    3. Market adoption

    "Market adoption by convincing partners and government about WHP as a solution, which is resource-intensive. Making strides by finding the correct contacts to educate." — Janice Tran, CEO and co-founder of Kanin Energy

    "We are creating a brand new financial instrument at the intersection of carbon markets and power markets, both of which are complicated and esoteric. Our biggest challenge has been the cold-start problem associated with launching a new product that has effectively no adoption. We tackled this problem by leading the Energy Storage Solutions Consortium (a group of corporates and battery developers looking for sustainability solutions in the power space), which has opened up access to customers on both sides of our marketplace. We have also leveraged our deep networks within corporate power procurement and energy storage development to talk to key decision-makers at innovative companies with aggressive climate goals to become early adopters of our products and services." — Emma Konet, CTO and co-founder of Tierra Climate

    4. Long scale timelines

    "Scaling and commercializing industrial technologies takes time. We realized this early on and designed the eXERO technology to be scalable from the onset. We developed the technology at the nexus of traditional electrolysis and conventional gas processing, taking the best of both worlds while avoiding their main pitfalls." — Claus Nussgruber, CEO of Utility Global

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    Houston geothermal co. expands DOD partnership with South Texas initiative

    seeing green

    Expanding on its partnership with the United States Department of Defense's Defense Innovation Unit, Sage Geosystems has been selected to conduct geothermal project development initiatives at Naval Air Station in Corpus Christi.

    Along with the Environmental Security Technology Certification Program, Sage will provide its proprietary Geopressured Geothermal Systems technology, will be able to evaluate the potential for geothermal baseload power generation to provide clean and consistent energy at the Naval Air Station base.

    “We’re pleased to expand our partnership with the DOD at NAS Corpus Christi to demonstrate the advantages of geothermal technology for military energy independence,” Cindy Taff, CEO of Sage Geosystems, says in a news release.

    Sage is also conducting initiatives at Fort Bliss and has completed an analysis at the Ellington Field Joint Reserve Base. The analyses could “pave the way for expanding geothermal energy solutions across additional U.S. military installations,” according to Sage.

    The company’s proprietary technology works by leveraging hot dry rock, which is a more abundant geothermal resource compared to traditional hydrothermal formations, and it provides energy resilience for infrastructures. In addition, Sage is building a 3 megawatt commercial EarthStore geothermal energy storage facility in Christine, Texas, which is expected to be completed by December. Sage also announced a partnership with Meta Platforms. With Meta Platforms, Sage will deliver up to 150 megawatt of geothermal power generation east of the Rocky Mountains.

    The Naval Air Station Corpus Christi is considered a critical training and operations hub for the U.S. Navy, and the partnership with Sage shows the Navy's commitment to achieving net-zero carbon emissions by 2045. Sage’s technology will be assessed for its ability to create a microgrid, which can reduce reliance on the utility grid and ensure power supply during outages.

    “As we advance our Geopressured Geothermal Systems, we see tremendous potential to not only provide carbon-free power, but also strengthen the operational capabilities of U.S. military installations in an increasingly digital and electric world,” Taff adds.

    In September, the Air Force awarded Sage a grant of $1.9 million in a first-of-its kind contract to determine whether a power plant using Geopressured Geothermal Systems is able to generate clean energy needed for a base to achieve energy resilience.

    Expert shares tips on ways to make solar panels more accessible to Houstonians

    guest column

    There’s no question that some homeowners feel a twinge of envy when they see solar panels appearing on homes in their neighborhood. The twin benefits of cutting utility costs and participating in renewable energy are alluring to many.

    But as those homeowners consider going solar, many never take the plunge because of concerns about affordability, maintenance and uncertainties around qualifying for tax credits and other state and local rebates. For all its appeal, going solar can seem a bit daunting.

    But there are more plentiful financing options available to many Texas homeowners that offer accommodating paths for acquiring solar. They also provide solutions to concerns around maintenance and affordability.

    Two innovative strategies for switching to solar

    Solar energy providers have been working diligently to deliver more convenient pathways for consumers to make the switch. Recently, two new strategies were introduced in Texas: direct, loan-based ownership, and third-party ownership.

    Direct system ownership

    With this option, homeowners take out a loan to cover the cost of their solar system and its installation. They can then repay that loan over timeframes ranging from five to twenty-five years.

    There are varying rates and terms available to accommodate the preferences and goals of individual homeowners. And while manufacturer warranties and installer workmanship warranties have been available to homeowners, it is important to look for companies that offer guarantees for an extended period of time given that most systems can last several decades. For example, Freedom Forever offers a 25-year production guarantee that provides consumers with a measure of comfort around the long-term costs of owning these systems.

    Third-party ownership

    Another solar financing option involves third-party ownership using a Power Purchase Agreement (PPA) or lease. With a PPA option, a third-party owns the system, and homeowners either agree to buy power at a pre-defined rate per kWh or through a set monthly payment. Homeowners also have the option of leasing the panels for comparable pre-defined rates or monthly payments. (Maybe add one more sentence that explains the difference between PPAs vs lease).

    With these two options, the third party insures and maintains the system. This alleviates some of the maintenance and up front cost concerns that have held some back from solar.

    Issues to consider before making the switch

    Even with the availability of these new options, solar power doesn’t always make sense for everyone. Your personal energy goals and preferences, as well as your tax situation, are important factors to consider when making this decision. Here are some questions folks should ask before making the switch:

    • Would I prefer owning the system outright or relying on a third-party to handle insurance and maintenance?
    • Am I looking for monthly savings now through a PPA or lease or would I prefer the quickest payback and return on investment?
    • Do I have a tax liability that enables me to get a Federal Tax Credit?

    The answers to these questions will help you determine which option, if any, makes sense for you. It’s important to remember there is no “best solution for everyone” when considering your options; there’s only the question of what’s right for you.

    Other important considerations

    Keep in mind that not everyone will qualify for one of the solar options described above. Even in these cases, your state, local utility or a regional credit union may offer alternative financing options that can help you access solar.

    Home equity lines of credit may also be a fitting option for some. Dsireusa.org is an excellent resource to help you investigate what incentives and programs are available in your area.

    Final tips

    As with any important financial decision, it’s a homeowner’s’ responsibility to practice due diligence in terms of assessing what they can afford and who they buy from. Here are some recommended best practices:

    1. Always get several quotes from various companies.
    2. Ask about production guarantees and warranties.
    3. Ask about the need of a service panel upgrade at the start.
    4. Verify that the company you choose offers products that will work with your home construction and roof.
    5. Prioritize solar providers with an extensive list of authorized dealers, such as Freedom Forever.
    6. Confirm that your prospective solar partner has purchasing options around loans and financing and can help you identify the option that best suits your needs.

    The good news is that more homeowners than ever before can now feel more comfortable moving to solar. The new options described above for financing and maintenance can make that switch considerably less daunting than it seemed only a few years ago.

    ———

    Robert Angell is the vice president of sales operations at Freedom Forever, one the nation’s largest solar installers.

    World's first fully electric jet to take off in Houston, connect greater metro area

    up & away

    An aircraft that's being touted as the first fully electric jet is taking off from Hobby Airport to serve the greater Houston area.

    Lilium Jet, which takes off and lands vertically, is making its United States market debut at Houston-area facilities – Houston Hobby Airport, Conroe North Houston Regional Airport, and The Woodlands Heliport Lilium. Houston-based aircraft brokerage EMCJET will house the Lilium Jet at its Galaxy FBO Houston-area facilities at the airports.

    “We are excited to transform Galaxy FBO into a cutting-edge hub for the eVTOL innovation,” Jeremy Gee, CEO of Galaxy FBO, says in a news release. "As the future of electric aviation takes flight, this marks a significant step in making Houston a leader in sustainable and efficient transportation solutions. Our team is proud to support Lilium's revolutionary mode of travel that will connect Greater Houston in ways never thought possible."

    The Lilium Jet is capable of quickly connecting routes like Houston Hobby Airport to Galveston, Houston Spaceport to College Station, The Woodlands to Galveston, and others. The jet is designed for regional travel with its aerodynamic shape. The ducted electric fans prioritize efficiency and speed during forward flight. The jet’s anticipated initial operating range is roughly 110 miles. Lilium aims for the first piloted flight of the Lilium Jet to occur early in 2025.

    “Lilium is serious about expanding in the U.S. and actively progressing towards FAA validation,” Lilium’s Vice President of Commercial Americas Matthew Broffman says in a news release.” As part of our commitment to working with communities across the U.S. and expanding our customer base, we’re excited to showcase our aircraft for the first time in Houston, a city with a proud legacy of aerospace innovation in America.”

    The Greater Houston Partnership will also host a discussion with industry leaders on how electric aviation can “revolutionize regional travel” according to a news release.

    “Houston is home to the world’s leading aerospace companies, and we’re thrilled to welcome Lilium and this next generation of aviation technology,” says Kevin Tipton, senior director for aerospace and aviation at GHP in a news release. “Together, we’re on the brink of something groundbreaking for our region.”

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