Ana Amicarella, CEO of EthosEnergy, joins the Houston Innovators Podcast to discuss the company's growth amid the energy transition. Photo courtesy of EthosEnergy

For most of her career, Ana Amicarella has been the only person in the room who looks like her. But as CEO of Houston-based EthosEnergy, she's changing that.

"The energy sector for sure is highly dominated by men, but I think it's such an exciting environment," Amicarella says on the Houston Innovators Podcast. "What I try to do at every job that I go to is I try to increase representation — diverse representation and females in the company. And I measure that when I started and when I end. I want to be able to make a difference."

Amicarella joined EthosEnergy — which provides rotating equipment services and solutions to the power, oil and gas, and industrial markets — as CEO in 2019 a few years after it was in 2014 as a joint venture between John Wood Group PLC and Siemens Energy AG. Prior to her current role, she served in leadership roles at Aggreko an GE Oil and Gas.

Recently, EthosEnergy announced it's being acquired by New York private equity firm, One Equity Partners, which Amicarella says is very interested in investing into EthosEnergy and its ability to contribute to the energy transition.

"What One Equity Partners will bring is tremendous decisiveness. They won't delay in deciding what is good for the company — I've already seen examples," Amicarella says, adding that the deal hasn't get been finalized. "They are going to make decisions and trust the management team, I think our pace of change will be enormous compared to what it used to be."

While EthosEnergy has customers from traditional oil and gas, she says she leads the company with the energy transition at the top of her mind, and that means being able to grow and evolve.

"One of the behaviors we look to have at EthosEnergy is an ability to be nimble," Amicarella says, "because we know market conditions change. Think of all the things we've had to go through in the last five years."

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This article originally ran on InnovationMap.

One Equity Partners announced the acquisition of EthosEnergy, which focuses on rotating equipment services for power generation, energy, industrial, and aerospace and defense industry.

Houston energy equipment service provider acquired by New York PE firm

changing hands

Houston-based energy equipment service provider EthosEnergy has been acquired by a New York private equity firm.

One Equity Partners announced the acquisition of EthosEnergy, which focuses on rotating equipment services for power generation, energy, industrial, and aerospace and defense industry. The terms of the deal were not disclosed.

Formed in 2014 as a joint venture between John Wood Group and Siemens Energy AG, EthosEnergy, which has 3,600 employees across 23 global sites, provides aftermarket maintenance, repair, and overhaul, or MRO, services as well as outsourced operations and maintenance for power generation and industrial customers operating industrial gas turbines and other similar equipment.

“As we seek to enhance and grow our operations, we are pleased to have OEP backing us as a partner,” EthosEnergy CEO Ana Amicarella says in a news release. “OEP’s longstanding and deep industrial sector expertise will support EthosEnergy as we serve growing needs in a critical industry.”

A middle market PE firm, OEP focuses on the industrial, healthcare, and technology sectors in North America and Europe. The firm was founded in 2001 and spun out of JP Morgan in 2015. It has offices in New York, Chicago, Frankfurt, and Amsterdam.

“EthosEnergy is uniquely positioned to meet the growing maintenance needs of an aging turbine fleet," Ante Kusurin, partner at One Equity Partners, adds. "As energy demand rises, these turbines are being pushed beyond their initial design parameters, creating significant opportunities for EthosEnergy’s flexible, cost-effective services.”

Last year, Amicarella joined EnergyCapital for an interview where she discussed the company's commitment to the energy transition.

"Our focus on sustainability is the right thing to do for our employees, for our customers, and for our communities," she said in the interview.

"Our focus on sustainability is the right thing to do for our employees, for our customers, and for our communities." Photo courtesy of EthosEnergy

Houston energy leader on why the industry needs to implement circular economy, other sustainable initiatives

Q&A

When Ana Amicarella took the helm of EthosEnergy in 2019, she had no idea of the challenges that awaited her company, the industry, and the world.

But Amicarella, a former synchronized swimmer from Venezuela who competed in the 1984 Summer Olympics who has three decades of leadership experience at energy companies, has what it took to steer the ship in the choppy waters that was the pandemic, the ongoing energy transition, and more.

In a discussion with EnergyCapital, she shares how she navigated that difficult time and how important she feels it is that energy companies are committed to reducing their carbon footprints — especially through tapping into the circular economy.

EnergyCapital: How have you led EthosEnergy through the past few difficult years? What were the company’s biggest challenges and how did you address them?

Ana Amicarella: Growing EthosEnergy into a global powerhouse with hundreds of millions in turnover within nine years was a formidable task. Since our inception in 2014, we've expanded to 94 locations with 4,000 employees, becoming a leading provider of rotating equipment services in the power, oil, and gas sectors. However, when I assumed the role of CEO in December 2019, the company had evolved into a complex, unwieldy structure with missed opportunities and unsustainable overheads, exacerbated by the COVID-19 pandemic.

Despite the pandemic, we were already on the path to transformation. COVID-19 accelerated our OneEthos strategy, focused on simplifying our business, fostering a new culture, and strengthening client relationships. Extensive listening exercises were held with staff and customers in March 2020 that led to a restructuring plan that was swiftly approved by the board. On July 1, 2020, we launched the new structure, emphasizing that this transformation went beyond organizational changes. Our simplified OneEthos plan focuses on core strengths, eliminating unprofitable activities, embracing cultural principles, and maintaining an unwavering commitment to quality and consistency for our customers. We've also shifted our perspective on capital expenditures, aligning them with energy transition goals to become the preferred partner for critical rotating equipment, offering assistance with end-of-life equipment and carbon footprint reduction as our key value proposition.

EC: How is EthosEnergy future-proofing its business amid the energy transition?

AA: We believe we have a moral responsibility to take a leading role in shaping a better future for us and for generations to come – essentially, we are trying to "Turn on Tomorrow." Our focus on sustainability is the right thing to do for our employees, for our customers, and for our communities. I like to say that behind our company’s name is a team of people. Behind our customers’ names are teams of people. Together we all share common communities, a common environment, and a common reliance on transparent, ethical practices.

A few years ago, we introduced a framework to help us build growth, financial sustainability and deliver long-term value. Our aim is to create value and improve our economic, social, and environmental impact by focusing in the following six areas: Policies and Procedures, Diversity Equity and Inclusion, Environmental Footprint, Engineering Solutions, Alliances and Partnerships, and Third-Party Suppliers. As an example, for Environmental Footprint we are implementing programs to install LED lighting in our facilities, implement more robust environmental recycling and waste reduction plans, and identify other energy efficiency programs around the company. From a third-party supplier’s perspective, we are focused on increasing our spend with minority, women, and veteran-owned businesses. In the last two years, we’ve increased spend in those categories by 35 percent in the US alone. And, we are working towards issuing our first sustainability report in the near future.

EC: How does EthosEnergy help customers shrink their carbon footprint and why is that important to you as a business?

AA: Concerns about climate change have started to exert pressure on conventional business models that follow a linear approach of "take, make, dispose" – a system where we acquire new items, use them, and then discard them when they are no longer needed.

A circular economy approach, on the other hand, disconnects economic activities from excessive material and energy consumption by establishing closed-loop systems where waste and carbon-footprint is minimized, and resources are repeatedly used. Even industries traditionally adhering to linear models, like oil and gas and utilities, can incorporate elements of circularity into their operations. EthosEnergy explores the possibilities that circularity offers to companies in the power generation, oil and gas, and industrial sectors, aiming to revitalize and extend the lifespan of existing assets.

To transition from a linear economy to a circular one, we must focus on three key aspects: optimizing product usage, giving priority to renewable inputs, and effectively recovering by-products and waste.

EC: What sort of technology are you tapping into to help achieve these goals?

AA: The adoption of reusing equipment in the energy industry has room for improvement. There's significant potential for reusing rather than disposing of equipment when it nears decommissioning. Our mission is to offer solutions that are economically, socially, and environmentally beneficial, aimed at prolonging the lifespan of existing equipment. EthosEnergy has already developed a range of solutions for life extension and emissions compliance to help existing assets meet critical targets. This has a noteworthy impact on reducing CO2 emissions in two key ways: first, by avoiding the production of new equipment and thus preventing emissions during manufacturing, and second, by deferring or even eliminating the recycling of older assets.

Additionally, there's an opportunity to enhance the environmental performance of existing assets by increasing their efficiency through regeneration and enabling them to operate with lower-carbon alternative fuels like hydrogen. We've actively collaborated with a university in Italy, Politecnico di Torino, on this front, recognizing that partnerships between universities and industries will play a pivotal role in shaping our future.

We firmly believe that greater collaboration and alignment between business, social, and environmental factors are essential for achieving success in these endeavors.

EC: What’s your leadership style and how do you navigate the challenges that come with being a female CEO in a male-dominated industry?

AA: I would best describe my leadership style as inclusive and engaging. I firmly believe in the power of teamwork and fostering a culture where diverse voices are not only heard but valued. My leadership approach is rooted in transparency, open communication, and a commitment to empowering individuals within the organization to contribute their unique perspectives and talents.

In a male-dominated industry, being relentless is a necessity. I approach challenges with unwavering determination and persistence. I use adversity as motivation to push forward and break down barriers. My relentless pursuit of excellence sets an example for my team and reinforces the idea that gender should never limit one's aspirations.

— — —

This conversation has been edited for brevity and clarity.

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Fervo Energy lands $200 million in capital for new geothermal project

fresh funding

Houston-based Fervo Energy, a producer of geothermal power, has secured $205.6 million in capital to help finance its geothermal project in southern Utah.

The money will go toward the first and second phases of Cape Station, a geothermal energy plant being developed in Beaver County, Utah. Beaver County is roughly an equal distance between Salt Lake City and Las Vegas.

The $205.6 million in capital came from three sources:

  • $100 million in equity from Breakthrough Energy Catalyst, a Kirkland, Washington-based platform that invests in emissions-reducing projects.
  • $60 million addition to Fervo’s existing loan from Mercuria, a Swiss energy and commodities trader. The revolving loan now totals $100 million.
  • $45.6 million in additional bridge debt financing from XRL-ALC, an affiliate of Irvington, New York-based X-Caliber Rural Capital. X-Caliber is a USDA-approved lender. The initial bridge loan was $100 million.

The first phase of Cape Station will supply 100 megawatts of carbon-free electricity to the power grid starting next year. Another 400 megawatts of capacity is supposed to go online by 2028. Fervo has permission to expand Cape Station’s capacity to as much as 2 gigawatts. On an annual basis, 2 gigawatts can supply enough electricity to power about 1.4 million homes.

“These investments demonstrate what we’ve known all along: Fervo’s combination of technical excellence, commercial readiness, and market opportunity makes us a natural partner for serious energy capital. The confidence our investors have in Fervo and in the Cape asset affirms that next-generation geothermal is ready to play a defining role in America’s energy future,” David Ulrey, Fervo’s CFO, said in a news release.

Syzygy unveils plans for groundbreaking sustainable aviation fuel facility

coming soon

Houston-based Syzygy Plasmonics announced plans to develop what it calls the world's first electrified facility to convert biogas into sustainable aviation fuel (SAF).

The facility, known as NovaSAF 1, will be located in Durazno, Uruguay. It is expected to produce over 350,000 gallons of SAF annually, which would be considered “a breakthrough in cost-effective, scalable clean fuel,” according to the company.

"This is more than just a SAF plant; it's a new model for biogas economics," Trevor Best, CEO of Syzygy Plasmonics, said in a news release. "We're unlocking a global asset class of underutilized biogas sites and turning them into high-value clean fuel hubs without pipelines, costly gas separation, or subsidy dependence.”

The project is backed by long-term feedstock and site agreements with one of Uruguay's largest dairy and agri-energy operations, Estancias del Lago, while the permitting and equipment sourcing are ongoing alongside front-end engineering work led by Kent.

Syzygy says the project will result in a 50 percent higher SAF yield than conventional thermal biogas reforming pathways and will utilize both methane and CO2 naturally found in biogas as feedstocks, eliminating the need for expensive CO2 separation technologies and infrastructure. Additionally, the modular facility will be designed for easy replication in biogas-rich regions.

The new facility is expected to begin commercial operations in Q1 2027 and produce SAF with at least an 80 percent reduction in carbon intensity compared to Jet A fuel. The company says that once fully commercialized the facility will produce SAF at Jet-A fuel cost parity.

“We believe NovaSAF represents one of the few viable pathways to producing SAF at jet parity and successfully decarbonizing air travel,” Best added in the release.