Houston Innovation Awards winners include Fervo, Eclipse Energy & more

Top Innovators

Tim Latimer, CEO and co-founder of Fervo Energy, 2025 Scaleup of the Year. Photo courtesy of Fervo Energy

After weeks of anticipation, the 2025 Houston Innovation Awards winners have been revealed. Finalists, judges, and VIPs from Houston's vibrant innovation community gathered on Nov. 13 at Greentown Labs for the fifth annual event, which is presented by InnovationMap.com.

This year, the Houston Innovation Awards recognized more than 40 finalists, with winners unveiled in 10 categories, including multiple winners from the local energy transition space.

Finalists and winners were determined by our esteemed panel of judges, comprised of 2024 winners who represent various Houston industries, as well as InnovationMap editorial leadership. One winner was determined by the public via an online competition: Startup of the Year.

The program was emceed by Lawson Gow, Head of Houston for Greentown Labs. Sponsors included Houston City College Northwest, Houston Powder Coaters, FLIGHT by Yuengling, and more.

Without further adieu, meet the 2025 Houston Innovation Awards winners:

Minority-founded Business: Mars Materials

Clean chemical manufacturing business Mars Materials is working to convert captured carbon into resources, such as carbon fiber and wastewater treatment chemicals. The company develops and produces its drop-in chemical products in Houston and uses an in-licensed process for the National Renewable Energy Lab to produce acrylonitrile, which is used to produce plastics, synthetic fibers and rubbers. The company reports that it plans to open its first commercial plant in the next 18 months.

Female-founded Business, presented by Houston Powder Coaters: March Biosciences

Houston cell therapy company March Biosciences aims to treat unaddressed challenging cancers, with its MB-105, a CD5-targeted CAR-T cell therapy for patients with relapsed or refractory CD5-positive T-cell lymphoma, currently in Phase 2 clinical trials. The company was founded in 2021 by CEO Sarah Hein, Max Mamonkin and Malcolm Brenner and was born out of the TMC Accelerator for Cancer Therapeutics.

Energy Transition Business: Eclipse Energy

Previously known as Gold H2, Eclipse Energy converts end-of-life oil fields into low-cost, sustainable hydrogen sources. It completed its first field trial this summer, which demonstrated subsurface bio-stimulated hydrogen production. According to the company, its technology could yield up to 250 billion kilograms of low-carbon hydrogen.

Health Tech Business: Koda Health

Koda Health has developed an advance care planning platform (ACP) that allows users to document and share their care preferences, goals and advance directives for health systems. The web-based platform guides patients through values-based decisions with interactive tools and generates state-specific, legally compliant documents that integrate seamlessly with electronic health record systems. Last year, the company also added kidney action planning to its suite of services for patients with serious illnesses. In 2025, it announced major partnerships and integrations with Epic, Guidehealth, and others, and raised a $7 million series A.

Deep Tech Business: Persona AI

Persona AI is building modularized humanoid robots that aim to deliver continuous, round-the-clock productivity and skilled labor for "dull, dirty, dangerous, and declining" jobs. The company was founded by Houston entrepreneur Nicolaus Radford, who serves as CEO, along with CTO Jerry Pratt and COO Jide Akinyode. It raised eight figures in pre-seed funding this year and is developing its prototype of a robot-welder for Hyundai's shipbuilding division, which it plans to unveil in 2026.

Scaleup of the Year: Fervo Energy

Houston-based Fervo Energy is working to provide 24/7 carbon-free energy through the development of cost-competitive geothermal power. The company is developing its flagship Cape Station geothermal power project in Utah, which is expected to generate 400 megawatts of clean energy for the grid. The company raised $205.6 million in capital to help finance the project earlier this year and fully contracted the project's capacity with the addition of a major power purchase agreement from Shell.

Incubator/Accelerator of the Year: Greentown Labs

Climatetech incubator Greentown Labs offers its community resources and a network to climate and energy innovation startups looking to grow. The collaborative community offers members state-of-the-art prototyping labs, business resources and access to investors and corporate partners. The co-located incubator was first launched in Boston in 2011 before opening in Houston in 2021.

Startup of the Year (People's Choice): FlowCare

FlowCare is developing a period health platform that integrates smart dispensers, education, and healthcare into one system to make free, high-quality, organic period products more accessible. FlowCare is live at prominent Houston venues, including Discovery Green, Texas Medical Center, The Ion, and, most recently, Space Center Houston, helping make Houston a “period positivity” city.

Mentor of the Year, presented by Houston City College Northwest: Jason Ethier, EnergyTech Nexus

Jason Ethier is the founding partner of EnergyTech Nexus, through which he has mentored numerous startups and Innovation Awards finalists, including Geokiln, Energy AI Solutions, Capwell Services and Corrolytics. He founded Dynamo Micropower in 2011 and served as its president and CEO. He later co-founded Greentown Labs in Massachusetts and helped bring the accelerator to Houston.

2025 Trailblazer Award: Wade Pinder

Wade Pinder, founder of Product Houston, identifies as an "Ecosystem Wayseeker" and is the founder of Product Houston. A former product manager at Blinds.com, he has been deeply engaged in Houston’s startup and innovation scene since 2012. Over the years, he has supported hundreds of founders, product leaders, and community builders across the Houston area. In 2023, he was honored as Mentor of the Year in the Houston Innovation Awards.

From Your Site Articles

Fervo Energy has landed a coveted spot on MIT Technology Review's list of global climatetech companies to watch. Photo via fervoenergy.com

Fervo named to prestigious list of climate tech companies to watch

top honor

Houston-based Fervo Energy has received yet another accolade—MIT Technology Review named the geothermal energy startup to its 2025 list of the 10 global climatetech companies to watch.

Fervo, making its second appearance on the third annual list, harnesses heat from deep below the ground to generate clean geothermal energy, MIT Technology Review noted. Fervo is one of four U.S. companies to land on the list.

Fervo “uses fracking techniques to create geothermal reservoirs capable of delivering enough electricity to power massive data centers and hundreds of thousands of homes,” MIT Technology Review said.

MIT Technology Review said it produces the annual list to draw attention to promising climatetech companies that are working to decarbonize major sectors of the economy.

“Though the political and funding landscape has shifted dramatically in the US since the last time we put out this list,” MIT Technology Review added, “nothing has altered the urgency of the climate dangers the world now faces — we need to rapidly curb greenhouse gas emissions to avoid the most catastrophic impacts of climate change.”

In addition to MIT Technology Review’s companies-to-watch list, Fervo has appeared on similar lists published by Inc.com, Time magazine and Climate Insider.

In an essay accompanying MIT Technology Review’s list, Microsoft billionaire Bill Gates said his Breakthrough Energy Ventures investment group has invested in more than 150 companies, including Fervo and another company on the MIT Technology Review list, Redwood Materials.

In his essay, Gates wrote that ingenuity is the best weapon against climate change.

Yet climate technology innovations “offer more than just a public good,” he said. “They will remake virtually every aspect of the world’s economy in the coming years, transforming energy markets, manufacturing, transportation, and many types of industry and food production. Some of these efforts will require long-term commitments, but it’s important that we act now. And what’s more, it’s already clear where the opportunities lie.”

In a recent blog post highlighting Fervo, Gates predicted geothermal will eventually supply up to 20 percent of the world’s electricity, up from his previous estimate of as much as 5 percent.

Fervo is one of the pioneers in geothermal energy. Gates and other investors have pumped $982 million into Fervo since its founding in 2017. With an estimated valuation of $1.4 billion, Fervo has achieved unicorn status, meaning its valuation as a private company exceeds $1 billion.

Aside from Breakthrough Energy Ventures, oilfield services provider Liberty Energy is a Fervo investor. U.S. Energy Secretary Chris Wright was chairman and CEO of Denver-based Liberty Energy before assuming his federal post.

Axios reported on Oct. 1 that Fervo is raising a $300 million series E round, which would drive up the startup’s valuation. News of the $300 million round comes as the company gears up for a possible IPO, according to Axios.

Fervo co-founder and CEO Tim Latimer told Axios this spring that a potential IPO is likely in 2026 or 2027. Ahead of an IPO, the startup is aiming for a $2 billion to $4 billion valuation, Axios reported.

The first phase of Fervo’s marquee Cape Station geothermal energy plant in Utah is scheduled to go online next year, with the second phase set to open in 2028. Once it’s completed, the plant will be capable of generating 500 megawatts of power. This summer, the startup said it secured $205.6 million in capital to finance construction of the plant.

A list of proposed DOE funding cancellations shows potential cuts for Houston-area companies. Photo via Getty Images.

DOE proposes cutting $1.2 billion in funding for hydrogen hub

funding cuts

The U.S. Department of Energy has proposed cutting $1.2 billion in funding for the HyVelocity Gulf Coast Hydrogen Hub, a clean energy project backed by AES, Air Liquide, Chevron, ExxonMobil, Mitsubishi Power Americas and Ørsted.

The HyVelocity project, which would produce clean hydrogen, appears on a new list of proposed DOE funding cancellations. The list was obtained by Latitude Media.

As of November, HyVelocity had already received $22 million of the potential $1.2 billion in DOE funding.

Other than the six main corporate backers, supporters of HyVelocity include the Center for Houston’s Future, Houston Advanced Research Center, Port Houston, University of Texas at Austin, Shell, the Texas governor’s office, Texas congressional delegation, and the City of Fort Worth.

Kristine Cone, a spokeswoman for GTI Energy, the hub’s administrator, told EnergyCapital that it hadn’t gotten an update from DOE about the hub’s status.

The list also shows the Magnolia Sequestration Hub in Louisiana, being developed by Occidental Petroleum subsidiary 1PointFive, could lose nearly $19.8 million in federal funding and the subsidiary’s South Texas Direct Air Capture (DAC) Hub on the King Ranch in Kleberg County could lose $50 million. In September, 1Point5 announced the $50 million award for its South Texas hub would be the first installment of up to $500 million in federal funding for the project.

Other possible DOE funding losses for Houston-area companies on the list include:

A little over $100 million earmarked for Houston-based BP Carbon Solutions to develop carbon storage projects
$100 million earmarked for Dow to produce battery-grade solvents for lithium-ion batteries. Dow operates chemical plants in Deer Park and LaPorte
$39 million earmarked for Daikin Comfort Technologies North America to produce energy-efficient heat pumps. The HVAC company operates the Daikin Texas Technology Park in Waller
Nearly $6 million earmarked for Houston-based Baker Hughes Energy Transition to reduce methane emissions from flares
$3 million earmarked for Spring-based Chevron to explore development of a DAC hub in Northern California
Nearly $2.9 million earmarked for Houston-based geothermal energy startup Fervo Energy’s geothermal plant in Utah

Bill Gates says companies like Fervo push the geothermal technology 'to new depths.' Photo via fervoenergy.com

Fervo Energy spotlighted by Bill Gates as geothermal’s global growth driver

geothermal predictions

In a new blog post spotlighting Houston-based geothermal power startup Fervo Energy, billionaire Bill Gates — a Fervo investor — predicts geothermal will eventually supply up to 20 percent of the world’s electricity, up from his previous estimate of as much as 5 percent.

Today, geothermal accounts for less than 1 percent of electricity generated around the world, according to the International Energy Agency. The agency forecasts geothermal will represent up to 15 percent of global power by 2050.

“Geothermal power will have a big role to play in our clean energy future, and it’s exciting to see companies like Fervo push the technology to new depths,” Gates wrote.

Gates’ more than $1 billion Breakthrough Energy Ventures fund has contributed to the $982 million pool of money that Fervo has raised since its founding in 2017. Fervo is now a unicorn, meaning its valuation as a private company exceeds $1 billion. Its valuation has been estimated at $1.4 billion.

The Microsoft billionaire published the blog post on his Gates Notes website after touring the site of Fervo’s Cape Station geothermal project, which is under construction in Utah. Fervo says Cape Station will be the world’s largest geothermal plant, capable of someday producing up to 2 gigawatts of power.

Earlier this year, Fervo raised $206 million to put toward the development of Cape Station. Of that amount, $100 million came from Breakthrough Energy Catalyst, a green tech investment program backed by Gates, according to Inc.com.

The first phase of Cape Station is scheduled to be completed in 2026, with first-year power generation pegged at 100 megawatts. An additional 500 megawatts of power-producing capacity is slated to go online in 2028.

“Geothermal is one of the most promising ways to deliver clean energy that’s reliable and affordable,” Gates wrote.

In the blog post, Gates praised the simplicity of geothermal energy.

“The interior of the Earth is incredibly hot, and the deeper you go, the hotter the ground becomes,” he explained. “If you pump fluid deep enough to be warmed by this heat and then pump it back to the surface, you can turn the hot liquid into steam and use it to spin turbines and generate electricity — just like many other types of power plants.”

Gates noted that horizontal drilling is one of Fervo’s biggest innovations. The company extends its wells horizontally by as much as 5,000 feet at the deepest point. It couples horizontal drilling with hydraulic fracturing, or fracking, to extract geothermal energy from rock formations.

Most wells at Cape Station are 8,000 to 9,000 feet deep, and the deepest one is 15,000 feet below the surface, Gates pointed out.

Gates also emphasized the water-conserving, closed-system setup at Cape Station.

“Geothermal energy is one of the more climate-friendly sources of power, but one of its downsides is how much water it uses. … Fervo’s technology captures all the water that would’ve been lost and recirculates it underground to keep the system running,” he wrote.

Oxy's Texas carbon capture facility is almost ready to launch. Photo via 1pointfive.com

Big developments for Fervo, Hertha, Oxy, and more energy news to know

Fervo Energy selects Baker Hughes to supply geothermal tech for power plants

geothermal deal

Houston-based geothermal energy startup Fervo Energy has tapped Houston-based energy technology company Baker Hughes to supply geothermal equipment for five Fervo power plants in Utah.

The equipment will be installed at Fervo’s Cape Station geothermal power project near Milford, Utah. The project’s five second-phase, 60-megawatt plants will generate about 400 megawatts of clean energy for the grid.

Financial terms of the deal weren’t disclosed.

“Baker Hughes’ expertise and technology are ideal complements to the ongoing progress at Cape Station, which has been under construction and successfully meeting project milestones for almost two years,” says Tim Latimer, co-founder and CEO of Fervo. “Fervo designed Cape Station to be a flagship development that's scalable, repeatable, and a proof point that geothermal is ready to become a major source of reliable, carbon-free power in the U.S.”

Cape Station is permitted to deliver about two gigawatts of geothermal power. The first phase of the project will supply 100 megawatts of power to the grid beginning in 2026. The second phase is scheduled to come online by 2028.

“Geothermal power is one of several renewable energy sources expanding globally and proving to be a vital contributor to advancing sustainable energy development,” Baker Hughes Chairman and CEO Lorenzo Simonelli says. “By working with a leader like Fervo Energy and leveraging our comprehensive portfolio of technology solutions, we are supporting the scaling of lower-carbon power solutions that are integral to meet growing global energy demand.”

Founded in 2017, Fervo is now a unicorn, meaning its valuation as a private company has surpassed $1 billion. In March, Axios reported Fervo is targeting a $2 billion to $4 billion valuation in an IPO.

Over the course of eight years, Fervo has raised almost $1 billion in capital, including equity and debt financing. This summer, the company secured a $205.5 million round of capital.

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How Corrolytics is tackling industrial corrosion and cutting emissions

now streaming

Corrosion is not something most people think about, but for Houston's industrial backbone pipelines, refineries, chemical plants, and water infrastructure, it is a silent and costly threat. Replacing damaged steel and overusing chemicals adds hundreds of millions of tons of carbon emissions every year. Despite the scale of the problem, corrosion detection has barely changed in decades.

In a recent episode of the Energy Tech Startups Podcast, Anwar Sadek, founder and CEO of Corrolytics, explained why the traditional approach is not working and how his team is delivering real-time visibility into one of the most overlooked challenges in the energy transition.

From Lab Insight to Industrial Breakthrough

Anwar began as a researcher studying how metals degrade and how microbes accelerate corrosion. He quickly noticed a major gap. Companies could detect the presence of microorganisms, but they could not tell whether those microbes were actually causing corrosion or how quickly the damage was happening. Most tests required shipping samples to a lab and waiting months for results, long after conditions inside the asset had changed.

That gap inspired Corrolytics' breakthrough. The company developed a portable, real-time electrochemical test that measures microbial corrosion activity directly from fluid samples. No invasive probes. No complex lab work. Just the immediate data operators can act on.

“It is like switching from film to digital photography,” Anwar says. “What used to take months now takes a couple of hours.”

Why Corrosion Matters in Houston's Energy Transition

Houston's energy transition is a blend of innovation and practicality. While the world builds new low-carbon systems, the region still depends on existing industrial infrastructure. Keeping those assets safe, efficient, and emission-conscious is essential.

This is where Corrolytics fits in. Every leak prevented, every pipeline protected, and every unnecessary gallon of biocide avoided reduces emissions and improves operational safety. The company is already seeing interest across oil and gas, petrochemicals, water and wastewater treatment, HVAC, industrial cooling, and biofuels. If fluids move through metal, microbial corrosion can occur, and Corrolytics can detect it.

Because microbes evolve quickly, slow testing methods simply cannot keep up. “By the time a company gets lab results, the environment has changed completely,” Anwar explains. “You cannot manage what you cannot measure.”

A Scientist Steps Into the CEO Role

Anwar did not plan to become a CEO. But through the National Science Foundation's ICorps program, he interviewed more than 300 industry stakeholders. Over 95 percent cited microbial corrosion as a major issue with no effective tool to address it. That validation pushed him to transform his research into a product.

Since then, Corrolytics has moved from prototype to real-world pilots in Brazil and Houston, with early partners already using the technology and some preparing to invest. Along the way, Anwar learned to lead teams, speak the language of industry, and guide the company through challenges. “When things go wrong, and they do, it is the CEO's job to steady the team,” he says.

Why Houston

Relocating to Houston accelerated everything. Customers, partners, advisors, and manufacturing talent are all here. For industrial and energy tech startups, Houston offers an ecosystem built for scale.

What's Next

Corrolytics is preparing for broader pilots, commercial partnerships, and team growth as it continues its fundraising efforts. For anyone focused on asset integrity, emissions reduction, or industrial innovation, this is a company to watch.

Listen to the full conversation with Anwar Sadek on the Energy Tech Startups Podcast to learn more:

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Energy Tech Startups Podcast is hosted by Jason Ethier and Nada Ahmed. It delves into Houston's pivotal role in the energy transition, spotlighting entrepreneurs and industry leaders shaping a low-carbon future.

Investors close partial acquisition of Phillips 66 subsidiary with growing EV network

M&A activity

Energy Equation Partners, a London-based investment firm focused on clean energy companies, and New York-based Stonepeak have completed the acquisition of a 65 percent interest in JET Tankstellen Deutschland GmbH, a subsidiary of Houston oil and gas giant Phillips 66.

JET is one of the largest and most popular fuel retailers in Germany and Austria with a rapidly growing EV charging network, according to a news release. It also operates approximately 970 service stations, convenience stores and car washes.

“We are delighted to complete this acquisition and to partner with Stonepeak and Phillips 66 to take JET to the next level,” Javed Ahmed, managing partner of Energy Equation Partners, said in a news release. “This investment reflects EEP’s commitment to investing in established players in the energy sector who have the potential to make a meaningful impact on the energy transition, and we are excited to work alongside the entire JET team, including its dedicated service station operators, to realize this vision.”

The deal values JET at approximately $2.8 billion. Phillips 66 will retain a 35 percent non-operated interest in JET and received about $1.6 billion in pre-tax proceeds.

“Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria," Anthony Borreca, senior managing director and co-head of energy at Stonepeak, added in a news release. "We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET’s growth.”

6 must-attend Houston energy events in December 2025

Event Guide

Editor's note: The year is coming to a close, but there are still exciting energy events to attend in Houston this month. Mark your calendar now for pitch days, seminars, networking, and Reuters Energy LIVE 2025.

Dec. 4 — Resiliency & Adaptation Sector Pitch Day

Join innovators, industry leaders, investors, and policymakers as they explore breakthrough climate and energy technologies at Greentown Labs' latest installment of its Sector Pitch Day series, focused on resiliency and adaptation. Hear from Adrian Trömel, Chief Innovation Officer at Rice University; Eric Willman, Executive Director of the Rice WaTER Institute; pitches from 10 Greentown startups; and more.

This event is Thursday, Dec. 4, from 1-3:30 p.m. at the Ion. The Ion Holiday Block Party follows. Register here.

Dec. 8 — Pumps & Pipes Annual Event 2025

The annual gathering brings together cross-industry leaders in aerospace, energy and medicine for engaging discussions and networking opportunities. Connor Grennan, Chief AI Architect at the NYU Stern School of Business, will present this year's keynote address, "Practical Strategies to Increase Productivity." Other sessions will feature leaders from Cena Research Institute, NASA Ames Research Center, ExxonMobil, Southwest Airlines, and more.

This event is Monday, Dec. 8, from 8 a.m.-5 p.m., at TMC Helix Park. Register here.

Dec. 9 — Energy in Action Seminar

The Energy Transition Institute hosts a monthly Energy in Action Seminar focused on the digitization of the global energy transition. This month's topic is "Exploring AI’s Impact on the Fuels & Petrochemicals Industry," featuring speaker Leo Chiang, Senior Director of Corporate Technology at The Lubrizol Corporation. The event includes a one-hour talk followed by an hour of networking.

This event is Dec. 9 from 4-6 pm at the University of Houston.

Dec. 9-10 — Energy LIVE 2025

Energy LIVE is Reuters Events' flagship conference and expo that brings the full energy ecosystem together under one roof in Houston to solve the industry's most urgent commercial and operational challenges. The event will feature 3,000-plus senior executives across three strategic stages, a showcase of 75-plus exhibitors, and six strategic content pillars.

This event is Dec. 9-10 at NRG Park. Register here.

Dec. 11-12 — Fundamentals of The Texas ERCOT Electric Power Market

This two-day seminar provides a comprehensive overview of the structure, function, and current status of the Texas ERCOT ISO. Attendees will gain an understanding of the dynamic Texas wholesale and retail competitive markets, and learn how these markets interface with ERCOT ISO energy auctions and ISO operations. This two-day event will also address the rapidly expanding new market opportunities in Texas renewables, distributed generation, demand response, and demand side management, and more.

This event is Dec. 11-12 at the Courtyard Marriott Houston near the Galleria. Register here.

Dec. 9-11 — AST Conference & Trade Show

The 18th Annual National Aboveground Storage Tank (AST) Conference & Trade Show is the premier event for professionals in storage tank and terminal operations. Join industry leaders and experts for a three-day conference providing regulatory updates, technical insights, hands-on learning, and networking opportunities.

This event is Dec. 9-12 at The Woodlands Waterway Marriott. Register here.

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