Fervo taps into its hottest-ever geothermal reservoir

heat record

Fervo Energy has unlocked multigigawatt potential from a new geothermal energy site. Photo courtesy Fervo Energy.

Things are heating up at Houston-based geothermal power company Fervo Energy.

Fervo recently drilled its hottest well so far at a new geothermal site in western Utah. Fewer than 11 days of drilling more than 11,000 feet deep at Project Blanford showed temperatures above 555 degrees Fahrenheit, which exceeds requirements for commercial viability. Fervo used proprietary AI-driven analytics for the test.

Hotter geothermal reservoirs produce more energy and improve what’s known as energy conversion efficiency, which is the ratio of useful energy output to total energy input.

“Fervo’s exploration strategy has always been underpinned by the seamless integration of cutting-edge data acquisition and advanced analytics,” Jack Norbeck, Fervo’s co-founder and chief technology officer, said in a news release. “This latest ultra-high temperature discovery highlights our team’s ability to detect and develop EGS sweet spots using AI-enhanced geophysical techniques.”

Fervo says an independent review confirms the site’s multigigawatt potential.

The company has increasingly tapped into hotter and hotter geothermal reservoirs, going from 365 degrees at Project Red to 400 degrees at Cape Station and now more than 555 degrees at Blanford.

The new site expands Fervo’s geologic footprint. The Blanford reservoir consists of sedimentary formations such as sandstones, claystones and carbonates, which can be drilled more easily and cost-effectively than more commonly targeted granite formations.

Fervo ranks among the top-funded startups in the Houston area. Since its founding in 2017, the company has raised about $1.5 billion. In January, Fervo filed for an IPO that would value the company at $2 billion to $3 billion, according to Axios Pro.

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Amperon, Hertha Metals and Vaulted Deep were named to this year's Global Cleantech 100 list. Photo via Getty Images

3 Houston-area companies named to Global Cleantech 100

Energized

Three Houston-area companies—Amperon, Hertha Metals and Vaulted Deep—appear on this year’s Global Cleantech 100 list.

The unranked list, generated by market intelligence and advisory firm Cleantech Group, identifies the 100 privately held companies around the world that are most likely to make a significant impact in the cleantech market over the next five to 10 years.

For the 2026 list, Cleantech Group received more than 24,000 Global Cleantech 100 nominations from nearly 60 countries. Cleantech Group scored those companies and narrowed the contenders to 264. An expert panel reviewed those nominees, and the list was whittled down to the 100 winners.

Here’s a rundown of the three Houston-area honorees:

Amperon

Founded in 2018 by Sean Kelly and Abe Stanway, Houston-based Amperon offers an AI-enabled energy forecasting and analytics platform designed to help stabilize electric grids. Amperon received undisclosed amounts of venture capital from National Grid Partners and Tokyo Gas Co. Ltd. last year and announced a recent investment from Samsung Ventures earlier this month.

Hertha Metals

Founded in 2022 by Laureen Meroueh, Conroe-based Hertha Metals provides a single-step process for producing sustainable steel. Last year, the company emerged from stealth mode and raised more than $17 million in venture capital.

Vaulted Deep

Vaulted Deep’s technology injects excess organic waste underground to remove carbon dioxide from the atmosphere. Julia Reichelstein and Omar Abou-Sayed founded the Houston-based company in 2023. Last year, the startup raised $32.3 million in venture capital. Also in 2025, Vaulted Deep signed a 12-year deal with software giant Microsoft to remove up to 4.9 million metric tons of carbon dioxide from the environment.

Vaulted Deep also made the list last year, along with Houston-based Syzygy Plasmonics and Fervo Energy. Fervo was also named the 2025 North American Company of the Year by Cleantech Group.

Fervo Energy has closed its latest oversubscribed fundraising round. Photo via Fervo Energy

Houston-based Fervo Energy closes $462M series E

fresh funding

Houston-based geothermal energy company Fervo Energy has closed an oversubscribed $462 million series E funding round, led by new investor B Capital.

“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” Jeff Johnson, general partner at B Capital, said in a news release. “With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”

The financing reflects “strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future,” according to the company. The round also included participation from Google, a longtime Fervo Partner, and other new and returning investors like Devon Energy, Mitsui & Co., Ltd., Mitsubishi Heavy Industries and Centaurus Capital. Centaurus Capital also recently committed $75 million in preferred equity to support the construction of Cape Station Phase I, Fervo noted in the release.

The latest funding will support the continued buildout of Fervo’s Utah-based Cape Station development, which is slated to start delivering 100 MW of clean power to the grid beginning in 2026. Cape Station is expected to be the world's largest next-generation geothermal development, according to Fervo. The development of several other projects will also be included in the new round of funding.

“This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond,” Tim Latimer, CEO and co-founder of Fervo, added in the news release. “We’re building the clean, firm power fleet the next decade requires, and we’re doing it now.”

Fervo recently won Scaleup of the Year at the 2025 Houston Innovation Awards, and previously raised $205.6 million in capital to help finance the Cape Station earlier this year. The company fully contracted the project's capacity with the addition of a major power purchase agreement from Shell this spring. Fervo’s valuation has been estimated at $1.4 billion and includes investments and support from Bill Gates.

“This new investment makes one thing clear: the time for geothermal is now,” Latimer added in a LinkedIn post. “The world desperately needs new power sources, and with geothermal, that power is clean and reliable. We are ready to meet the moment, and thrilled to have so many great partners on board.”

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

Houston Innovation Awards winners include Fervo, Eclipse Energy & more

Top Innovators

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.

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

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Acquisitions and agreements fuel Houston energy news to know right now

Texas claims No. 1 spot on new energy resilience report

A new report by mineral group Texas Royalty Brokers ranks Texas as the No. 1 most energy-resilient state.

The study focused on four main sources of electricity in hydroelectric dams, natural gas plants, nuclear reactors and petroleum facilities. Each state was given an Energy Resilience Score based on size and diversity of its power infrastructure, energy production and affordability for residents.

Texas earned a score of 71.3 on the report, outpacing much of the rest of the country. Pennsylvania came in at No. 2 with a score of 55.8, followed by New York (49.1) and California (48.4).

According to the report, Texas produces 11.7 percent of the country’s total energy, made possible by the state’s 141,000-megawatt power infrastructure—the largest in America.

Other key stats in the report for Texas included:

Per-capita consumption: 165,300 kWh per year
Per-capita expenditures: $5,130 annually
Total summer capacity: 141,200 megawatts

Despite recent failures in the ERCOT grid, including the 2021 power grid failure during Winter Storm Uri and continued power outages with climate events like 2024’s Hurricane Beryl that left 2.7 million without power, Texas still was able to land No. 1 on an energy resilience list. Texas has had the most weather-related power outages in the country in recent years, with 210 events from 2000 to 2023, according to an analysis by the nonprofit Climate Central. It's also the only state in the lower 48 with no major connections to neighboring states' power grids.

Still, the report argues that “(Texas’ infrastructure) is enough to provide energy to 140 million homes. In total, Texas operates 732 power facilities with over 3,000 generators spread across the state, so a single failure can’t knock out the entire grid here.”

The report acknowledges that a potential problem for Texas will be meeting the demands of AI data centers. Eric Winegar, managing partner at Texas Royalty Brokers, warns that these projects consume large amounts of energy and water.

According to another Texas Royalty Brokers report, Texas has 17 GPU cluster sites across the state, which is more than any other region in the United States. GPUs are specialized chips that run AI models and perform calculations.

"Energy resilience is especially important in the age of AI. The data centers that these technologies use are popping up across America, and they consume huge amounts of electricity. Some estimates even suggest that AI could account for 8% of total U.S. power consumption by 2030,” Winegar commented in the report. “We see that Texas is attracting most of these new facilities because it already has the infrastructure to support them. But we think the state needs to keep expanding capacity to meet growing demand."

Houston energy expert looks ahead to climate tech trends of 2026

Guest Column

There is no sugar‑coating it: 2025 was a rough year for many climate tech founders. Headlines focused on policy rollbacks and IRA uncertainty, while total climate tech venture and growth investment only inched up to about 40.5 billion dollars, an 8% rise that felt more like stabilization than the 2021–2022 boom. Deal count actually fell 18% and investor participation dropped 19%, with especially steep pullbacks in carbon and transportation, as capital concentrated in fewer, larger, “safer” bets. Growth-stage funding jumped 78% while early-stage seed rounds dropped 20%.

On top of that, tariff battles and shifting trade rules added real supply‑chain friction. In the first half of 2025, solar and wind were still 91% of new U.S. capacity additions, but interconnection delays, equipment uncertainty, and changing incentive structures meant many projects stalled or were repriced mid‑stream. Founders who had raised on 2021‑style valuations and policy optimism suddenly found themselves stuck in limbo, extending runway or shutting down.

The bright spots were teams positioned at the intersection of climate and the AI power surge. Power demand from data centers is now a primary driver of new climate‑aligned offtake, pulling capital toward firm, 24/7 resources. Geothermal developers like Fervo Energy, Sage Geosystems and XGS did well. Google’s enhanced‑geothermal deal in Nevada scales from a 3.5 MW pilot to about 115 MW under a clean transition tariff, nearly 30× growth in geothermal capacity enabled by a single corporate buyer. Meta and others are exploring similar pathways to secure round‑the‑clock low‑carbon power for hyperscale loads.

Beyond geothermal, nuclear is clearly back on the strategic menu. In 2024, Google announced the first U.S. corporate nuclear offtake, committing to purchase 500 MW from Kairos Power’s SMR fleet by 2035, a signal that big tech is willing to underwrite new firm‑power technologies when the decarbonization and reliability story is compelling. Meta just locked in 6.6GW of nuclear capacity through deals with Vistra, Oklo, and TerraPower.

Growth investors and corporates are increasingly clustering around platforms that can monetize long‑duration PPAs into data‑center demand rather than purely policy‑driven arbitrage.

Looking into 2026, the same trends will continue:

Solar and wind

Even with policy headwinds, solar and wind continue to dominate new capacity. In the first half of 2025 they made up about 90% of new U.S. electricity capacity. Over the 2025–2028 period, FERC’s ‘high‑probability’ pipeline points to on the order of 90–93 GW of new utility‑scale solar and roughly 20–23 GW of new wind, far outpacing other resources.

Storage and flexibility

Solar plus batteries is now the default build—solar and storage together account for about 81% of expected 2025 U.S. capacity additions, with storage deployments scaling alongside renewables to keep grids flexible. Thermal storage and other grid‑edge flexibility solutions are also attracting growing attention as ways to smooth volatile load.

EVs and transport

EV uptake continues to anchor long‑term battery demand; while transportation funding cooled in 2025, EV sales and charging build‑out are still major components of clean‑energy demand‑side investment

Buildings

Heat pumps, smart HVAC, and efficient water heating are now the dominant vectors for building‑sector decarbonization. Heating and cooling startups alone have raised billions since 2020, with nearly 700 million dollars going into HVAC‑focused companies in 2024, and that momentum carried into 2025.

Hydrogen

The green hydrogen narrative has faded, but analysts still see hydrogen as essential for steel, chemicals, and other hard‑to‑abate sectors, with large‑scale projects and offtake frameworks under development rather than headline hype.

CCS/CCUS

After years of skepticism, more large CCS projects are finally reaching FID and coming online, helped by a mix of tax credits and industrial demand, which makes CCS look more investable than it did in the pre‑IRA era.

So, yes, 2025 was a downer from the easy‑money, policy‑euphoria years. But the signal beneath the noise is clear: capital is rotating toward technologies with proven unit economics, real offtake (especially from AI‑driven power loads), and credible paths to scale—not away from climate altogether.

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Nada Ahmed is the founding partner at Houston-based Energy Tech Nexus.

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