Baker Hughes and H&P are joining forces to help accelerate geothermal development in the U.S. Photo courtesy Baker Hughes

In recent months, Houston-based energy corporation Baker Hughes has launched multiple partnerships to expand geothermal energy extraction across the United States. The latest, a deal with Oklahoma-based Helmerich & Payne Inc. (H&P), was announced Wednesday.

As part of the deal, H&P will provide a geothermal-capable land drilling rig, while Baker Hughes will contribute technology and expertise. The rig is expected to be deployed later this year, according to a news release.

“Geothermal energy plays a critical role in meeting growing power demand by providing clean, reliable baseload generation,” Amerino Gatti, executive vice president of oilfield services & equipment for Baker Hughes, said in the release. “This collaboration reflects a deliberate step to move its development in the U.S. from concept to reality. By working together, Baker Hughes and Helmerich & Payne are helping customers advance these critical energy projects with greater confidence and deliver reliable, sustainable power.”

Investment in the geothermal energy sector is currently exploding in the U.S., having grown by at least 1,000 percent just in the last seven years, according to a recent report by Rocky Mountain Institute.

On one hand, only about 1 percent of the American energy grid currently uses geothermal, but on the other, the U.S. holds roughly 25 percent of the world’s geothermal capacity. Harnessing that power becomes even more attractive as conflicts in Russia and Iran continue to hamstring energy markets from those countries and revitalize interest in renewable energy.

Baker Hughes has been at the forefront of the geothermal boom. This new deal with H&P combines H&P’s drilling platform technology with Baker Hughes’s subsurface and energy extraction support technologies.

“This agreement underscores Helmerich & Payne’s commitment to supporting emerging energy opportunities through our drilling technologies and operational expertise,” H&P President and CEO Trey Adams added in the release. “We are pleased to collaborate with Baker Hughes to support the advancement of geothermal development in the United States.”

The deal with H&P is just one of several recent ones Baker Hughes has closed. In March, they announced support for XGS’s geothermal extraction projects in New Mexico, which are being used to meet the increasing demands of data centers in the state. Last May, Fervo Energy selected Baker Hughes to supply equipment for its flagship geothermal project in Utah.

Fervo Energy is targeting a listing on the Nasdaq exchange. Photo courtesy Fervo Energy

Fervo Energy officially files for initial public offering

going public

Fervo Energy has officially filed for IPO.

The Houston-based geothermal unicorn filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17 to list its Class A common stock on the Nasdaq exchange. Fervo intends to be listed under the ticker symbol "FRVO."

The number and price of the shares have not yet been determined, according to a news release from Fervo. J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are leading the offering.

The highly anticipated filing comes as Fervo readies its flagship Cape Station geothermal project to deliver its first power later this year

"Today, miles-long lines for gasoline have been replaced by lines for electricity. Tech companies compete for megawatts to claim AI market share. Manufacturers jockey for power to strengthen American industry. Utilities demand clean, firm electricity to stabilize the grid," Fervo CEO Tim Latimer shared in the filing. "Fervo is prepared to serve all of these customers. Not with complex, idiosyncratic projects but with a simplified, standardized product capable of delivering around-the-clock, carbon-free power using proven oil and gas technology."

Fervo has been preparing to file for IPO for months. Axios Pro first reported that the company "quietly" filed for an IPO in January and estimated it would be valued between $2 billion and $3 billion.

Fervo also closed $421 million in non-recourse debt financing for the first phase of Cape Station last month and raised a $462 million Series E in December. The company also announced the addition of four heavyweights to its board of directors last week, including Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE.

Fervo reported a net loss of $70.5 million for the 2025 fiscal year in the S-1 filing and a loss of $41.1 million in 2024.

Tracxn.com estimates that Fervo has raised $1.12 billion over 12 funding rounds. The company was founded in 2017 by Latimer and CTO Jack Norbeck.

Meg Whitman, former CEO of eBay, Hewlett-Packard and HPE, has joined the Fervo board as lead independent director. Photo courtesy of U.S. State Department

Fervo Energy adds former eBay CEO Meg Whitman, other leaders to board

power players

As it prepares for a highly anticipated IPO, Houston-based geothermal power provider Fervo Energy has added four heavyweights to its board of directors.

The most notable new board member is Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE, and former U.S. ambassador to Kenya. She joined the Fervo board as lead independent director.

One of the other high-profile new board members at Fervo is Jessica Uhl. She was chief financial officer of Shell from 2017 to 2022 and spent a little over a year as president of GE Vernova, a GE energy spinoff. She is a former board member of GE, Goldman Sachs and Shell. Today, Uhl advises investment firms on energy matters.

Another energy industry veteran, Trey Lowe, also joined the Fervo board. Lowe is senior vice president and chief technology officer at oil and gas producer Devon Energy, a Fervo investor that’s moving its headquarters from Oklahoma City to Houston. Before Devon, Lowe worked in the U.S. and Norway for Houston-based energy technology company SLB.

The fourth new director at Fervo is Robert Keehan, who spent 37 years at professional services firm PwC. He most recently was PwC’s chief global auditor and earlier was a partner in the firm’s energy practice.

Keehan and Uhl will serve as independent directors, which are non-executive governance and oversight roles, while Lowe is a non-independent director, which is a more hands-on role.

With the four new directors, Fervo has seven board members.

The arrival of the four new board members comes at a monumental time for Fervo, a provider of utility-scale geothermal energy:

“Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it,” Tim Latimer, co-founder and CEO of Fervo, said in December.
Kelsey Kearns (right), the new director of Greentown Houston, shared her takeaways from her first-ever CERAWeek with Energy Capital HTX. Photo courtesy Greentown

8 CERAWeek 2026 takeaways from a new Houston energy leader

guest column

My first CERAWeek was a blur.

Having top energy executives, policymakers, and technologists all gathered in Houston—over 11,000 of them this year—was both overwhelming and energizing. The theme was “Convergence and Competition: Energy, Technology, and Geopolitics,” and walking through the George R. Brown Convention Center, it was immediately clear that this was no ordinary industry conference.

As a first-timer with a Greentown Labs lens, here’s what really stuck with me.

Disruption is the new normal

CERAWeek 2026 was set against the backdrop of conflict in the Middle East, the continued race to power AI, and a clear throughline: disruption is increasingly the new normal. You could feel it in every hallway conversation. The ongoing conflict in the Middle East, specifically Iran’s attacks on Qatar’s Ras Laffan facility and the closure of the Strait of Hormuz, affected roughly 20% of the world’s liquified natural gas supply, and that was woven into nearly every conversation throughout the week.

Secretary of Energy Chris Wright opened the conference with “Energy is life,” then quickly turned to natural gas. “America’s superpower is natural gas,” he said, pointing to its role in industry, heat, electricity, fertilizer, exports, and leading AI and manufacturing. That set the tone early and it never really shifted.

AI is still everywhere, but the conversation has shifted

No surprise that AI dominated the agenda. But what struck me as a first-timer was how much the conversation had matured. The AI discussion has moved from general enthusiasm to a much more practical focus on real use cases and measurable outcomes.

NVIDIA, Anthropic, and CyrusOne joined the established tech presences of Microsoft, Google, and AWS, occupying the Innovation Agora’s new AI Hub, which displaced the hydrogen hub from prior years. That detail alone tells you something about where the energy conversation has shifted. Annual global investment in data centers reached $771 billion in 2025, nearly on par with oil and gas ($835 billion) and renewable energy ($798 billion). We are not talking about a niche technology story anymore. This is a capital story, an infrastructure story, and an energy story all at once.

The prevailing tone was uncertain; the gap between what is being announced and what can actually be delivered was the subtext of almost every conversation. Transmission takes over a decade to build. The new generation takes five to nine years. AI infrastructure moves on three-to-five-year timelines. The math doesn’t work yet, and everyone is aware.

Pitch competitions still draw crowds

The Energy Venture Day and Pitch Competition at the McKinney Balcony was one of my favorite events of the week. Seeing Greentown members on that stage never gets old, but what really energized me was the broader mix: students, new founders, and veteran entrepreneurs in one space, all talking about how what they’re building is going to impact the world. S&P Global launched the NextGen cohort with 100+ graduate students from around the country getting a front-row seat to the energy sector.

Geothermal may have stolen the show

If I had to pick the most surprising theme of my first CERAWeek, it was geothermal. It drew the most consistent endorsement of the week, with Department of Energy representatives, oil and gas majors, and operators broadly aligned on its potential. Project InnerSpace hosted a dedicated Geothermal House for the first time, launching a standardized resource classification framework with the Society of Petroleum Engineers and an XPRIZE collaboration targeting surface-plant supply chain breakthroughs. For a sector that has lived in the shadows of wind and solar for years, CERAWeek 2026 was geothermal’s time to shine.

Wow, was I impressed with Melanie Nakagawa

Melanie Nakagawa, chief sustainability officer at Microsoft, delivered an impressive keynote during her fireside chat with Brad Burke. Her depth of experience, from the U.S. Department of State and venture capital to her current role at Microsoft, was matched only by her calm, hopeful demeanor. Leaders like her at the helm of climate action inspire genuine confidence in the future.

What about hydrogen?

Hydrogen was notably absent from the main stage. The AI Hub in the Innovation Agora displaced the hydrogen hub that had been a fixture in prior years. Seems like hydrogen still plays a role, but not as quickly or broadly as hoped. Blue hydrogen is moving forward cautiously. It wasn’t gone from the conversation entirely, but it no longer commands the room.

The label problem isn’t going away

Politics continues to polarize the industry. Climatetech, sustainability, cleantech — some labels carry broad objectives, others have become tribal signals. “Energy transition” for some means a replacement of fossil fuels; for others, it means an evolution across multiple dimensions simultaneously. CERAWeek 2026 showed an industry increasingly focused not on feel-good narratives about the future of energy, but on the harder questions of security, buildout, reliability, affordability, and competitiveness. A pragmatic shift may be the best answer to the label problem.

Collaboration isn’t optional—it’s strategic

The energy transition is no longer primarily an environmental story. It has become a technology and national competitiveness story. The problems are too big for any one company, sector, or country to solve alone. From incubators and investors to utilities and hyperscalers, the message was consistent all week: move together or we don’t move. S&P Global introduced “The Bridge,” a new venue specifically for energy-tech crossover conversations: a small but meaningful signal that even the conference organizers recognize that collaboration will get us further.

The scale and the energy in the room (pun intended) are what stood out most from my first CERAWeek. The industry knows what needs to get built. The question now is whether we can work together to build it fast enough.

See you next year, CERAWeek.

---

Kelsey Kearns is director of Greentown Houston with more than a decade of experience in the technology sector. She served as director of community strategy for Greentown Houston from September 2025 to February 2026. Before that, she was director of business development for Howdy.com.

Baker Hughes announced partnerships this week with Google Cloud and geothermal startup XGS Energy. Photo courtesy Baker Hughes

Baker Hughes teams up with Google and XGS on energy tech

project partners

Houston-based energy technology company Baker Hughes recently forged two significant partnerships—one with tech titan Google and another with geothermal power startup XGS Energy.

Under the Google Cloud partnership, announced at CERAWeek 2026, Baker Hughes technology will be paired with Google Cloud AI and data analytics to improve the performance of AI data centers’ power systems and energy-transfer machinery. Furthermore, the two companies will explore opportunities for data centers to extract greater value from underused industrial and operational data.

“Infrastructure that powers the growing demand for AI and cloud computing is becoming one of the most critical drivers of global electricity needs,” Lorenzo Simonelli, chairman and CEO of Baker Hughes, said in the announcement.

“Through this partnership with Google Cloud, we are bringing together world-class power technologies and digital capabilities to help data center operators improve efficiency, enhance reliability, and accelerate progress toward lower-carbon operations,” he added.

Through the XGS partnership, Baker Hughes will provide engineering services for XGS’ 150-megawatt geothermal project in New Mexico. The project will supply energy to the Public Service Co. of New Mexico grid in support of New Mexico data centers operated by Meta Platforms, the parent company of Facebook and Instagram.

“With this single project for Meta in New Mexico, XGS will increase the state’s operating geothermal capacity by tenfold,” says Ghazal Izadi, chief operating officer at XGS.

“Geothermal energy plays a vital role in delivering reliable, cleaner power at scale,” added Maria Claudia Borras, chief growth and experience officer and interim executive vice president of industrial and energy technology at Baker Hughes. “By collaborating with XGS at this early stage, we are applying our ground‑to‑grid capabilities to reduce technical risk, accelerate reservoir validation, and engineer an integrated solution to deliver … power efficiently and reliably.”

California-headquartered XGS, which has a major presence in Houston, is known for its proprietary solid-state geothermal system that uses thermally conductive materials to deliver affordable energy wherever there is hot rock.

Fervo Energy has closed financing to support the remaining construction costs for the first phase of Cape Station. Photo via fervoenergy.com

Fervo secures $421M in financing for Cape Station construction

fresh funding

Houston geothermal unicorn Fervo Energy has closed $421 million in non-recourse debt financing for the first phase of its flagship Cape Station project in Beaver County, Utah.

Fervo believes Cape Station can meet the needs of surging power demand from data centers, domestic manufacturing and an energy market aiming to use clean and reliable power. According to the company, Cape Station will begin delivering its first power to the grid this year and is expected to reach approximately 100 megwatts of operating capacity by early 2027. Fervo added that it plans to scale to 500 megawatts.

The $421 million financing package includes a $309 million construction-to-term loan, a $61 million tax credit bridge loan, and a $51 million letter of credit facility. The facilities will fund the remaining construction costs for the first phase of Cape Station, and will also support the project’s counterparty credit support requirements.

Coordinating lead arrangers include Barclays, BBVA, HSBC, MUFG, RBC and Société Générale, with additional participation from Bank of America, J.P. Morgan and Sumitomo Mitsui Trust Bank, Limited, New York Branch.

“As demand for firm, clean, affordable power accelerates, EGS (Enhanced Geothermal Systems) is set to become a core energy asset class for infrastructure lenders,” Sean Pollock, managing director, project Finance at RBC Capital Markets, said in a news release. “Fervo is pioneering this step change with Cape Station, a vital contribution to American energy security that RBC is proud to support.”

The oversubscribed financing marks Cape Station’s shift from early-stage and bridge funding to a long-term, non-recourse capital structure, according to the news release.

“Non-recourse financing has historically been considered out of reach for first-of-a-kind projects,” David Ulrey, CFO of Fervo Energy, said in a news release. “Cape Station disrupts that narrative. With proven oil and gas technology paired with AI-enabled drilling and exploration, robust commercial offtake, operational consistency, and an unrelenting focus on health and safety, we have shown that EGS is a highly bankable asset class.”

Fervo continues to be one of the top-funded startups in the Houston area. The company has raised about $1.5 billion prior to the latest $421 million. It also closed a $462 million Series E in December.

According to Axios Pro, Fervo filed for an IPO that would value the company between $2 billion and $3 billion in January.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

CenterPoint reports grid resilience updates as hurricane season begins

hurricane readiness

As hurricane season descends upon the region, CenterPoint Energy has shared the latest update on its Greater Houston Resiliency Initiative (GHRI) that’s been working to make grid upgrades and introduce weather-related tech since 2024.

As of April 2026, CenterPoint had:

  • Replaced more than 65,000 poles with stronger storm-resistant infrastructure
  • Trimmed or cleared more than 10,000 miles of vegetation
  • Undergrounded more than 500 miles of power lines
  • Installed more than 600 automation devices
  • Installed more than 150 weather stations

In May, CenterPoint announced its new Community Progress Tracker, which helps residents track electronic infrastructure improvements. In terms of other technology, CenterPoint has announced its partnership with weather, wildfire and flood modeling software Technosylva. The software is expected to help CenterPoint track weather conditions in advance to better prepare crews.

CenterPoint has also added 150 weather stations to improve weather monitoring, conducted a full-scale hurricane response exercise involving more than 400 employees and completed more than 25,000 hours of FEMA training across more than 800 employees. The company opened a new year-round Emergency Operations Center to help coordinate with emergency response partners, local and state officials, and media during major weather events.

“We are proud of the progress made in 2025, which helped deliver more than 100 million fewer outage minutes when compared to 2024, and we are determined to make even more progress in 2026 as we work toward our defining goal: building the nation's most resilient coastal grid,” Nathan Brownell, CenterPoint's vice president of resilience and capital delivery, previously said in a news release.

According to the company, the GHRI aims to improve overall grid resiliency and reliability and to reduce outages for customers. CenterPoint projects its efforts can reduce customer outages by 150 million by the end of 2026.

Energy expert: Why Houston's 100-degree days matter more than 5 years ago

guest column

If you are a Houston native or have lived in the city since the 1980s, you likely remember when a 100-degree day was so rare it made the local news. There were heat advisory warnings, with special attention to the midday hours, because the heat exposure carried with it risks like dehydration, heat stroke and extreme exposure to UV rays.

In this new era for our city and state, 100-degree days are becoming more common. Our local weather forecasters still report on the occurrence, but we are no longer able to restrict our activities as heavily.

The climate has changed rapidly, and Texans are navigating our collective response to the increased heat that has serious implications for our health, energy supply, economy and regional life.

Houston Has Always Been Hot, But This Heat is Different

Houston has expanded exponentially in the last few decades, doubling its population from roughly 1.4 million in 1976 to 2.4 million today. When we account for the growth in the surrounding suburbs, the population boom nearly quintuples.

Houston and the surrounding suburbs now total nearly 7 million people, a huge population increase that brings greater demand for energy. This demand impacts our infrastructure, energy availability, consumer costs, workforce productivity and water supply significantly. With these additions comes more asphalt and fewer trees. With less tree cover and green space, heat gets trapped, increasing temperatures in the city.

We are not just inheriting rising temperatures; we are also building hotter cities.

100-Degree Days and The Texas Grid

I have written before about our grid capacity, changes facing Texas, and the strain that we have seen on the grid. While redundancies in the Texas grid are improving, the pace of this change continues to pose challenges for our area.

The extreme heat has now made air conditioning mandatory for a greater percentage of days during the calendar year. AC units (large and small) are no longer cycling on and off as they are designed to run; instead, most systems are running continuously to meet the needs of Texans.

Daily activities and devices, including remote work, the AI boom, physical exercise, children’s playtime, charging multiple devices, and streaming entertainment, require much more cooling than in previous generations, producing a much larger demand on the grid.

Additionally, the way Houstonians live at home has also changed. Homes across America are much larger on average than they were in the 1980’s. Also, with the rise of remote work, there is a greater need for all-day electricity in each individual household. These factors, combined with the exponential increase in the number of devices and appliances used in households, significantly affect energy demand in our region.

Of course, we’re also seeing massive usage of electricity from large business users (warehouses, data centers, and more), including empty office buildings as return-to-office is slower than expected post-pandemic.

Heat is Not the Only Culprit

As Houston is a coastal city, we not only have to contend with 100-degree temperatures, but humidity also adds an extra layer of complexity to our climate. Thanks to the humidity, temperatures stay elevated for longer periods, meaning everything is retaining heat at a higher rate and for longer than ever before.

The heat never really leaves us anymore, as we don’t have cooler nights to help balance these very hot days. The compounding effect of extreme temperatures and high humidity makes energy demand higher in our region than in places like the New Mexico desert.

Economic Impact on Our Region

Extreme heat hits Texans’ wallets long before a weather alert ever pops up. When temperatures stay above 100 degrees for days at a time, air conditioners are basically working overtime, which sends electricity bills climbing.

And the harder those systems run, the more wear and tear homeowners end up dealing with, usually at the worst possible time, like the middle of July when a boom of AC units decide to quit at once. Meanwhile, roads, transformers and other infrastructure are all under more stress than they were originally built for.

There’s also a much bigger ripple effect that people don’t always think about. When it’s dangerously hot outside, construction crews, energy workers, landscapers, and other outdoor industries simply can’t operate the same way, which slows productivity and raises safety concerns.

Cities are also spending more money on cooling centers and heat-related emergency response, and over time, all of those rising costs have a way of showing up somewhere, whether that’s insurance rates, utility costs or the price communities pay to keep up with extreme weather.

The Opportunity for Houston

Texas is becoming a real-time test case for what happens when extreme heat, rapid growth, and massive energy demand all hit at once. While problematic, it also creates a huge opportunity for Houston and the Texas energy sector to lead. If there’s any place equipped to determine what the future of energy resilience looks like, it’s the city that already powers so much of the world’s energy conversation.

And the solution isn’t just “create more electricity.” It’s about building a smarter, more flexible system overall with better grid technology, battery storage, stronger infrastructure, more efficient building, and energy systems that can handle these extreme weather swings without everything feeling stressed at once. The reality is that a lot of what Texas figures out over the next few years could become the blueprint for other cities and states across the country.

Houston is already testing some of these smarter resilience strategies, such as microgrids, stronger substations, and more flexible energy systems designed to keep critical facilities running during major storms or outages. The goal is simple: build a grid that can take a hit without everything feeling strained all at once.

Going Forward

Hotter days are here to stay. We can’t stop our lives amid the extreme heat, so we have to find ways to adapt and we have to do it quickly. If there’s one thing Texas has always done well, however, it’s innovate under pressure. The communities, companies and energy leaders that move fastest now won’t just be responding to the future, they’ll be helping define it.

———

Sam Luna is director at BKV Energy, where he oversees brand and go-to-market strategy, customer experience, marketing execution, and more.

Houston lands 27 Fortune 500 headquarters, led by energy heavyweights

HQ leader

Houston is a giant among U.S. hubs for corporate headquarters.

The 2026 Fortune 500 lists 27 companies based in the Houston area, with many energy companies claiming top spots. Houston ties with Chicago for the second-most Fortune 500 headquarters, preceded only by New York City (53). Dallas-Fort Worth is home to 23 Fortune 500 headquarters.

Texas leads the nation for Fortune 500 headquarters (57), with California in the No. 2 spot and New York at No. 3.

“Texas is the undisputed headquarters of headquarters,” Gov. Greg Abbott said in a news release. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”

The 2026 Fortune 500 ranks the largest U.S. corporations based on revenue in fiscal year 2025.

Here’s a rundown of the 27 Fortune 500 companies based in the Houston area.

  • No. 9 ExxonMobil
  • No. 21 Chevron
  • No. 29 Phillips 66
  • No.55 Sysco
  • No. 75 ConocoPhillips
  • No. 89 Enterprise Products Partners
  • No. 103 Plains GP Holdings
  • No. 133 Hewlett Packard Enterprise
  • No. 149 NRG Energy
  • No. 157 Quanta Services
  • No. 164 Baker Hughes
  • No. 173 Occidental Petroleum
  • No. 179 Waste Management
  • No. 201 EOG Resources
  • No. 204 Group 1 Automotive
  • No. 207 Halliburton
  • No. 223 Cheniere Energy
  • No. 236 Corebridge Financial
  • No. 262 Targa Resources
  • No. 266 Kinder Morgan
  • No. 388 Westlake
  • No. 435 CenterPoint Energy
  • No. 438 APA
  • No. 440 Comfort Systems USA
  • No. 455 NOV
  • No. 488 KBR
  • No. 496 Coterra Energy. Oklahoma City, Oklahoma-based Devon Energy and Houston-based Coterra Energy merged in early May, with the combined company retaining the Devon Energy name and the Houston headquarters.

The Greater Houston Partnership notes the Houston area soon will welcome its 28th Fortune 500 company. Expand Energy (formerly Chesapeake Energy), appearing at No. 362 on the 2026 list, says it’s moving its headquarters from Oklahoma City to Spring this year.

As the natural gas producer prepares to relocate to Texas, it’s hunting for a new leader. Nick Dell’Osso stepped down as president and CEO earlier this year. Board Chairman Michael Wichterich is interim president and CEO.

Dell’Osso became president and CEO of Oklahoma City-based Gulfport Energy effective May 28.