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Greentown raises funding, a new tree initiative in Houston, and more trending energy transition news

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Here's what news on EnergyCapital trended this week. Photo by Thomas Koenig/Big Pineapple Productions

Editor's note: From DOE funding for underground power line research to Zeta Energy's big deal with, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Investors from Houston and Boston fuel Greentown with $4M commitment

A mix of public and private investors have funded Greentown Labs. Photo via GreentownLabs.com

Greentown Labs, a climatetech incubator with locations in the Houston and Boston areas, has announced it has received funding from a mix of investors.

The $4 million in funding came from both of the Houston and Massachusetts locations. Houston investors included Bobby Tudor, CEO of Artemis Energy Partners and chairman of the Houston Energy Transition Initiative; David Baldwin, co-founder of OpenMinds and TEX-E and partner at SCF Partners; and Rice University. Other investors included MassDevelopment and the City of Somerville.

“The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential,” Tudor says in a news release. “We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others.”Continue reading.

Houston launches Google-backed tool to address urban tree cover disparities

American Forests is aiming to assist with at least 100 cities to make progress on Tree Equity by 2030. Photo by Thomas Koenig/Big Pineapple Productions

The oldest national nonprofit conservation organization in the U.S American Forests has launched the Houston Tree Equity Score Analyzer, which was developed through local nonprofit Trees For Houston and local stakeholders from local government, environmental groups and the public health sector, and supported by Google’s philanthropic arm Google.org with a $450,000 grant.

To mark the launch, Trees For Houston and American Forest celebrated the partnership and worked to plant 50 trees at Shadydale Elementary in Northeast Houston on December 6.

“This marks a significant milestone for Houston's urban forestry efforts,” says Texas State Representative Senfronia Thompson at the December 6 event. “This effort goes beyond simply planting trees—it’s about creating the foundation for a greener, more inclusive future for our community. By uniting diverse resources and partners, including American Forests, Google.org and Trees For Houston, we’re showcasing a powerful dedication to enhancing the environmental well-being and quality of life in our urban areas.”Continue reading.

Houston company secures $10M contract to deliver subsea well decommissioning solution

Expro has secured a $10 million contract to provide a subsea well decommissioning solution, combining subsea safety systems and surface fluid management to support safe re-entry and fluid management for plugged and abandoned wells. Photo courtesy of Expro

Houston energy services provider Expro was awarded a contract valued at over $10 million for the provision of a well decommissioning solution.

The solution will combine subsea safety systems and surface processing design that can enable safe entry to the well and management of well fluids.

“The contract reinforces our reputation as the leading provider of subsea safety systems and surface well test equipment, including within the P&A sector,” Iain Farley, Expro’s regional vice president for Europe and Sub-Saharan Africa, says in a news release.Continue reading.

This Houston innovator's innovative corrosion detection tech is vital to the future of energy

Anwar Sadek of Corrolytics joins the Houston Innovators Podcast to discuss his company's growth and move to Houston. Photo courtesy

Houston-based Corrolytics approach is to help revolutionize and digitize microbial corrosion detection — both to improves efficiency and operational cost for industrial companies, but also to move the needle on a cleaner future for the energy industry.

"We are having an energy transition — that is a given. As we are bringing new energy, there will be growth of infrastructure to them. Every single path for the energy transition, corrosion will play a primary role as well," Anwar Sadek, co-founder and CEO of Corrolytics, says on the Houston Innovators Podcast.

The technology Sadek and his team have created is a tool to detect microbial corrosion — a major problem for industrial businesses, especially within the energy sector. Sadek describes the product as being similar to a testing hit a patient would use at home or in a clinic setting to decipher their current ailments.Continue reading.


Houston company's $2B carbon-negative fuel project to rise in Southeast Texas

Pathway Energy has announced a major sustainable aviation fuel project in Port Arthur, Texas. Rendering courtesy of Pathway Energy

Houston developer of ultra carbon-negative fuels projects Pathway Energy announced a series of commercial-scale sustainable aviation fuel (SAF) facilities with the first being based in Port Arthur, Texas.

The project, estimated to be valued at $2 billion, will be one of the largest decarbonization projects in the world.

Pathway plans to bring commercial SAF to market with its years of experience in waste and biomass conversion processes and technologies that include biomass gasification, Fischer-Tropsch, biomass power generation, and complex biorefinery and industrial processes. Continue reading.

A mix of public and private investors have funded Greentown Labs. Photo via GreentownLabs.com

Investors from Houston and Boston fuel Greentown with $4M commitment

next era

Greentown Labs, a climatetech incubator with locations in the Houston and Boston areas, has announced it has received funding from a mix of investors.

The $4 million in funding came from both of the Houston and Massachusetts locations. Houston investors included Bobby Tudor, CEO of Artemis Energy Partners and chairman of the Houston Energy Transition Initiative; David Baldwin, co-founder of OpenMinds and TEX-E and partner at SCF Partners; and Rice University. Other investors included MassDevelopment and the City of Somerville.

“The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential,” Tudor says in a news release. “We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others.”

According to Greentown, the funding will support its financial position and contribute to preparing the incubator for its next chapter of supporting its its leadership team prepare for Greentown’s next chapter supporting and growing its 575 startups.

“Greentown’s mission aligns closely with the Houston Energy Transition Initiative’s goal of accelerating global solutions to address the dual challenge of meeting growing energy demand globally while also significantly reducing CO2 emissions,” adds Steve Kean, president and CEO of the Greater Houston Partnership.

With the announcement of the funding, Greentown named its board members, including Tudor, who will serve as Greentown Labs Board Chair. The other Houston-based board members are:

  • David Baldwin, co-founder of OpenMinds and TEX-E; partner atSCF Partners
  • Bob Harvey, former president and CEO of GHP; board member of TEX-E
  • Jane Stricker, senior vice president of energy transition and executive director of HETI

“With this new funding, Greentown is poised to expand its impact across its existing ecosystems and support even more climatetech startups,” adds Kevin Dutt, interim CEO of Greentown Labs. “We believe in the essential role entrepreneurship will play in the energy transition and we’re grateful for the support of our partners who share in that belief and our collective commitment to commercializing these technologies as quickly and efficiently as possible.”

According to Greentown, the incubator plans to announce its new CEO in the coming months.

Here were the top energy transition interviews on EnergyCapital — according to its readers. Photos courtesy

Who's who in Houston energy transition: Top 5 interviews of 2024

year in review

Editor's note: As the year comes to a close, EnergyCapital is looking back at the year's top stories in Houston energy transition. EnergyCapital launched specifically to cover the energy transition community — and that includes the people who power it. Throughout the year, we spoke to these individuals and some resonated more than others to readers. Be sure to click through to read the full interviews or stream the podcast episode.

David Pruner, executive director of the Texas Entrepreneurship Exchange for Energy (TEX-E)

David Pruner, executive director of TEX-E, joins the Houston Innovator Podcast. Photo via LinkedIn

David Pruner is laser focused on the future workforce for the energy industry as executive director of the Texas Entrepreneurship Exchange for Energy, known as TEX-E, a nonprofit housed out of Greentown Labs that was established to support energy transition innovation at Texas universities.

TEX-E launched in 2022 in collaboration with Greentown Labs, MIT’s Martin Trust Center for Entrepreneurship, and five university partners — Rice University, Texas A&M University, Prairie View A&M University, University of Houston, and The University of Texas at Austin.

Pruner was officially named to his role earlier this year, but he's been working behind the scenes for months now getting to know the organization and already expanding its opportunities from students across the state at the five institutions. Read more.


Barbara Burger, mentor and adviser

Houston energy leader Barbara Burger joins the Houston Innovators Podcast to discuss the energy transition's biggest challenges and her key takeaways from CERAWeek. Photo courtesy of CERAWeek

Last month, Barbara Burger participated in four panels at CERAWeek by S&P Global, and from her insider perspective, she had a few key takeaways from the event, which brought together energy leaders, tech startups, dignitaries, civil servants, and more.

In a recent podcast interview, Burger shared some of her key takeaways from the event — and how these trends are affecting the industry as a whole. Read through an excerpt or stream the full episode below. Read more.


Tyler Lancaster, partner at Energize Capital

Tyler Lancaster, a Chicago-based investor with Energize Capital, shares his investment thesis and why Houston-based Amperon caught his eye. Photo courtesy of Energize Capital

One of the biggest challenges to the energy transition is finding the funds to fuel it. Tyler Lancaster, partner at Energize Capital, is playing a role in that.

Energize Capital, based in Chicago, is focused on disruptive software technology key to decarbonization. One of the firm's portfolio companies is Amperon, which raised $20 million last fall.

In an interview with EnergyCapital, Lancaster shares what he's focused on and why Amperon caught Energize Capital's attention. Read more.

Teresa Thomas, vice chair and national sector leader for energy and chemicals at Deloitte

Teresa Thomas, newly named vice chair and national sector leader for energy and chemicals at Deloitte, shares her vision in an interview. Photo via LinkedIn

Deloitte is undergoing a leadership shift — and this evolution for the nearly 200-year-old company directly affects its Houston office and the energy transition line of business.

Earlier this month, Teresa Thomas was named vice chair and national sector leader for energy and chemicals at Deloitte. Based in Houston, she will also serve as an advisory partner and leader in Deloitte & Touche LLP's Risk & Financial Advisory energy and chemicals practice. She succeeds Amy Chronis, partner at Deloitte LLP, who will continue to serve within the energy and chemicals practice until her retirement in June 2024.

In an interview with EnergyCapital, Thomas shares a bit about what she plans on focusing as she takes on her new role. Read more.

Sarah Jewett, vice president of strategy at Fervo Energy

Sarah Jewett, vice president of strategy at Fervo Energy, shares how Fervo has been able to leverage proven oil and gas technologies, such as horizontal drilling, and more, to pave the way toward a low-carbon energy future. Photo via HETI

Houston-based Fervo Energy, the leader in enhanced geothermal technology, is accelerating decarbonization by bringing 24/7 carbon-free electricity to the grid.

Fervo’s mission is to leverage geoscience innovations to accelerate the world’s transition to sustainable energy. Fervo continues to demonstrate the commercial viability and scalability of enhanced geothermal energy, which uses breakthrough techniques to harness heat from the earth and generate continuous electricity.

Sarah Jewett, VP of Strategy at Fervo, shared more about how Fervo has been able to leverage proven oil and gas technologies, such as horizontal drilling, well stimulation, and fiber-optic sensing, to pave the way toward a low-carbon energy future. Read more.

Here's what news on EnergyCapital trended this week. Photo via Getty Images

Houston researchers snag fresh funding, SLB's new tech, and more trending energy transition news

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Editor's note: From DOE funding for underground power line research to Zeta Energy's big deal with, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Houston researchers earn $3.3M in DOE funding to develop safer underground power line installation

Researchers have secured $3.3 million in funding to develop an AI-powered subsurface sensing system aimed at improving the safety and efficiency of underground power line installation. Photo via Getty Images

Researchers from the University of Houston — along with a Hawaiian company — have received $3.3 million in funding to explore artificial intelligence-backed subsurface sensing system for safe and efficient underground power line installation.

Houston's power lines are above ground, but studies show underground power is more reliable. Installing underground power lines is costly and disruptive, but the U.S. Department of Energy, in an effort to find a solution, has put $34 million into its new GOPHURRS program, which stands for Grid Overhaul with Proactive, High-speed Undergrounding for Reliability, Resilience, and Security. The funding has been distributed across 12 projects in 11 states.

“Modernizing our nation’s power grid is essential to building a clean energy future that lowers energy costs for working Americans and strengthens our national security,” U.S. Secretary of Energy Jennifer M. Granholm says in a DOE press release. Continue reading.

Houston company to develop game-changing lithium-sulfur EV batteries for automaker

Zeta Energy's batteries are targeted to power Stellantis electric vehicles by 2030. Image via Zeta Energy

Houston-based Zeta Energy Corp. has teamed up with an automaker to develop new battery technology.

Zeta Energy and Stellantis N.V. announced a joint development deal to advance battery cell technology for electric vehicle applications that will develop lithium-sulfur EV batteries with gravimetric energy density that can achieve a volumetric energy density comparable to today’s lithium-ion technology. The batteries are targeted to power Stellantis electric vehicles by 2030.

“The combination of Zeta Energy’s lithium-sulfur battery technology with Stellantis’ unrivaled expertise in innovation, global manufacturing and distribution can dramatically improve the performance and cost profile of electric vehicles while increasing the supply chain resiliency for batteries and EVs,” Tom Pilette, CEO of Zeta Energy, says in a news release. Continue reading.

SLB unveils AI-powered tech to enhance drilling efficiency and reduce emissions

SLB has introduced Neuro, an AI-driven autonomous geosteering system that optimizes well drilling by responding to complex subsurfaces, enhancing efficiency, and reducing carbon emissions. Photo courtesy of SLB

Houston energy technology company SLB introduced a new autonomous geosteering system called Neuro, which can reduce the carbon footprint of the drilling operations. Neuro can respond to complex subsurfaces to drill more efficiently with higher-performing wells.

Neuro, which is an AI-based platform,expands the technological foundation of SLB’s Neuro autonomous directional drilling, which drills wells to a specific target. Now, the Neuro autonomous geosteering incorporates high-fidelity downhole measurements that ensure certainty of well placement in the best part of the reservoir.

“Neuro autonomous geosteering is a remarkable industry-first achievement that is for drillers what the autonomous vehicle is for drivers,” Jesus Lamas, president of Well Construction at SLB, says in a news release. Continue reading.

Aramco partners to demonstrate compact carbon capture technology for gas turbines

The technology demonstration will be used to deploy Carbon Clean’s novel CycloneCC technology to capture CO2 from natural gas turbine exhaust streams. Photo via Carbon Clean

Integrated energy and chemicals company Aramco has signed a collaboration agreement with Carbon Clean and SAMSUNG E&A in an effort to showcase new carbon capture technology.

The technology demonstration will be used to deploy Carbon Clean’s novel CycloneCC technology to capture CO2 from natural gas turbine exhaust streams containing approximately 4 percent CO2, according to Aramco.

Carbon Clean, which U.S. headquarters are located in Houston at the Ion, boasts technology that has captured nearly two million tons of carbon dioxide at almost 50 sites around the world. Aramco’s U.S. headquarters is also in Houston. Continue reading.

Houston energy tech company scores spot on Deloitte's list of fast-growing businesses

A Houston energy tech company makes the list of fast-growing businesses. Photo via Getty Images

Deloitte’s annual North America Technology Fast 500 list includes a Houston energy tech company boasting 407 percent growth.

NatGas Hub LLC landed at No. 286 on the list, which is an annual ranking of the fastest-growing North American companies in technology, energy tech sectors, telecommunications, life sciences, media, and fintech. It marks an improvement for the company, which provides an automation software for natural gas nominations and scheduling services. In 2023, the company ranked No. 356 with 364 percent growth.

Direct Digital Holdings Inc. took the highest-ranking spot for Houston companies, coming in at No. 101 (up from 108 previous year) with 1,184 percent growth. Additional Houston companies on the list include Liongard (No. 437, 246 percent growth) and Stratus Medical LLC (No. 483, 212 percent growth). Continue reading.

Here's what news trended this week on EnergyCapital. Photo via Getty Images

Emission-free hydrogen research, Enron's return, and more trending Houston energy news

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Editor's note: From Caliche Development Partners finding fresh funding for a Beaumont plant to an energy transition SPAC going public, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Houston researchers develop catalyst for emission-free hydrogen production using light instead of heat

Researchers created a light-driven catalyst for hydrogen production, offering an emission-free alternative to traditional methods. Photo by Jeff Fitlow/Rice University

Researchers at Rice University have developed a catalyst that could render steam methane reforming, or SMR, entirely emission-free by using light rather than heat to drive the reaction.

The researchers believe the work could prove to be a breakthrough for extending catalyst lifetimes. This will improve efficiencies and reduce costs for a number of industrial processes that are affected by a form of carbon buildup that can deactivate catalysts called coking.

The new copper-rhodium photocatalyst uses an antenna-reactor design. When it is exposed to a specific wavelength of light it breaks down methane and water vapor without external heating into hydrogen and carbon monoxide. The importance of this is it is a chemical industry feedstock that is not a greenhouse gas. Rice’s work also shows that the antenna-reactor technology can overcome catalyst deactivation due to oxidation and coking by employing hot carriers to remove oxygen species and carbon deposits, which effectively regenerates the catalyst with light. Continue reading.

Is Enron back? Houstonians aren't laughing at the joke

If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. Photo by James Nielsen/Getty Images

An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001.

If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing.

“It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Continue reading.

Houston to host cleantech collaboration with delegation from Belgium

Houston-based energy tech-oriented companies will be invited to the pitching event for Antwerp and Houston Cleantech Entrepreneurs from 2 to 5 pm on December 3 at The Ion. Photo via the Ion

A delegation of nine startups from Antwerp, Belgium, along with industry experts will visit Houston from December 2 through December 6, which will include The Greater Houston Partnership, Greentown Labs, The Ion, and The Cannon.

The delegation will represent cleantech, sustainable chemistry, and energy tech sectors to engage with Houston’s energy transition ecosystem and identify collaboration and investment opportunities.

Houston-based energy tech-oriented companies will be invited to the pitching event for Antwerp and Houston Cleantech Entrepreneurs from 2 to 5 pm on December 3 at The Ion. Continue reading.

New Mexico court upholds emissions crackdown impacting oil, gas operations along Texas border

Some of those counties affected include production hot spots within the San Juan Basin in northwestern New Mexico and the Permian Basin, which straddles the New Mexico-Texas line. Photo via Getty Images

The New Mexico Court of Appeals has upheld regulations aimed at cracking down on emissions in one of the nation’s top-producing oil and gas states.

The case centered on a rule adopted in 2022 by state regulators that called for curbing the pollutants that chemically react in the presence of sunlight to create ground-level ozone, commonly known as smog. High ozone levels can cause respiratory problems, including asthma and chronic bronchitis.

Democratic Gov. Michelle Lujan Grisham's administration has long argued that the adoption of the ozone precursor rule along with regulations to limit methane emissions from the industry were necessary to combat climate change and meet federal clean air standards. Continue reading.

Uniquely Houston event to convene innovation experts across aerospace, energy, and medicine

For the eighteenth year in a row, the annual Pumps & Pipes event will showcase and explore convergence innovation and common technology themes across Houston’s three major industries. Image courtesy of Pumps & Pipes

Every year, Houston's legacy industries — energy, medicine, and aerospace — come together to share innovative ideas and collaborate on future opportunities.

For the eighteenth year in a row, the annual Pumps & Pipes event will showcase and explore convergence innovation and common technology themes across Houston’s three major industries. The hosting organization, also called Pumps & Pipes, was established in 2007 in Houston and is dedicated to fostering collaboration amongst the city's three major industries. Continue reading.

Here's what news trended this week on EnergyCapital. Photo via Getty Images

Top 5 trending Houston energy transition this week

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Editor's note: From Caliche Development Partners finding fresh funding for a Beaumont plant to an energy transition SPAC going public, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Houston energy co. accelerates Beaumont storage expansion after key investment deal

Houston-based Caliche Development Partners begins doubling natural gas storage capacity and building the world’s largest helium cavern, fueled by a key Texas deal completion. Photo courtesy of Caliche

With the acquisition of its Texas business now complete, Houston-based Caliche Development Partners is moving ahead with expansion of a natural gas storage project in Beaumont.

This milestone comes after a previously announced majority investment in Caliche by New York City-based investment firm Sixth Street, which has offices in Houston, Austin, and Dallas. Sixth Street recently closed on the Texas portion of the deal, and it expects to wrap up the California portion of the deal in mid-2025. Continue reading.

CenterPoint’s Greater Houston Resiliency Initiative makes advancements on progress

The GHRI Phase Two will lead to more than 125 million fewer outage minutes annually, according to CenterPoint. Photo via centerpoint.com

CenterPoint Energy has released the first of its public progress updates on the actions being taken throughout the Greater Houston 12-county area, which is part of Phase Two of its Greater Houston Resiliency Initiative.

The GHRI Phase Two will lead to more than 125 million fewer outage minutes annually, according to CenterPoint. Continue reading.

Houston group secures contract for major clean ammonia project in Louisiana

Houston global engineering firm McDermott will design a Louisiana project to produce millions of tons of clean ammonia. Image via cleanhydrogenworks.com

Houston-headquartered McDermott has received a new contract on a Louisiana clean ammonia project.

Clean energy development company Clean Hydrogen Works tapped McDermott for the front-end engineering and design contract for the Ascension Clean Energy Project. ACE — located in Ascension Parish, Louisiana — is jointly developed by CHW with strategic shareholders ExxonMobil, Mitsui O.S.K. Lines, and Hafnia and is expected to initially produce 2.4 million metric tons per annum of clean ammonia and expand to total 7.2 million metric tons per annum production down the road. Continue reading.

Houston energy SPAC goes public through IPO

Houston-based CO2 Energy Transition Corp., a SPAC focused on carbon capture, utilization, and storage (CCUS), raised $69 million in its IPO to target mid-sized CCUS companies. Photo via Getty Images

Houston-based CO2 Energy Transition Corp. — a “blank check” company initially targeting the carbon capture, utilization, and storage (CCUS) sector — closed November 22 on its IPO, selling 6 million units at $10 apiece.

“Blank check” companies are formally known as special purpose acquisition companies (SPACs). A SPAC aims to complete a merger, acquisition, share exchange, share purchase, reorganization or similar business combination in certain business sectors. CO2 Energy Transition will target companies valued at $150 million to $250 million. Continue reading.

Houston's hydrogen revolution gets up to $1.2B federal boost to power Gulf Coast’s clean energy future

The U.S. Department of Energy funding is earmarked for the new HyVelocity Hub. Photo via Getty Images

The emerging low-carbon hydrogen ecosystem in Houston and along the Texas Gulf Coast is getting as much as a $1.2 billion lift from the federal government.

The U.S. Department of Energy funding, announced November 20, is earmarked for the new HyVelocity Hub. The hub — backed by energy companies, schools, nonprofits, and other organizations — will serve the country’s biggest hydrogen-producing area. The region earns that status thanks to more than 1,000 miles of dedicated hydrogen pipelines and almost 50 hydrogen production plants. Continue reading.

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ExxonMobil invests over $200M in Texas advanced recycling sites

doubling down

ExxonMobil announced that it plans to invest more than $200 million to expand its advanced recycling operations at its Baytown and Beaumont sites that are expected to start in 2026. The new operations can help increase advanced recycling rates and divert plastic from landfills, according to ExxonMobil.

“We are solutions providers, and this multi-million-dollar investment will enhance our ability to convert hard-to-recycle plastics into raw materials that produce valuable new products,” says Karen McKee, president of ExxonMobil Product Solutions, in a news release.

The investment plans to add 350 million pounds per year of advanced recycling capacity at Baytown and Beaumont, which will bring ExxonMobil’s total capacity to 500 million pounds annually. The first Baytown facility started in 2022 and represents one of the largest advanced recycling facilities in North America by having processed more than 70 million pounds of plastic waste.

“At our Baytown site, we’ve proven advanced recycling works at scale, which gives us confidence in our ambition to provide the capacity to process more than 1 billion pounds of plastic per year around the world,” McKee said in a news release. “We’re proud of this proprietary technology and the role it can play in helping establish a circular economy for plastics and reducing plastic waste.”

Advanced recycling works by transforming plastic waste into raw materials that can be used to make products from fuels to lubricants to high-performance chemicals and plastics. Advanced recycling allows for a broader range of plastic waste that won't be mechanically recycled and may otherwise be buried or burned.

ExxonMobil will continue development of additional advanced recycling projects at manufacturing sites in North America, Europe and Asia with the goal of reaching 1 billion pounds per year of recycling capacity by 2027.

Houston-based Fervo Energy collects $255M in additional funding

cha-ching

A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.

Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II with participating investors including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

The funding will go toward supporting Fervo's ongoing and future geothermal projects.

“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” Fervo CEO and Co-Founder Tim Latimer says in a news release. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”

Additionally, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, an independent energy and commodity group that previously invested in the company.

“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” Brian Falik, group chief investment officer of Mercuria, adds. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”

In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.

Other wins for Fervo this year include moving into its new headquarters in downtown Houston, securing a power purchase agreement with California, growing its partnership with Google, and being named amongst the year's top inventions by Time magazine.


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This article originally ran on InnovationMap.

ExxonMobil, Worley to bring low-carbon hydrogen project to Baytown

big deal

ExxonMobil selected Australia-based engineering and professional services company Worley to provide engineering, procurement and construction services for a proposed hydrogen and ammonia production facility in Baytown, which is expected to have a production capacity of 1 billion cubic feet of blue hydrogen per day. ExxonMobil expects the facility will be the largest of its kind in the world.

“We are delighted to continue our strategic, global relationship with ExxonMobil in its execution of upcoming projects, particularly in delivering this EPC project on the US Gulf Coast, which contributes significantly to strengthening Worley’s backlog,” Chris Ashton, CEO of Worley, states, according to Offshore Energy.

The facility in Baytown is expected to produce 28.3 million cubic meters (1 billion cubic feet) of low-carbon hydrogen daily and nearly 1 million metric tonnes (more than 1 million tons) of ammonia per year, which will also capture more than 98 percent of the associated CO2 emissions.

The facility will leverage advanced carbon capture and storage technologies to reduce emissions associated with hydrogen production. ExxonMobile also said its carbon capture and storage system would be available for use by third-party CO2 emitters in the area.

A final investment decision is expected in 2025 , and an anticipated startup in 2029. “Blue” hydrogen is expected to be a top energy driver in 2025 according to global consultancy Wood Mackenzie who predicts that at least three large-scale blue hydrogen projects in the U.S will reach FID by next year.

The company hopes the new facility will help in creating U.S. jobs and supporting community development initiatives throughout the Houston area, and the state.

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