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Chevron enters lithium market with Texas land acquisition

to market

Chevron U.S.A. has acquired 125,000 acres in Northeast Texas and southwest Arkansas that contain a high amount of lithium. Photo via Getty Images.

Chevron U.S.A., a subsidiary of Houston-based energy company Chevron, has taken its first big step toward establishing a commercial-scale lithium business.

Chevron acquired leaseholds totaling about 125,000 acres in Northeast Texas and southwest Arkansas from TerraVolta Resources and East Texas Natural Resources. The acreage contains a high amount of lithium, which Chevron plans to extract from brines produced from the subsurface.

Lithium-ion batteries are used in an array of technologies, such as smartwatches, e-bikes, pacemakers, and batteries for electric vehicles, according to Chevron. The International Energy Agency estimates lithium demand could grow more than 400 percent by 2040.

“This acquisition represents a strategic investment to support energy manufacturing and expand U.S.-based critical mineral supplies,” Jeff Gustavson, president of Chevron New Energies, said in a news release. “Establishing domestic and resilient lithium supply chains is essential not only to maintaining U.S. energy leadership but also to meeting the growing demand from customers.”

Rania Yacoub, corporate business development manager at Chevron New Energies, said that amid heightening demand, lithium is “one of the world’s most sought-after natural resources.”

“Chevron is looking to help meet that demand and drive U.S. energy competitiveness by sourcing lithium domestically,” Yacoub said.

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Ace Green Recycling Inc. will build one of India's largest battery recycling facilities and plans to develop a flagship battery recycling plant in Texas. Photo courtesy Ace Green Recycling Inc.

Houston battery recycling co. expands globally with new India facility, Africa partnership

going global

Ace Green Recycling Inc., a Houston-operated sustainable battery recycling and technology solutions provider, announced it has finalized a lease agreement for a location to build one of India's largest battery recycling facilities in Mundra, Gujarat.

The facility will expand Ace's existing Indian commercial operations, which have been recycling lithium-ion batteries since 2023, including lithium iron phosphate ("LFP") chemistries.

The deployment of Ace’s LithiumFirst LFP battery recycling technology in India will coincide with the deployment of the company's technology in Texas. Last year, the company announced it planned to develop a flagship battery recycling plant in Texas for lead and lithium-ion batteries.

Ace also plans to establish 10,000 metric tons of LFP battery recycling capacity per year in India by 2026. The Mundra LFP battery recycling facility is expected to create up to 50 jobs.

The new facility plans to use Ace's LithiumFirst technology to recycle LFP batteries at room temperature in a fully electrified hydrometallurgical process that produces no direct (or Scope 1) carbon emissions and with zero liquid and solid waste.

"Ace's innovative technology enables profitable recycling of LFP batteries, even with the current low lithium price, by recovering significant amounts of these critical minerals,” Vipin Tyagi, Chief Technology Officer of Ace, said in a news release. “We believe that our successful operational demonstration positions us for future partnerships and collaborations that will unlock the full potential of our LithiumFirst technology in this market.”

Ace will also utilize its GreenLead recovery technology to recycle lead batteries at the new recycling park. The technology is considered a more environmentally friendly alternative to conventional smelting operations.

The company also reported visiting China for possible future expansion. According to a release, it launched a facility in Taiwan last year and is developing projects in Europe and Israel, as well.

Today, the company also announced that it was tapped by Spiro, one of Africa’s largest EV battery producers, as its global preferred recycling partner. According to a release, Ace will recycle end-of-life lithium-ion batteries, including LFP batteries, and waste from Spiro's battery manufacturing facilities.

Ace Green Recycling Inc. is headquartered in Houston and Singapore.

The Rice team's process is up to 10 times more effective than existing lithium-ion battery recycling. Photo by Gustavo Raskosky/Rice University

Houston scientists discover breakthrough process for lithium-ion battery recycling

researching for the future

With the rise of electric vehicles, every ounce of lithium in lithium-ion batteries is precious. A team of scientists from Rice University has figured out a way to retrieve as much as 50 percent of the material in used battery cathodes in as little as 30 seconds.

Researchers at Rice University’s Nanomaterials Laboratory led by Department of Materials Science and NanoEngineering Chair Pulickel Ajayan released the findings a new study published in Advanced Functional Materials. Their work shows that the process overcomes a “bottleneck” in lithium-ion battery recycling technology. The researchers described a “rapid, efficient and environmentally friendly method for selective lithium recovery using microwave radiation and a readily biodegradable solvent,” according to a news release.

Past recycling methods have involved harsh acids, and alternative eco-friendly solvents like deep eutectic solvents (DESs) at times have not been as efficient and economically viable. Current recycling methods recover less than 5 percent of lithium, which is due to contamination and loss during the process.

In order to leach other metals like cobalt or nickel, both the choline chloride and the ethylene glycol have to be involved in the process, according to the researchers at Rice. The researchers submerged the battery waste material in the solvent and blasted it with microwave radiation since they knew that of the two substances only choline chloride is good at absorbing microwaves.

Microwave-assisted heating can achieve similar efficiencies like traditional oil bath heating almost 100 times faster. Using the microwave-based process, Rice found that it took 15 minutes to leach 87 percent of the lithium, which differs from the 12 hours needed to obtain the same recovery rate via oil bath heating.

“This method not only enhances the recovery rate but also minimizes environmental impact, which makes it a promising step toward deploying DES-based recycling systems at scale for selective metal recovery,” Ajayan says in the release.

Due to rise in EV production, the lithium-ion battery global market is expected to grow by over 23 percent in the next eight years, and was previously valued at over $65 billion in 2023.

“We’ve seen a colossal growth in LIB use in recent years, which inevitably raises concerns as to the availability of critical metals like lithium, cobalt and nickel that are used in the cathodes,” the study's co-author, Sohini Bhattacharyya, adds. “It’s therefore really important to recycle spent LIBs to recover these metals.”

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Federal judge strikes Trump order blocking wind energy development

wind win

In a win for clean energy and wind projects in Texas and throughout the U.S., a federal judge struck down President Donald Trump’s “Day One” executive order that blocked wind energy development on federal lands and waters, the Associated Press reports.

Judge Patti Saris of the U.S. District Court for the District of Massachusetts vacated Trump’s executive order from Jan. 20, declaring it unlawful and calling it “arbitrary and capricious.”

The challenge was led by a group of state attorneys general from 17 states and Washington, D.C., which was led by New York Attorney General Letitia James. The coalition pushed back against Trump's order , arguing that the administration didn’t have the authority to halt project permitting, and that efforts would critically impact state economies, the energy industry, public health and climate relief efforts.

White House spokesperson Taylor Rogers told the Associated Press that wind projects were given unfair treatment during the Biden Administration and cited that the rest of the energy industry suffered from regulations.

According to the American Clean Power Association, wind is the largest source of renewable energy in the U.S. It provides 10 percent of the electricity generated—and growing. Texas leads the nation in wind electricity generation, accounting for 28 percent of the U.S. total in 2024, according to the U.S. Energy Information Administration.

Several clean-energy initiatives have been disrupted by recent policy changes, impacting Houston projects.

The Biden era Inflation Reduction Act’s 10-year hydrogen incentive was shortened under Trump’s One Big Beautiful Bill Act, prompting ExxonMobil to pause its Baytown low-carbon hydrogen project. That project — and two others in the Houston region — also lost federal support as part of a broader $700 million cancellation tied to DOE cuts.

Meanwhile, Texas House Democrats have urged the administration to restore a $250 million Solar for All grant that would have helped low-income households install solar panels.

Texas launches cryptocurrency reserve with $5 million Bitcoin purchase

Digital Deals

Texas has launched its new cryptocurrency reserve with a $5 million purchase of Bitcoin as the state continues to embrace the volatile and controversial digital currency.

The Texas Comptroller’s Office confirmed the purchase was made last month as a “placeholder investment” while the office works to contract with a cryptocurrency bank to manage its portfolio.

The purchase is one of the first of its kind by a state government, made during a year where the price of Bitcoin has exploded amid the embrace of the digital currency by President Donald Trump’s administration and the rapid expansion of crypto mines in Texas.

“The Texas Legislature passed a bold mandate to create the nation’s first Strategic Bitcoin Reserve,” acting Comptroller Kelly Hancock wrote in a statement. “Our goal for implementation is simple: build a secure reserve that strengthens the state’s balance sheet. Texas is leading the way once again, and we’re proud to do it.”

The purchase represents half of the $10 million the Legislature appropriated for the strategic reserve during this year’s legislative session, but just a sliver of the state’s $338 billion budget.

However, the purchase is still significant, making Texas the first state to fund a strategic cryptocurrency reserve. Arizona and New Hampshire have also passed laws to create similar strategic funds but have not yet purchased cryptocurrency.

Wisconsin and Michigan made pension fund investments in cryptocurrency last year.

The Comptroller’s office purchased the Bitcoin the morning of Nov. 20 when the price of a single bitcoin was $91,336, according to the Comptroller’s office. As of Friday afternoon, Bitcoin was worth slightly less than the price Texas paid, trading for $89,406.

University of Houston energy economist Ed Hirs questioned the state’s investment, pointing to Bitcoin’s volatility. That makes it a bad investment of taxpayer dollars when compared to more common investments in the stock and bond markets, he said.

“The ordinary mix [in investing] is one that goes away from volatility,” Hirs said. “The goal is to not lose to the market. Once the public decides this really has no intrinsic value, then it will be over, and taxpayers will be left holding the bag.”

The price of Bitcoin is down significantly from an all-time high of $126,080 in early October.

Lee Bratcher, president of the Texas Blockchain Council, argued the state is making a good investment because the price of Bitcoin has trended upward ever since it first launched in early 2009.

“It’s only a 16-year-old asset, so the volatility, both in the up and down direction, will smooth out over time,” Bratcher said. “We still want it to retain some of those volatility characteristics because that’s how we could see those upward moves that will benefit the state’s finances in the future.”

Bratcher said the timing of the state’s investment was shrewd because he believes it is unlikely to be valued this low again.

The investment comes at a time that the crypto industry has found a home in Texas.

Rural counties have become magnets for crypto mines ever since China banned crypto mining in 2021 and Gov. Greg Abbott declared “Texas is open for crypto business” in a post on social media.

The state is home to at least 27 Bitcoin facilities, according to the Texas Blockchain Council, making it the world’s top crypto mining spot. The two largest crypto mining facilities in the world call Texas home.

The industry has also come under criticism as it expands.

Critics point to the industry’s significant energy usage, with crypto mines in the state consuming 2,717 megawatts of power in 2023, according to the comptroller’s office. That is enough electricity to power roughly 680,000 homes.

Crypto mines use large amounts of electricity to run computers that run constantly to produce cryptocurrencies, which are decentralized digital currencies used as alternatives to government-backed traditional currencies.

A 2023 study by energy research and consulting firm Wood Mackenzie commissioned by The New York Times found that Texans’ electric bills had risen nearly 5%, or $1.8 billion per year, due to the increase in demand on the state power grid created by crypto mines.

Residents living near crypto mines have also complained that the amount of job creation promised by the facilities has not materialized and the noise of their operation is a nuisance.

“Texas should be reinvesting Texan’s tax money in things that truly bolster the economy long term, living wage, access to quality healthcare, world class public schools,” said state Sen. Molly Cook, D-Houston, who voted against the creation of the strategic fund. “Instead it feels like they’re almost gambling our money on something that is known to be really volatile and has not shown to be a tide that raises all boats.”

State Sen. Charles Schwertner, R-Georgetown, who authored the bill that created the fund, said at the time it passed that it will allow Texas to “lead and compete in the digital economy.”

___

This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.

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.”

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