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Fervo named to prestigious list of climate tech companies to watch

top honor

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

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.

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TEX-E, a Houston-based energy transition nonprofit, has named Sandy Guitar as its executive director. Photo courtesy TEX-E.

TEX-E names Houston VC leader as new executive director

new hire

The Texas Exchange for Energy & Climate Entrepreneurship (TEX-E) has named Houston venture capital and innovation leader Sandy Guitar as its new executive director.

Guitar succeeds David Pruner, who will move into the board chair role.

Guitar previously served as general partner and managing director at Houston-based VC firm HX Venture Fund and is co-founder of Weathergage Capital. She also sits on the advisory board of Rice University's Liu Idea Lab for Innovation and Entrepreneurship (Lilie) and launched the Women Investing in VC in Houston group.

In a LinkedIn post, Guitar shared that she's looking forward to bringing her problem-solving skills to the energy transition.

"Innovating in the energy sector is as significant and intricate a problem as I have ever worked on — one that demands creativity, collaboration, and resourcefulness at every turn," she shared.

"I'm honored to join TEX-E at such a pivotal time in the energy transition," she added in a news release. "Energy and climate innovation is accelerating at the intersection of brilliant minds and bold ideas. I'm excited to help TEX-E amplify that collision between students who think differently and the real-world problems that demand fresh solutions."

According to TEX-E, Guitar will continue to lead the organization's programming that aims to connect student climate entrepreneurs with "industry reality."

"Sandy understands the complexities of the Texas energy ecosystem and brings a forward-looking vision for how related innovation can drive meaningful, lasting impact. She's exactly the leader we need to take TEX-E to the next level and help create the next generation of energy transition innovators," David Baldwin, TEX-E board member, added in the release.

TEX-E was founded in 2022 through partnerships with MIT Martin Trust Center for Entrepreneurship and Greentown Labs. It works with university students from six schools: Rice University, University of Houston, Prairie View A&M University, The University of Texas at Austin, Texas A&M University and MIT.

It's known for its student track within the Energy Venture Day and Pitch Competition at CERAWeek, which awarded $25,000 to HEXASpec, a Rice University-led team, at the 2025 event. It also hosted its inaugural TEX-E Conference, centered on the theme of Energy & Entrepreneurship: Navigating the Future of Climate Tech, earlier this year.

Georgina Campbell Flatter worked closely with Greentown Labs when it was founded in 2011 and now will lead the incubator as CEO. Photo courtesy Greentown Labs

Greentown Labs names new CEO to lead climate tech incubator

new hire

Houston and Boston climate tech incubator Greentown Labs has named Georgina Campbell Flatter as the organization’s incoming CEO.

Flatter will transition to Greentown from her role as co-founder and executive director of TomorrowNow.org, a global nonprofit that studies and connects next-generation weather and climate technologies with communities most affected by climate change.

“We are at a transformational moment in the energy transition, with an unprecedented opportunity to drive solutions in energy production, sustainability, and climate resilience,” Flatter said in a news release. “Greentown Labs is, and has always been, a home for entrepreneurs and a powerhouse of collaboration and innovation.”

Previously, Flatter worked to launch TomorrowNow out of tomorrow.io, a Boston-based AI-powered weather intelligence and satellite technology company. The organization secured millions in climate philanthropy from partners, including the Gates Foundation, which helped deliver cutting-edge climate solutions to millions of African farmers weekly.

Flatter also spent 10 years at the Massachusetts Institute of Technology (MIT), where she was a senior lecturer and led global initiatives at the intersection of technology and social impact. Her research work includes time at Langer Lab and Sun Catalytix, an MIT – ARPA-E-funded spin-out that focused on energy storage solutions inspired by natural photosynthesis. Flatter is also an Acumen Rockefeller Global Food Systems Fellow and was closely involved with Greentown Labs when it was founded in Boston in 2011, according to the release.

“It’s rare to find an individual who has impressive climate and energy expertise along with nonprofit and entrepreneurial leadership—we’re fortunate Georgie brings all of this and more to Greentown Labs,” Bobby Tudor, Greentown Labs Board Chair and Chairman of the Houston Energy Transition Initiative, said in a news release.

Flatter will collaborate with Kevin Dutt, Greentown’s Interim CEO, and also continue to serve on Greentown’s Board of Directors, which was recently announced in December and contributed to a successful $4 million funding round. She’s also slated to speak at CERAWeek next month.

“In this next chapter, I’m excited to build on our entrepreneurial roots and the strength of our ever-growing communities in Boston and Houston,” Flatter added in a news release. “Together, we will unite entrepreneurs, partners, and resources to tackle frontier challenges and scale breakthrough technologies.”

Greentown also named Naheed Malik its new chief financial officer last month. The announcements come after Greentown’s former CEO and president, Kevin Knobloch, announced that he would step down in July 2024 after less than a year in the role.

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UH lands $1.5M for endowed professorship and energy workforce initiative

funding the future

The University of Houston announced two major funding awards last month focused on energy transition initiatives and leadership.

Longtime UH supporters Peggy and Chris Seaver made a $1 million gift to the university to establish the Peggy and Chris Seaver Endowed Aspire Professorship, a faculty position “designed to strengthen UH Energy and expand the university’s leadership in addressing the most pressing global energy challenges,” according to a news release.

The new role is the third professorship appointed to UH Energy. The professorship can qualify for a dollar-for-dollar match through the Aspire Fund Challenge, a $50 million matching initiative launched by an anonymous donor.

“This gift will be key to cementing UH’s role as The Energy University,” Ramanan Krishnamoorti, vice president for energy and innovation at UH, said in the release. “By recruiting a highly respected faculty member with international experience, we are further elevating UH Energy’s global profile while deepening our impact here in the energy capital of the world.”

Also in January, the university shared that it would be joining the Urban Enrichment Institute (UEI) and the City of Houston to help train the next generation of energy workers, thanks to a $560,000 grant.

The Gulf Research Program of the National Academies of Sciences, Engineering and Medicine awarded the funding to the UEI, a nonprofit that supports at-risk youth. It will allow the UEI to work with UH’s Energy Transition Institute and the Houston Health Department to launch “Spark Energy Futures: Equipping Youth and Communities for the Energy Transition.”

The new initiative is designed for Houstonians ages 16-25 and will provide hands-on experience, four months of STEM-based training, and industry-aligned certifications without a four-year degree. Participants can also earn credentials and job placement support.

“Our energy systems are going through unprecedented changes to address the growing energy demands in the United States, Gulf Coast and Texas,” Debalina Sengupta, assistant vice president and Chief Operating Officer of ETI at UH, said in a news release.“To meet growing demands, the energy supply, transmission, distribution and markets associated with an ever-increasing energy mix needs a workforce skilled in multidimensional aspects of energy, as well as the flexibility to switch as needed to provide affordable, reliable and sustainable energy to our population.”

Keith Cornelius, executive director of UEI, added that he expects about 50 students to participate in the program’s inaugural year and that the program is looking to attract those interested in entering the energy workforce without a college degree.

“We’re looking to have tremendous success with the Energy Transition Institute,” Cornelius said. “This program is a testament to what can be done between a community-based organization, a major university and the city.”

The award was part of a $2.7 million grant that will fund four projects in the Gulf region, including two others in Texas. The Gulf Research Program Awards also granted $748,175 to launch the “Building the South Texas Energy Workforce” initiative in in Kingsville, Texas and $728,000 for “Texas Green Careers Academy: Activating a New Generation of Energy Professionals” in Austin.

Solar power and storage help save Texans millions on electric bills, CEO tells Senate

price stability

Solar power and battery storage are saving Texans hundreds of millions of dollars on their electric bills, the president and CEO of the Solar Energy Industries Association recently told a congressional committee.

Abigail Ross Hopper, the association’s president and CEO, said in testimony given to the U.S. Senate Environment and Public Works Committee that states like Texas that are adding significant capacity for solar power and battery storage are enjoying lower, more stable prices for electricity.

“Unsubsidized solar is now the cheapest source of electricity in history in much of the country,” Hopper said. “With no fuel costs, solar provides a hedge against natural gas price volatility that continues to cause electricity price spikes.”

“The only way to put downward pressure on prices is by bringing more power online, not less,” she added.

To illustrate the value of solar power and battery storage, Hopper compared two hot summer days in Texas—one in July 2022 and the other in July 2025.

Hopper explained that the Electric Reliability Council of Texas (ERCOT) had begun installing solar on its grid in 2022 but had very little battery storage. ERCOT manages 90 percent of the state’s electrical load.

When ERCOT grid conditions buckled under high demand on the highlighted day in 2022, the price of electricity spiked to nearly $1,500 per megawatt-hour, Hopper said.

“Three years later, the amount of solar had increased substantially and was complemented by energy storage,” she said.

On the specified day in 2025, under even greater demand than three years earlier, sizable amounts of solar power, battery storage and wind power kept ERCOT’s midday price of electricity low and stable—around $50 per megawatt-hour. That dollar amount represented a nearly 100 percent decrease compared with the highlighted day in 2022.

Solar and wind supplied nearly 40 percent of Texas’ power during the first nine months of 2025, according to the U.S. Energy Information Administration (EIA).

Despite the state’s expansion of solar power and battery storage capacity, residential electricity prices in ERCOT’s territory rose 30 percent from 2020 to 2025 and are expected to climb another 29 percent from 2025 to 2030, according to a forecast from the Texas Energy Poverty Research Institute.

The increase in electric bills is tied to factors such as:

  • Higher natural gas prices
  • Greater demand from AI data centers and cryptomining facilities
  • Extreme weather
  • Population growth
  • Development of new transmission and distribution lines

The strain on ERCOT’s grid is only getting worse. An EIA forecast predicts demand for ERCOT electricity will jump 9.6 percent in 2026, and ERCOT expects a 50 percent jump in demand by 2029.

Spring-based private equity firm acquires West Texas wind farm

power deal

Spring-based private equity firm Arroyo Investors has teamed up with ONCEnergy, a Portland, Oregon-based developer of clean energy projects, to buy a 60-megawatt wind farm southeast of Amarillo.

Skyline Renewables, which acquired the site, known as the Whirlwind Energy Center, in 2018, was the seller. The purchase price wasn’t disclosed.

Whirlwind Energy Center, located in Floyd County, West Texas, comprises 26 utility-scale wind turbines. The wind farm, built in 2007, supplies power to Austin Energy.

“The acquisition reflects our focus on value-driven investments with strong counterparties, a solid operating track record, and clear relevance to markets with growing capacity needs,” Brandon Wax, a partner at Arroyo, said in a press release. “Partnering with ONCEnergy allows us to leverage deep operational expertise while expanding our investment footprint in the market.”

Arroyo focuses on energy infrastructure investments in the Americas. Its portfolio includes Spring-based Seaside LNG, which produces liquefied natural gas and LNG transportation services.

Last year, Arroyo closed an investment fund with more than $1 billion in total equity commitments.

Since its launch in 2003, Arroyo has “remained committed to investing in high-quality assets, creating value and positioning assets for exit within our expected hold period,” founding partner Chuck Jordan said in 2022.

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