Fervo Energy bumps up IPO target to $1.82B

IPO update

Fervo plans to sell 70 million shares of Class A common stock at $25 to $26 per share. Photo courtesy Fervo Energy

Houston-based geothermal power company Fervo Energy is now eyeing an IPO that would raise $1.75 billion to $1.82 billion, up from the previous target of $1.33 billion.

In paperwork filed Monday, May 11 with the U.S. Securities and Exchange Commission, Fervo says it plans to sell 70 million shares of Class A common stock at $25 to $26 per share.

In addition, Fervo expects to grant underwriters 30-day options to buy up to 8.33 million additional shares of Class A common stock. This could raise nearly $200 million.

When it announced the IPO on May 4, Fervo aimed to sell 55.56 million shares at $21 to $24 per share, which would have raised $1.17 billion to $1.33 billion. The initial valuation target was $6.5 billion.

A date for the IPO hasn’t been scheduled. Fervo’s stock will be listed on Nasdaq under the ticker symbol FRVO.

Fervo, founded in 2017, has attracted about $1.5 billion in funding from investors such as Bill Gates-founded Breakthrough Energy Ventures, Google, Mitsubishi Heavy Industries, Devon Energy (which is moving its headquarters to Houston), Tesla co-founder JB Straubel, CalSTRS, Liberty Mutual Investments, AllianceBernstein, JPMorgan, Bank of America and Sumitomo Mitsui Trust Bank.

Fervo’s marquee project is Cape Station in Beaver County, Utah, the world’s largest EGS (enhanced geothermal system) project. The first phase will deliver 100 megawatts of baseload clean power, with the second phase adding another 400 megawatts. The site can accommodate 2 gigawatts of geothermal energy. Fervo holds more than 595,000 leased acres for potential expansion.

Cape Station has secured power purchase agreements for the entire 500-megawatt capacity. Customers include Houston-based Shell Energy North America and Southern California Edison.

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The company plans to use the funds to support its flagship Texas facility and planned merger. Photo via LinkedIn

Houston battery recycling company secures $32M in financing

fresh funding

Houston-based Ace Green Recycling has raised $32 million in private investment in public equity (PIPE) financing to support its future plans for growth.

The battery recycling technology company secured the financing with Athena Technology Acquisition Corp. II, a publicly traded special purpose acquisition company that Ace previously announced it plans to merge with. Once the merger is completed, Ace will become a publicly traded company on the Nasdaq Stock Exchange under the ticker symbol "AGXI."

Ace says the financing will be used to complete the merger and scale the company.

“This investment accelerates our mission to redefine battery recycling at a global scale,” Ace CEO Nischay Chadha said in a news release. “At Ace, we are deploying Greenlead® and LithiumFirst™ as a new standard–fully electrified, Scope 1 emissions-free solutions designed to replace legacy processes and unlock a cleaner supply chain for critical materials. We believe that the future of electrification depends on how efficiently and sustainably we recover these resources, and this milestone brings us meaningfully closer to that future.”

Ace says the funding will also be primarily used to fund capital expenditures related to the development of its planned flagship recycling facility, located outside of Beaumont, Texas. According to a February investor presentation, the facility is expected to launch in 2027. It will recycle lead-acid and lithium-ion batteries.

Ace agreed to a 15-year battery material supply agreement with Miami-based OM Commodities last year, in which OM Commodities would supply Ace with at least 30,000 metric tons of lead scrap to be recycled annually. Switzerland-based Glencore plc agreed to a 15-year offtake agreement to purchase up to 100 percent of ACE’s products from four of its planned lead-acid and lithium-ion battery recycling parks back in 2022.

Ace also reported that the funding will be put toward "supporting the expansion of operations and to fund the purchase of other companies," in the release.

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.

Ace Green Recycling has secured a deal that will supply 100 percent of its phase one recycling capacity at its forthcoming Texas flagship facility. Photo courtesy Ace Green Recycling.

Houston battery recycling company signs 15-year deal to supply Texas flagship facility

green team

Houston- and Singapore-headquartered Ace Green Recycling, a provider of sustainable battery recycling technology solutions, has secured a 15-year battery material supply agreement with Miami-based OM Commodities.

The global commodities trading firm will supply Ace with at least 30,000 metric tons of lead scrap annually, which the company expects to recycle at its planned flagship facility in Texas. Production is expected to commence in 2026.

"We believe that Ace's future Texas facility is poised to play a key role in addressing many of the current challenges in the lead industry in the U.S., while helping the country meet the growing domestic demand for valuable battery materials," Nishchay Chadha, CEO and co-founder of Ace, said in a news release. "This agreement with OM Commodities will provide us with enough supply to support our Texas facility during all of its current planned phases, enabling us to achieve optimal efficiencies as we deploy our solutions in the U.S. market. With OM Commodities being a U.S.-based leader in metals doing business across the Americas and Asia with a specialty in lead batteries, we look forward to leveraging their expertise in the space as we advance our scale-up efforts."

The feedstock will be sufficient to cover 100 percent of Ace's phase one recycling capacity at the Texas facility, according to the statement. The companies are also discussing future lithium battery recycling collaborations.

"Ace is a true pioneer when it comes to providing an environmentally friendly and economically superior solution to recycle valuable material from lead scrap," Yiannis Dumas, president of OM Commodities, added in the news release. "We look forward to supporting Ace with lead feedstock as they scale up their operations in Texas and helping create a more circular and sustainable battery materials supply chain in the U.S."

Additionally, ACE shared that it is expected to close a merger with Athena Technology Acquisition Corp. II (NYSE: ATEK) in the second half of 2025, after which Ace will become a publicly traded company on the Nasdaq Stock Market under the ticker symbol "AGXI."

"As we continue to scale our lead and lithium battery recycling technologies to help support the markets for both internal combustion engines and electric vehicles, we expect that our upcoming listing will be a key accelerator of growth for Ace,” Chada said.

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Electric truck charging network expands to Houston-Dallas freight corridor

electric trucking

Greenlane Infrastructure, an electric public charging station developer and operator, is expanding outside of its home state of California and into Texas.

The Santa Monica-based company plans to launch its high-power charging sites along the Dallas–Houston I-45 corridor, which is one of the highest-volume commercial trucking routes in the country, according to a news release from Greenlane.

The sites will feature 6-8 pull-through lanes with chargers supporting combined charging system (CCS) and megawatt charging system (MCS) connectors that allow electric truck drivers to recharge their vehicles during standard rest periods. They will also offer tractor parking and charging, as well as operations that will allow for overnight stops.

Drivers can reserve chargers in advance, monitor charging activity in real time, and manage billing from the Greenlane Edge platform.

“Our customers are making commitments to electrify their fleets, and they need a charging network that can grow alongside them,” Patrick Macdonald-King, CEO of Greenlane, said in the release. “This is the first leg of the Texas triangle, one of the more important freight arteries in the country, so bringing high-power charging there is the next logical step in building a network that serves how freight moves across America.”

Greenlane is also expanding across the West Coast, with five locations under development in California and Nevada. It opened its flagship Greenlane Center in Colton, California, in April 2025. The company plans to open locations in Blythe, California, and Port of Long Beach this year.

Greelane was founded in 2023 as a joint venture between Daimler Truck North America, NextEra Energy Resources and BlackRock. It has secured partnerships with electric long-haul truck developer Windrose Technology, Velocity Truck Centers and Volvo Trucks North America.

Major Oxy announcement, new AI platform, and more Houston energy headlines

Trending News

Editor's note: The top Houston energy headlines for the first half of May include the rollout of a new AI platform and a big announcement from Oxy. Plus, a nuclear reactor company opens a Houston office and a local battery recycling company secures millions in financing. Here are the most-read EnergyCapitalHTX stories published May 1-14, 2026:

1. Houston AI startup rolls out platform to reshape oil and gas workflows

Houston-based Collide is looking to solve AI issues in the energy industry from within. Co-founded by former oil roughneck Collin McLelland, the company has developed AI software for operators and field teams, shaped by firsthand oilfield experience. Its AI-native platform “retrieves and synthesizes data from authoritative sources to deliver accurate, cited, and energy-focused insights to oil and gas professionals,” it says. Continue reading.

2. Houston battery recycling company secures $32M in financing

Houston-based Ace Green Recycling has raised $32 million in private investment in public equity (PIPE) financing to support its future plans for growth. The battery recycling technology company secured the financing with Athena Technology Acquisition Corp. II, a publicly traded special purpose acquisition company that Ace previously announced it plans to merge with. Once the merger is completed, Ace will become a publicly traded company on the Nasdaq Stock Exchange under the ticker symbol "AGXI." Ace says the financing will be used to complete the merger and scale the company. Continue reading.

3. Modular nuclear reactor company opens office in Houston

The nuclear energy renaissance continues in Texas with an announcement by NuScale Power. The Oregon-based provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology announced in April it would be opening office space in Houston’s CityCentre. “Opening this space in Houston underscores our commitment to meeting rising energy demand with safe, scalable nuclear technology,” John Hopkins, NuScale president and CEO, said. Continue reading.

4. Oxy officially announces CEO transition, names successor

Houston-based Occidental (Oxy) has officially announced its longtime CEO's retirement and her successor. Oxy shared that Vicki Hollub will retire June 1. Reuters first reported Hollub's plan to retire in March, but a firm date had not been set. Hollub will remain on Oxy's board of directors. Richard Jackson, who currently serves as Oxy's COO, will replace Hollub in the CEO role. Continue reading.

5. Texas data center proposed by U.S. Army could use more power than El Paso

The U.S. Army is proposing developing a gargantuan, 3-gigawatt data center complex on Fort Bliss property that within a few years would consume more electricity than all of El Paso Electric’s 460,000 customers combined – even as questions about its development, water usage and air pollution remain unanswered. If built, it would be the third major data center project in the El Paso region, along with Meta Platform’s $10 billion facility in Northeast and the $165 billion Project Jupiter campus that Oracle and OpenAI are building in Santa Teresa, New Mexico. The combined scale and size of the three facilities could quickly transform the Borderland into one of the nation’s core hubs of power generation and AI infrastructure. Continue reading.

Houston startup lands $1B from Blackstone and Halliburton, plans acquisition

power deal

Houston-based power generation startup VoltaGrid has nailed down a $1 billion equity investment from asset management heavyweight Blackstone and Houston-based oilfield services provider Halliburton.

The investment comes in two forms:

A $775 million primary capital raise
A $225 million secondary capital purchase from existing investors

VoltaGrid, founded in 2020, provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers.

Aside from the $1 billion investment, VoltaGrid has agreed to buy Propell Energy Technology, a VoltaGrid supplier, for an undisclosed amount. Propell offers a natural gas power generation platform for AI data centers. VoltaGrid plans to add two manufacturing plants at Propell’s facilities in Granbury, a Dallas-Fort Worth suburb.

The investment and acquisition deals are expected to close in mid-2026.

Funds managed by Blackstone Tactical Opportunities are contributing to the $1 billion investment. William Nicholson, managing director of Blackstone, called VoltaGrid “a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes.”

Nathan Ough, founder and CEO of VoltaGrid, said in a release that the Blackstone investment “is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era.”

Last October, VoltaGrid and Halliburton said they had forged a partnership to supply power for data centers around the world, with the Middle East picked as the initial target. Two months later, the companies said they had arranged the manufacturing of 400 megawatts of natural gas power systems that’ll be delivered in 2028 to support new data centers in the Eastern Hemisphere.

Jeff Miller, president and CEO of Halliburton, said his company’s investment in VoltaGrid “reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

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