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Houston leaders launch new downtown hub to support energy transition innovation

ribbon cutting

Energy Tech Nexus has opened in downtown Houston. Photo by Natalie Harms/EnergyCapital

Three Houston energy innovators have cut the ribbon on a new space for energy transition innovation.

The Energy Tech Nexus, located in the historic Niels Esperson Building at the corner of Travis and Rusk Avenue, opened on September 10, which was proclaimed Energy Tech Nexus Day by the city.

Jason Ethier and Juliana Garaizar, formerly in leadership roles at Greentown Labs, teamed up with Nada Ahmed, previously headed innovation and transformation at Aker Solutions, launched ETN as a community for energy transition startups. The new hub plans to host incubation programs, provide mentorship, and open doors to funding and strategic partnerships for its members.

"We are creating more than a space for innovation," Garaizar says in a news release. "We are crafting a community where pioneers in technology and energy converge to challenge the status quo and accelerate the shift to sustainable energy solutions."

The hub describes its goal of tackling the "trilemma" of energy security, sustainability, and affordability while also contributing to the mission of setting up Houston as the global center for energy transition. To accomplish that mission, ETN will help facilitate rapid deployment of cutting-edge energy technologies.

'The future of energy is not just being written here in Houston; it's being rewritten in more sustainable, efficient, and innovative ways," adds Garaizar. "Houston provides the perfect backdrop for this transformation, offering a rich history in energy and a forward-looking approach to its challenges and opportunities."

"We believe that a broad spectrum of perspectives is crucial in solving global energy challenges. It's about bringing everyone to the table — startups, industry leaders, and investors from all backgrounds," she continues.

Ethier, who co-hosts the Energy Tech Startups Podcast with Ahmed, says he hopes that ETN acts as a meeting place for energy transition innovators.

"By providing the right tools, access, and expertise, we are enabling these companies to leap from ideation to implementation at an unprecedented pace;" Ethier explains. "The interaction between startups and established companies within Energy Tech Nexus creates a unique synergy, fostering innovations that might otherwise take years to mature in isolation."

Payal Patel, an angel investor who has held leadership roles at Station Houston, Plug and Play Ventures, and Softeq, also contributed to launching ETN, which is collaborating with George Liu, who has over 15 years of investment banking experience across energy, cleantech and hardtech with more than $20 billion in M&A projects across his career.

In May, ETN teamed up with Impact Hub Houston to establish the Equitable Energy Transition Alliance and Lab to accelerate startup pilots for underserved communities. The initiative announced that it's won the 2024 U.S. Small Business Administration Growth Accelerator Fund Competition, or GAFC, Stage One award.

ETN celebrated its opening during the inaugural Houston Energy and Climate Week.

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Solar manufacturer expands Houston footprint with new 4 GW factory

coming soon

Houston-based SEG Solar plans to open a new 4-gigawatt solar module manufacturing facility in Cypress.

The facility represents more than a $200 million investment and will raise SEG's total annual U.S. module production capacity to approximately 6 gigawatts, according to a new release. The expansion is part of SEG’s long-term goal of becoming one of the largest 100 percent U.S.-owned module manufacturers.

The new 500,000-square-foot facility will be located on Telge Road and is expected to create 800 new jobs, according to reports.

“This new facility marks an important milestone for SEG,” Timothy Johnson, VP of operations, said in the release. “It will further strengthen our U.S. manufacturing capabilities while supporting ongoing technology innovation. The plant is designed with the flexibility to integrate next-generation technologies, including (heterojunction solar technology) as the industry evolves.”

Commercial operations at the new facility are expected to commence in Q3 2026.

SEG is also developing a 5-gigawatt ingot and wafer manufacturing facility in Indonesia. Construction on the facility is expected to begin in Q2 2026.

In 2024, SEG Solar opened a new $60 million, 250,000-square-foot facility in Houston to house its production workshops, raw material warehouses, administrative offices, finished goods warehouses and supporting infrastructure. Read more here.

Fervo Energy bumps up IPO target to $1.82B

IPO update

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.

Modular nuclear reactor company opens office in Houston

new to hou

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 in a news release. “This move expands our presence in a key market for partners, prospective customers, and stakeholders in addition to positioning us for the future as we focus on the near-term deployment of our industry-leading technology. Texas is leading the way in embracing advanced nuclear for grid resilience and industrial decarbonization, and we’re proud to expand our footprint and capabilities in this important region.”

Interest in nuclear power has been growing in recent years thanks to tensions with oil-rich nations, concerns about man-made climate change from fossil fuels, and the rapidly increasing power needs of data centers. Both Dow and Texas A&M University have announced expanded nuclear power projects in the last year, with an eye of changing the face of Texas’s energy industry through smaller, safer fission reactors.

Enter NuScale, founded in 2007 from technology developed at the University of Oregon. Their modular SMR technology generates 77 megawatts and is one of the only small modular reactors (SMR) to receive design approval from the U.S. Nuclear Regulatory Commission (NRC). These advances have led to runaway success for NuScale, whose stock has risen by more than 1,670 percent since the start of 2024.

The new operations campus in CityCentre is expected to facilitate the movement, installation and coordination of NuScale technology into the various energy systems. Typically, SMRs are used for off-grid installations, desalination operations, mining facilities and similar areas that lack infrastructure. However, the modularity means that they can be easily deployed to a variety of areas.

It comes none too soon. ERCOT projects that Texas data centers alone will require 77,965 megawatts by 2030.

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