Investors close partial acquisition of Phillips 66 subsidiary with growing EV network

M&A activity

Two investment firms have scooped up the majority stake in JET, a subsidiary of Phillips 66 with a rapidly growing EV charging network. Photo via Jet.de Facebook.

Energy Equation Partners, a London-based investment firm focused on clean energy companies, and New York-based Stonepeak have completed the acquisition of a 65 percent interest in JET Tankstellen Deutschland GmbH, a subsidiary of Houston oil and gas giant Phillips 66.

JET is one of the largest and most popular fuel retailers in Germany and Austria with a rapidly growing EV charging network, according to a news release. It also operates approximately 970 service stations, convenience stores and car washes.

“We are delighted to complete this acquisition and to partner with Stonepeak and Phillips 66 to take JET to the next level,” Javed Ahmed, managing partner of Energy Equation Partners, said in a news release. “This investment reflects EEP’s commitment to investing in established players in the energy sector who have the potential to make a meaningful impact on the energy transition, and we are excited to work alongside the entire JET team, including its dedicated service station operators, to realize this vision.”

The deal values JET at approximately $2.8 billion. Phillips 66 will retain a 35 percent non-operated interest in JET and received about $1.6 billion in pre-tax proceeds.

“Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria," Anthony Borreca, senior managing director and co-head of energy at Stonepeak, added in a news release. "We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET’s growth.”

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ConocoPhillips is one of the Houston companies on the new Forbes 2000 list. Photo via conocophillips.com

18 Houston-based energy companies land on Forbes Global 2000 list

Forbes 2000

More than 60 Texas-based companies appear on Forbes’ 2025 list of the world’s 2,000 biggest publicly traded companies, and nearly half come from Houston, the majority in the energy sector.

Among Texas companies whose stock is publicly traded, Spring-based ExxonMobil is the highest ranked at No. 13 globally.

Rounding out Texas’ top five are Houston-based Chevron (No. 30), Dallas-based AT&T (No. 35), Austin-based Oracle (No. 66), and Austin-based Tesla (No. 69).

Ranking first in the world is New York City-based J.P. Morgan Chase.

Forbes compiled this year’s Global 2000 list using data from FactSet Research to analyze the biggest public companies based on four metrics: sales, profit, assets, and market value.

“The annual Forbes Global 2000 list features the companies shaping today’s global markets and moving them worldwide,” said Hank Tucker, a staff writer at Forbes. “This year’s list showcases how despite a complex geopolitical landscape, globalization has continued to fuel decades of economic growth, with the world’s largest companies more than tripling in size across multiple measures in the past 20 years.”

The U.S. topped the list with 612 companies, followed by China with 317 and Japan with 180.

Here are the rest of the Texas-based companies in the Forbes 2000, grouped by the location of their headquarters and followed by their global ranking.

Houston area (those in the energy sector are in bold)

ConocoPhillips (No. 105)
Phillips 66 (No. 276)
SLB (No. 296)
EOG Resources (No. 297)
Occidental Petroleum (No. 302)
Waste Management (No. 351)
Kinder Morgan (No. 370)
Hewlett Packard Enterprise (No. 379)
Baker Hughes (No. 403)
Cheniere Energy (No. 415)
Corebridge Financial (No. 424)
Sysco (No. 448)
Halliburton (No. 641)
Targa Resources (No. 651)
NRG Energy (No. 667)
Quanta Services (No. 722)
CenterPoint Energy (No. 783)
Coterra Energy (No. 1,138)
Crown Castle International (No. 1,146)
Westlake Corp. (No. 1,199)
APA Corp. (No. 1,467)
Comfort Systems USA (No. 1,629)
Group 1 Automotive (No. 1,653)
Talen Energy (No. 1,854)
Prosperity Bancshares (No. 1,855)
NOV (No. 1,980)

Austin area

Dell Technologies (No. 183)
Flex (No. 887)
Digital Realty Trust (No. 1,063)
CrowdStrike (No. 1,490)

Dallas-Fort Worth

Caterpillar (No. 118)
Charles Schwab (No. 124)
McKesson (No. 195)
D.R. Horton (No. 365)
Texas Instruments (No. 374)
Vistra Energy (No. 437)
CBRE (No. 582)
Kimberly-Clark (No. 639)
Tenet Healthcare (No. 691)
American Airlines (No. 834)
Southwest Airlines (No. 844)
Atmos Energy (No. 1,025)
Builders FirstSource (No. 1,039)
Copart (No. 1,062)
Fluor (No. 1,153)
Jacobs Solutions (1,232)
Globe Life (1,285)
AECOM (No. 1,371)
Lennox International (No. 1,486)
HF Sinclair (No. 1,532)
Invitation Homes (No. 1,603)
Celanese (No. 1,845)
Tyler Technologies (No. 1,942)

San Antonio

Valero Energy (No. 397)
Cullen/Frost Bankers (No. 1,560)

Midland

Diamondback Energy (No. 471)
Permian Resources (No. 1,762)

---

A version of this article originally appeared on CultureMap.com.

Twenty-six Houston-area companies landed on the latest Fortune 500 list. Photo via Getty Images

Houston earns No. 3 spot among cities with most Fortune 500 headquarters

biggest companies

Houston maintained its No. 3 status this year among U.S. metro areas with the most Fortune 500 headquarters. Fortune magazine tallied 26 Fortune 500 headquarters in the Houston area, behind only the New York City area (62) and the Chicago area (30).

Last year, 23 Houston-area companies landed on the Fortune 500 list. Fortune bases the list on revenue that a public or private company earns during its 2024 budget year.

On the Fortune 500 list for 2025, Spring-based ExxonMobil remained the highest-ranked company based in the Houston area as well as in Texas, sitting at No. 8 nationally. That’s down one spot from its No. 7 perch on the 2024 list. During its 2024 budget year, ExxonMobil reported revenue of $349.6 billion, up from $344.6 billion the previous year.

Here are the rankings and 2024 revenue for the 25 other Houston-area companies that made this year’s Fortune 500:

No. 16 Chevron, $202.8 billion
No. 28 Phillips 66, $145.5 billion
No. 56 Sysco, $78.8 billion
No. 75 Conoco Phillips, $56.9 million
No. 78 Enterprise Products Partners, $56.2 billion
No. 92 Plains GP Holdings, $50 billion
No. 143 Hewlett-Packard Enterprise, $30.1 billion
No. 153 NRG Energy, $28.1 billion
No. 155 Baker Hughes, $27.8 billion
No. 159 Occidental Petroleum, $26.9 billion
No. 183 EOG Resources, $23.7 billion
No. 184 Quanta Services, $23.7 billion
No. 194 Halliburton, $23 billion
No. 197 Waste Management, $22.1 billion
No. 214 Group 1 Automotive, $19.9 billion
No. 224 Corebridge Financial, $18.8 billion
No. 256 Targa Resources, $16.4 billion
No. 275 Cheniere Energy, $15.7 billion
No. 289 Kinder Morgan, $15.1 billion
No. 345 Westlake Corp., $12.1 billion
No. 422 APA, $9.7 billion
No. 443 NOV, $8.9 billion
No. 450 CenterPoint Energy, $8.6 billion
No. 474 Par Pacific Holdings, $8 billion
No. 480 KBR Inc., $7.7 billion

Nationally, the top five Fortune 500 companies are:

Walmart
Amazon
UnitedHealth Group
Apple
CVS Health

“The Fortune 500 is a literal roadmap to the rise and fall of markets, a reliable playbook of the world's most important regions, services, and products, and an indispensable roster of those companies' dynamic leaders,” Anastasia Nyrkovskaya, CEO of Fortune Media, said in a news release.

Among the states, Texas ranks second for the number of Fortune 500 headquarters (54), preceded by California (58) and followed by New York (53).

The Houston-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease, the U.S. Department of Justice said. Photo via phillips66.com

Houston-based Phillips 66 faces federal charges related to alleged Clean Water Act violations

investigation station

Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California, authorities said Thursday.

The Houston-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease, the U.S. Department of Justice said.

The company allegedly dumped the wastewater from its Carson oil refinery into the Los Angeles County sewer system in 2020 and 2021 and did not report the violations, prosecutors said.

Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. The company faces up to five years of probation on each count and a maximum of $2.4 million in fines.

An arraignment date has not been set.

“Phillips 66 will continue its cooperation with the U.S. Attorney’s office and is prepared to present its case in these matters in court,” a spokesperson said in a statement Thursday. “The company remains committed to operating safely and protecting the health and safety of our employees and the communities where we operate.”

Last month, Phillips announced it would close its Southern California refinery by the end of 2025, citing market concerns. That refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission.

The company also operates a refinery near San Francisco that accounts for about 5% of California’s refining capacity, according to the state Energy Commission.

Houston-based energy companies have again held a sizable presence on the Fortune 500 ranking. Photo via Getty Images

Houston energy companies score big on annual Fortune 500 ranking

big cos.

Fourteen businesses with global or regional headquarters in the Houston area appear on Fortune’s new list of the world’s 500 biggest companies.

Oil and gas company Saudi Aramco, whose headquarters for the Americas is in Houston, leads the Houston-area pack. With annual revenue of $494.9 billion, it lands at No. 4 on the Fortune Global 500. Ahead of Saudi Aramco are U.S. retailers Walmart and Amazon, and Chinese electric company State Grid.

To put Saudi Aramco’s annual revenue in perspective, the total is slightly above the gross domestic product for the Philippines.

For the third year in a row, Saudi Aramco stands out as the most profitable member of the Fortune Global 500. The company racked up $121 billion in profit last year.

Overall, Saudi Aramco and 32 other petroleum refiners — many of them with a significant presence in the Houston area — made the Fortune Global 500.

“The Global 500 is the ultimate scorecard for business success. The aggregate revenue of the Fortune Global 500 in 2023 reached $41 trillion, a record level. That sum represents more than a third of global GDP — a sign of how much economic power is concentrated in these companies,” Scott DeCarlo, Fortune’s vice president of research, says in a news release.

Here’s the rundown of Fortune Global 500 companies with global or regional headquarters in the Houston area, including the ranking and annual revenue for each:

Saudi Aramco, No. 4, $494.9 billion, Americas headquarters in Houston
ExxonMobil, No. 12, $344.6 billion, global headquarters in Spring
Shell, No. 13, $323.2 billion; U.S. headquarters in Houston
TotalEnergies, No. 23, $218.9 billion, U.S. headquarters in Houston
BP, No. 25, $213 billion, U.S. headquarters in Houston
Chevron, No. 29, $200.9 billion, global headquarters relocating to Houston in 2024
Phillips 66, No. 52, $149.9 billion, global headquarters in Houston
Engie, No. 130, $89.3 billion, North American headquarters in Houston
Sysco, No. 163, $76.3 billion, global headquarters in Houston
ConocoPhillips, No. 235, $58.6 billion, global headquarters in Houston
Enterprise Products Partners, No. 303, $49.7 billion, global headquarters in Houston
Plains GP Holdings, No. 311, $48.7 billion, global headquarters in Houston
LyondellBasell, No. 368, $41.1 billion, global headquarters in Houston
SLB (formerly Schlumberger), No. 479, $33.1 billion, global headquarters in Houston

Fortune uses revenue figures for budget years ending on or before March 31, 2024, to rank the world’s largest companies.

Chevron expects all of its corporate functions to shift to Houston over the next five years. Photo via Getty Images

Following years of speculation, Chevron announces HQ move to Houston

big news

The Energy Capital of the World is adding another jewel to its corporate crown.

With the impending move of Chevron’s headquarters from Northern California to Houston, the Houston area will be home to 24 Fortune 500 companies. Chevron ranks 15th on this year’s Fortune 500.

Oil and gas giant Chevron, currently based in San Ramon, California, will join three Fortune 500 competitors that already maintain headquarters in the Houston area:

Spring-based ExxonMobil, No. 7 on the Fortune 500
Houston-based Phillips 66, No. 26 on the Fortune 500
Houston-based ConocoPhillips, No. 68 on the Fortune 500

Chevron, which posted revenue of $200.9 billion in 2023, employs about 7,000 people in the Houston area and about 2,000 people in San Ramon. The company says its chairman and CEO, Mike Wirth, and vice chairman, Mark Nelson, will move to Houston before the end of 2024.

In an interview with The Wall Street Journal, Wirth acknowledged Chevron’s differences of opinion with California policymakers regarding energy matters.

“We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” Wirth said.

Chevron expects all of its corporate functions to shift to Houston over the next five years. Jobs that support the company’s California operations will remain in San Ramon, where Chevron employs about 2,000 people. Some Chevron employees in San Ramon will relocate to Houston.

The company’s move to Houston hardly comes as a surprise. Speculation about a relocation to Houston intensified after Chevron sold its 98-acre San Ramon headquarters in 2022 and moved corporate employees to leased office space. Over the past several years, Chevron has shifted various corporate functions to Houston.

“This is just the final step that many industry observers were waiting to happen,” Ken Medlock, senior director of the Baker Institute’s Center for Energy Studies at Rice University, says in a news release.

“To start, Houston provides a world-class location for internationally focused energy companies, which is why there is such a massive international presence here,” Medlock adds. “Texas is also the nation’s largest energy producer across multiple energy sources and is poised to lead in emerging opportunities such as hydrogen and carbon capture, so Houston is a great place for domestically focused activities as well.”

The announcement of Chevron’s exit from California comes just a year after ExxonMobil finalized its relocation from Irving to Spring.

“Chevron’s decision to relocate its headquarters underscores the compelling advantages that position Houston as the prime destination for leading energy companies today and for the future,” Steve Kean, president and CEO of the Greater Houston Partnership, says in a post on the organization’s website.

“With deep roots in our region,” he adds, “Chevron is [a] key player in establishing Houston as a global energy leader. This move will further enhance those efforts.”

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HETI members to take the stage at CERAWeek 2026 in Houston

The View from HETI

CERAWeek returns to Houston March 23–27, convening global industry leaders to explore the trends shaping the future of energy.

The Greater Houston Partnership’s Houston Energy Transition Initiative (HETI) members will play a key role in this year’s program, contributing to discussions spanning digital innovation, power systems, decarbonization and workforce. Below are the sessions featuring HETI members throughout the week:

AI in Energy: Managing the Transformation
Monday, March 23 | 9:30-10:00 a.m.
Speakers: Hector Rocha, Accenture; Rebecca Hofmann, Blockchain For Energy; Paul Markwell, S&P Global

Scaling Innovation: Building the Ecosystem for the Next Energy Breakthroughs
Monday, March 23 | 10:30-11:10 a.m.
Speakers: Graham Gordon, Accenture; Carolyn Seto, S&P Global; Bernie Bulkin, Global Energy Infrastructure Plc; Georgina Campbell Flatter, Greentown Labs
Examines how partnerships across capital, policy and infrastructure can accelerate commercialization and scaling of breakthrough energy technologies.

Oil Strategies for a World in Transition
Monday, March 23 | 11:15-11:55 a.m.
Speakers: Olivier Le Peuch, SLB; Anders Opedal, Equinor; Vicki Hollub, Occidental; Atul Arya, S&P Global
Discusses how producers are adapting portfolio strategies to balance resilience, demand outlooks and transition pressures.

Gas: Growing Markets and New Players
Monday, March 23 | 12:00-12:40 p.m.
Speakers: Liz Westcott, Woodside Energy; Toby Rice, EQT Corporation; Shankari Srinivasan, S&P Global; Ryosuke Tsugaru, JERA CO., INC.

Advances in Exploration Technologies for Oil & Gas and Mining
Monday, March 23 | 1:30-2:10 p.m.
Speakers: Amy Callahan, Accenture; Hussein Shel, Amazon Web Services; Oscar Abbink, S&P Global
Highlights sensing, imaging and AI tools improving discovery efficiency and sustainability in exploration.

AI in Action: From Pilot to Profit
Monday, March 23 | 1:30-2:00 p.m.
Speakers: Shridevi Bale, Accenture; Paul Gruenwald, S&P Global
Shares lessons from scaling AI deployments beyond pilots into measurable operational value.

Power Networks: Collaborating to Meet Demand
Monday, March 23 | 2:15-2:55 p.m.
Speakers: Lawrence Coben, NRG Energy; Jim Murphy, Invenergy; Eduard Sala de Vedruna, S&P Global
Examines grid readiness and collaboration models needed to manage surging electricity demand.

New Phase of Gas: From Regional Security to Global Market Integration
Monday, March 23 | 3:00-3:40 p.m.
Speakers: Cederic Cremers, Shell; Balaji Krishnamurthy, Chevron; Kevin Gallagher, Santos; Mansoor Al Hamed, Mubadala Energy; Dave Ernsberger, S&P Global
Discusses LNG’s evolving role in global integration, energy security and future pricing structures.

Transforming Upstream: Pathways to Scaling New Technologies
Monday, March 23 | 7:00-8:30 p.m.
Speakers: Rami El Debs, Accenture; Trey Lowe, Devon Energy; Bader Al-Attar, Kuwait Petroleum Corporation
Explores adoption of advanced digital and automation technologies in upstream operations.

Leadership Dialogue
Tuesday, March 24 | 9:00-9:20 a.m.
Speakers: Wael Sawan, Shell; Daniel Yergin, S&P Global

One Grid, One ASEAN: Building a Shared Clean Energy Future
Tuesday, March 24 | 10:30-11:10 a.m.
Speakers: Akihiro Ondo, Mitsubishi Power; Gauri Jauhar, S&P Global

Harmonizing Carbon Accounting: Charting a Path Forward
Tuesday, March 24 | 10:40-11:20 a.m.
Speakers: Edward Stones, Dow; Sasha Mackler, ExxonMobil; Musaab Al-Mulla, Saudi Aramco; Kevin Birn, S&P Global
Examines efforts to standardize emissions accounting to improve comparability and market transparency.

Global Exploration Revival: Lessons and New Strategies
Tuesday, March 24 | 11:30-12:10 p.m.
Speakers: John Ardill, ExxonMobil; Dan Pratt, S&P Global; Guido Brusco, Eni

How Will AI Change the Game for Energy Profitability?
Tuesday, March 24 | 12:20-1:00 p.m.
Speakers: Rakesh Jaggi, SLB; Jim Masso, Honeywell; Atul Arya, S&P Global; Darryl Willis, Microsoft; Renata Baruzzi, Petrobras
Examines how AI and cloud technologies could reshape cost structures and performance across energy systems.

Balancing Act: Price, Reliability and the Global Call on U.S. Energy
Tuesday, March 24 | 2:35-3:15 p.m.
Speakers: Stéphane Michel, TotalEnergies; Eleonor Kramarz, S&P Global; Matt Schatzman, NextDecade; Brian Falik, Mercuria Energy America
Explores tensions between domestic supply reliability and global export opportunities.

The Future of Upstream: Matching Capital Discipline with Opportunity
Tuesday, March 24 | 2:35-3:15 p.m.
Speakers: Richard Jackson, Occidental; Philippe Mathieu, Equinor; Niloufar Molavi, PwC; Bob Fryklund, S&P Global

Transforming the Energy Industry: How Will Technology Change Business Models?
Tuesday, March 24 | 2:35- 3:15 p.m.
Speakers: Ryder Booth, Chevron; Peter Terwiesch, ABB; Atul Arya, S&P Global
Examines digital transformation and new partnership models reshaping energy value chains.

Sustainable Solutions: Partnership, Technology and Innovative Paths
Tuesday, March 24 | 3:25-4:05 p.m.
Speakers: Barry Engle, ExxonMobil; Luis Cabra, Repsol; Leanne Todd, S&P Global; Roeland Baan, Topsoe
Highlights collaborative approaches to deploying scalable decarbonization solutions.

The Future of Refining: Resilience, Innovation and Low-Carbon Pathways
Tuesday, March 24 | 3:25-4:05 p.m.
Speakers: Amber Russell, bp; Kurt Barrow, S&P Global; Martijn van Koten, OMV; Atsuhiko Hirano, Idemitsu; Magnus Heimburg, VAROPreem
Explores how refining and supply chains are adapting to policy, demand and emissions pressures.

Reinventing Business Strategies: Thriving in the New Energy Economy
Tuesday, March 24 | 4:15-4:55 p.m.
Speakers: Muqsit Ashraf, Accenture; Philippe Frangules, S&P Global; Sushil Purohit, Gentari Sdn Bhd
Discusses evolving strategies integrating new technologies and markets.

Creating AI-Ready Organizations
Tuesday, March 24 | 4:20-5:05 p.m.
Speakers: David Rabley, Accenture; Gwenaelle Avice-Huet, Schneider Electric; Dave Ernsberger, S&P Global; Rob Schapiro, Microsoft; Geoffrey Parker, Arthur L. Irving Institute for Energy and Society at Dartmouth
Focuses on workforce, leadership and infrastructure required for effective AI adoption.

Meeting Power Demand for Data Centers
Wednesday, March 25 | 10:30-11:20 a.m.
Speakers: Karim Amin, Siemens Energy; Ed Baine, Dominion Energy; Douglas Giuffre, S&P Global; Ingmar Ritzenhofen, RWE Supply & Trading and RWE Clean Energy; Amanda Peterson Corio, Google; Jim Shield, Invenergy
Discusses strategies for aligning infrastructure, policy and markets to meet data-center load growth.

Where Agentic AI Is Now and What Comes Next
Wednesday, March 25 | 10:30-11:00 a.m.
Speakers: Tathagata Basu, Honeywell; Ben Wilson, Amazon Web Services, Bhavesh Dayalji, S&P Global

People Power: Strategic Human Capital in a New Energy Era
Wednesday, March 25 | 10:40-11:20 a.m.
Speakers: Jessica Van Singel, Accenture
Examines workforce strategy alignment with innovation and competitiveness goals.

Global Energy Pathways in the Age of Abundance
Wednesday, March 25 | 11:45-12:35 p.m.
Speakers: Gareth Ramsay, bp; Atul Arya, S&P Global; Olu Verheijen, Office of the President of the Federal Public of Nigeria

Agentic AI: Embracing Autonomy
Thursday, March 26 | 10:00-10:30 a.m.
Speakers: Trygve Randen, SLB; Uwa Airhiavbere, Microsoft; Eric Hanselman, S&P Global
Examines governance and reliability considerations as autonomous AI systems expand in energy.

The Changing Mix of U.S. Power Generation: Gas, Renewables, Coal, Nuclear and Beyond
Thursday, March 26 | 10:30-11:20 a.m.
Speakers: Bill Newsom, Mitsubishi Power; Douglas Giuffre, S&P Global; John-Paul Jones, Urenco Enrichment Company; Leslie Duke, Burns & McDonnell; Mike DeBock, NextEra Energy Resources
Explores how policy and technology shifts are reshaping generation portfolios.

Large Load Growth: Reshaping the Future of Power
Thursday, March 26 | 11:10-11:50 a.m.
Speakers: Robert Gaudette, NRG Energy; Petter Skantze, NextEra Energy Resources; Douglas Giuffre, S&P Global; Peter Lake, National Energy Dominance Council
Discusses planning and market responses to large-scale electricity demand.

Interconnecting America: The Grid’s Last Mile
Thursday, March 26 | 12:00-12:40 p.m.
Speakers: Tim Holt, Siemens Energy; Philippe Frangules, S&P Global; David Brast, TC Energy; David Rosner, Federal Energy Regulatory Commission

AI: Driving Performance in the Power Sector
Thursday, March 26 | 3:05-3:45 p.m.
Speakers: Dak Liyanearachchi, NRG Energy; Hanna Grene, Microsoft; Douglas Giuffre, S&P Global
Explores AI use cases improving grid management and forecasting.

Digital Twins: The AI Enabler for Multiple Sectors
Thursday, March 26 | 4:30-5:10 p.m.
Speakers: Sacha Abinader, Accenture; Oscar Abbink, S&P Global
Examines digital twins enabling predictive maintenance and AI training environments.

View the full CERAWeek agenda.

———

This article originally appeared on the Greater Houston Partnership's Houston Energy Transition Initiative blog . HETI exists to support Houston's future as an energy leader. For more information about the Houston Energy Transition Initiative, EnergyCapitalHTX's presenting sponsor, visit htxenergytransition.org.

Houston data center capacity could more than double by 2028, CBRE report says

data analysis

The Houston market could more than double its data center capacity by the end of 2028, a new report indicates.

The report, published by commercial real estate services provider CBRE, says greater demand for data center capacity in the Houston area is being fueled by energy companies, along with large-scale cloud services and AI-driven tenants.

In the second half of 2025, the Houston market had 154 megawatts of data center capacity, which was on par with capacity in the second half of 2024. Another 28.5 megawatts of capacity was under construction during that period.

“Multiple providers are advancing new builds and redevelopments, including significant power upgrades to recently purchased buildings, underscoring long-term confidence even as the market works through elevated vacancy and uneven absorption,” CBRE says of Houston’s data center presence.

One project alone promises to significantly boost the Houston market’s data center capacity. Data center developer Serverfarm plans to use part of a $3 billion credit facility to build a 250-acre, AI-ready data center campus near Houston with a potential capacity of more than 500 megawatts. The Houston campus and two other Serverfarm projects are already leased to unidentified tenants, according to CoStar.

A 60-megawatt, AI-ready Serverfarm data center is under construction in Houston. The $137 million, 438,000-square-foot project, located near the former headquarters of computer manufacturer Compaq, is supposed to be completed in the third quarter of 2027.

Data Center Map identifies 59 data centers in the Houston area managed by 36 operators, including DataBank, Data Foundry, Digital Realty, IBM, Logix Fiber Networks, Lumen and TRG Datacenters. That compares with more than 180 data centers in Dallas-Fort Worth, more than 50 in the San Antonio area and 40 in the Austin area.

Texas is home to more than 400 data centers, according to Data Center Map.

In November, Google said it’s investing $40 billion to build AI data centers in West Texas and the Texas Panhandle.

“This is a Texas-sized investment in the future of our great state,” Gov. Greg Abbott said when Google’s commitment was announced. “Texas is the epicenter of AI development, where companies can pair innovation with expanding energy. Google's $40 billion investment makes Texas Google's largest investment in any state in the country and supports energy efficiency and workforce development in our state.”

Houston energy transition ecosystem rebrands as 'Energytech Cypher'

new look

Houston-based Energytech Nexus has rebranded.

The cleantech founders community will now be known as Energytech Cypher. Organizers say the new name was inspired by the Arabic roots of the word cypher, ṣifr, which is also the root of the word zero.

"A cypher is a key that unlocks what's hidden," Nada Ahmed, co-founder and chief revenue officer of Energytech Cypher, said in a news release. "And zero? Zero is where every transformation begins, the leap from 0 to 1, from idea to reality, from potential to power. We decode the energy transition by connecting the right founders, the right capital, and the right corporate partners at the right time, because the most important journey in energy is the one that takes you from nothing to something."

Energytech Nexus has rebranded to Energytech Cypher.

Co-founder and CEO Jason Ethier says that the name change better reflects the organization's mission.

"The energy transition doesn't have a technology problem. It has a connection problem," Ehtier added in the release. "The right founders exist. The right investors exist. The right partners exist. What's been missing is the infrastructure to bring them together—to decode the complexity, remove the friction, and make sure the best technologies find the markets that need them. That's what this community has always done. Energytech Cypher is the name that finally says it."

Energytech Cypher, previously known as Energytech Nexus, was first launched in 2023 and has grown from a podcast to a 130-member ecosystem. It has supported startups including Capwell Services, Resollant, Syzygy Plasmonics, Hertha Metals, Solidec and many others.

It is known for its flagship programs like the Pilotathon, which connects founders with industry partners for pilot opportunities. The event debuted in 2024.

Energytech Cypher also launched its COPILOT Accelerator last year. The accelerator partners with Browning the Green Space, a nonprofit that promotes diversity, equity and inclusion (DEI) in the clean energy and climatech sectors. The inaugural cohort included two Houston-based startups and 12 others from around the U.S.

It also hosts programs like Liftoff, Energy Tech Market, lunch and learns, CEO roundtables, investor workshops and international partnership initiatives.

Last year, Energytech Cypher also announced a new strategic ecosystem partnership with Greentown Labs, aimed at accelerating growth for clean energy startups. It also named its global founding partners, including Houston-based operations such as Chevron Technology Ventures, Collide, Oxy Technology Ventures, and others from around the world.

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