SLB and Nevada-based Ormat Technologies are aiming to scale enhanced geothermal systems. Photo courtesy SLB

Houston-based energy technology company SLB and renewable energy company Ormat Technologies have teamed up to fast-track the development and commercialization of advanced geothermal technology.

Their initiative focuses on enhanced geothermal systems (EGS). These systems represent “the next generation of geothermal technology, meant to unlock geothermal energy in regions beyond where conventional geothermal resources exist,” the companies said in a news release.

After co-developing EGS technology, the companies will test it at an existing Ormat facility. Following the pilot project, SLB and Nevada-based Ormat will pursue large-scale EGS commercialization for utilities, data center operators and other customers. Ormat owns, operates, designs, makes and sells geothermal and recovered energy generation (REG) power plants.

“There is an urgent need to meet the growing demand for energy driven by AI and other factors. This requires accelerating the path to clean and reliable energy,” Gavin Rennick, president of new energy at SLB, said in a news release.

Traditional geothermal systems rely on natural hot water or steam reservoirs underground, limiting the use of geothermal technology. EGS projects are designed to create thermal reservoirs in naturally hot rock through which water can circulate, transferring the energy back to the surface for power generation and enabling broader availability of geothermal energy.

The U.S. Department of Energy estimates next-generation geothermal, such as EGS, could provide 90 gigawatts of electricity by 2050.

Houston-based energy technology company SLB has rolled out two new tools for the energy transition. Photo via slb.com

Houston-based corporation introduces two new energy transition tools

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Houston-based energy technology company SLB has rolled out two new tools — one for evaluating sites for carbon capture, utilization, and storage (CCUS) and the other for measuring methane levels.

SLB (Schlumberger) says the screening and ranking technology can help developers pinpoint ideal CCUS locations during the site selection process. The company says this tool helps simplify “a complex and multifaceted process.”

“CCUS is one of the most immediate opportunities to reduce emissions, but it must scale up by 100 to 200 times in less than three decades to have the expected impact on global net zero ambitions,” says Frederik Majkut, senior vice president of carbon solutions at SLB. “Ensuring that a storage site is both safer and economical is crucial for the speed, scale, and investment needed to meaningfully drive CCUS growth for a low-carbon energy ecosystem.”

The tool crunches data to identify the potential capabilities, economic viability, and risks of developing a CCUS project. The technology already has been used in Trinidad and Tobago, a two-island Caribbean country, to screen and rank possible CCUS sites.

“Using industry-leading and proprietary technologies and workflows, we provide a consistent and reliable method for screening and ranking potential storage sites, including an assessment of the risk, to ensure economic feasibility and long-term reliability,” SLB says on its website.

SLB unveiled the technology at the ADIPEC energy conference in the United Arab Emirates.

Prospective sites for CCUS projects include oil reservoirs, gas reservoirs, salt caves, and shale formations. More than 500 CCUS projects are in various stages of development around the world, according to the International Energy Agency.

Texas is poised to become a major player in the CCUS movement, with Houston set to serve as a hub for CCUS activity. Next March, Houston is hosting a major CCUS conference at the George R. Brown Convention Center. Sponsors of the event are the Society of Petroleum Engineers, American Association of Petroleum Geologists, and Society of Exploration Geophysicists.

The other tool released by SLB measures methane levels. Specifically, it’s a self-installed methane monitoring system that relies on sensors to detect, locate and assess emissions across oil and gas operations. Methane represents about half of the emissions from these operations.

“The technology automates continuous methane monitoring — eliminating the need for manual data collection during typical intermittent site visits, which only offers producers a small sample of their emissions,” says SLB.

The new joint venture, OneSubsea, is based in Oslo, Norway, and Houston. Photo courtesy

Houston company closes offshore JV deal to drive innovation, efficiency in subsea production

teaming up

A new joint venture with co-headquarters in Houston will explore opportunities in the market for subsea systems that tap into offshore energy reserves.

The business, called OneSubsea, is a joint venture of Houston-based energy technology company SLB (Schlumberger), Norwegian energy engineering company Aker Solutions, and Luxembourg-based energy engineering company Subsea7. SLB holds a 70 percent stake in OneSubsea, with Aker’s share at 20 percent and Subsea7’s share at 10 percent.

The financial foundation of the joint venture is a combination of $700.5 million in stock, cash, and a promissory note. In addition, SLB and Aker folded their subsea businesses into the joint venture, which was announced in 2022.

“As demand grows for cost-effective, efficient, and sustainable energy,” the joint venture says, “a large portion of the corresponding supply increase will come from offshore developments resulting in strong deepwater activity … and the need for innovative subsea solutions.”

OneSubsea is based in Oslo, Norway, and Houston.

As Aker explains, a subsea system “provides a way to produce hydrocarbons from areas not economically or easily developed by the use of an offshore platform.” The system’s ocean-floor components are connected to subsea pipelines, riser systems, and other equipment.

Hydrocarbons are the key components of oil and natural gas.

“The offshore market is demonstrating a sustained resurgence as operators across the world look to accelerate development cycle times and increase the productivity of their offshore assets,” says Olivier Le Peuch, CEO of SLB.

Mads Hjelmeland is the newly appointed CEO of OneSubsea, which employs about 11,000 people around the world.

“OneSubsea’s extensive technology portfolio and engineering expertise enable us to address future market trends and needs at a unique scale. In doing so, we aim to fulfil our purpose of expanding the frontiers of subsea to drive a sustainable energy future,” says Hjelmeland, who is based in Houston.

Hjelmeland’s tenure with the previous iteration of OneSubsea began in 2014. That’s a year after SLB and Cameron, a supplier of equipment, systems and services for the oil and gas industry, formed a joint venture known as OneSubsea to serve the subsea oil and gas market. SLB owned a 40 percent stake in OneSubsea, and Cameron owned a 60 percent stake.

To establish OneSubsea, Cameron contributed its subsea business, and SLB pitched in a $600 million payment to Cameron along with several business units.

In 2016, SLB acquired Cameron in a cash-and-stock deal initially valued at $14.8 billion. OneSubsea then became a subsidiary of SLB, and that subsidiary is now part of the newly reconfigured OneSubsea.

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Houston geothermal company raises $97M Series B

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Houston-based geothermal energy startup Sage Geosystems has closed its Series B fundraising round and plans to use the money to launch its first commercial next-generation geothermal power generation facility.

Ormat Technologies and Carbon Direct Capital co-led the $97 million round, according to a press release from Sage. Existing investors Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital and Ignis H2 Energy also participated, as well as new investors SiteGround Capital and The UC Berkeley Foundation’s Climate Solutions Fund.

The new geothermal power generation facility will be located at one of Ormat Technologies' existing power plants. The Nevada-based company has geothermal power projects in the U.S. and numerous other countries around the world. The facility will use Sage’s proprietary pressure geothermal technology, which extracts geothermal heat energy from hot dry rock, an abundant geothermal resource.

“Pressure geothermal is designed to be commercial, scalable and deployable almost anywhere,” Cindy Taff, CEO of Sage Geosystems, said in the news release. “This Series B allows us to prove that at commercial scale, reflecting strong conviction from partners who understand both the urgency of energy demand and the criticality of firm power.”

Sage reports that partnering with the Ormat facility will allow it to market and scale up its pressure geothermal technology at a faster rate.

“This investment builds on the strong foundation we’ve established through our commercial agreement and reinforces Ormat’s commitment to accelerating geothermal development,” Doron Blachar, CEO of Ormat Technologies, added in the release. “Sage’s technical expertise and innovative approach are well aligned with Ormat’s strategy to move faster from concept to commercialization. We’re pleased to take this natural next step in a partnership we believe strongly in.”

In 2024, Sage agreed to deliver up to 150 megawatts of new geothermal baseload power to Meta, the parent company of Facebook. At the time, the companies reported that the project's first phase would aim to be operating in 2027.

The company also raised a $17 million Series A, led by Chesapeake Energy Corp., in 2024.

Houston expert discusses the clean energy founder's paradox

Guest Column

Everyone tells you to move fast and break things. In clean energy, moving fast without structural integrity means breaking the only planet we’ve got. This is the founder's paradox: you are building a company in an industry where the stakes are existential, the timelines are glacial, and the capital requires patience.

The myth of the lone genius in a garage doesn’t really apply here. Clean energy startups aren’t just fighting competitors. They are fighting physics, policy, and decades of existing infrastructure. This isn’t an app. You’re building something physical that has to work in the real world. It has to be cheaper, more reliable, and clearly better than fossil fuels. Being “green” alone isn’t enough. Scale is what matters.

Your biggest risks aren’t competitors. They’re interconnection delays, permitting timelines, supply chain fragility, and whether your first customer is willing to underwrite something that hasn’t been done before.

That reality creates a brutal filter. Successful founders in this space need deep technical knowledge and the ability to execute. You need to understand engineering, navigate regulation, and think in terms of markets and risk. You’re not just selling a product. You’re selling a future where your solution becomes the obvious choice. That means connecting short-term financial returns with long-term system change.

The capital is there, but it’s smarter and more demanding. Investors today have PhDs in electrochemistry and grid dynamics. They’ve been burned by promises of miracle materials that never left the lab. They don't fund visions; they fund pathways to impact that can scale and make financial sense. Your roadmap must show not just a brilliant invention, but a clear, believable plan to drive costs down over time.

Capital in this sector isn’t impressed by ambition alone. It wants evidence that risk is being retired in the right order — even if that means slower growth early.

Here’s the upside. The difficulty of clean energy is also its strength. If you succeed, your advantage isn’t just in software or branding. It’s in hardware, supply chains, approvals, and years of hard work that others can’t easily copy. Your real competitors aren’t other startups. They’re inertia and the existing system. Winning here isn’t zero-sum. When one solution scales, it helps the entire market grow.

So, to the founder in the lab, or running field tests at a remote site: your pace will feel slow. The validation cycles are long. But you are building in the physical world. When you succeed, you don’t have an exit. You have a foundation. You don't just have customers; you have converts. And the product you ship doesn't just generate revenue; it creates a legacy.

If your timelines feel uncomfortable compared to software, that’s because you’re operating inside a system designed to resist change. And let’s not forget you are building actual physical products that interact with a complex world. Times are tough. Don’t give up. We need you.

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Nada Ahmed is the founding partner at Houston-based Energy Tech Nexus.

Houston maritime startup raises $43M to electrify cargo vessels

A Houston-based maritime technology company that is working to reduce emissions in the cargo and shipping industry has raised VC funding and opened a new Houston headquarters.

Fleetzero announced that it closed a $43 million Series A financing round this month led by Obvious Ventures with participation from Maersk Growth, Breakthrough Energy Ventures, 8090 Industries, Y Combinator, Shorewind, Benson Capital and others. The funding will go toward expanding manufacturing of its Leviathan hybrid and electric marine propulsion system, according to a news release.

The technology is optimized for high-energy and zero-emission operation of large vessels. It uses EV technology but is built for maritime environments and can be used on new or existing ships with hybrid or all-electric functions, according to Fleetzero's website. The propulsion system was retrofitted and tested on Fleetzero’s test ship, the Pacific Joule, and has been deployed globally on commercial vessels.

Fleetzero is also developing unmanned cargo vessel technology.

"Fleetzero is making robotic ships a reality today. The team is moving us from dirty, dangerous, and expensive to clean, safe, and cost-effective. It's like watching the future today," Andrew Beebe, managing director at Obvious Ventures, said in the news release. "We backed the team because they are mariners and engineers, know the industry deeply, and are scaling with real ships and customers, not just renderings."

Fleetzero also announced that it has opened a new manufacturing and research and development facility, which will serve as the company's new headquarters. The facility features a marine robotics and autonomy lab, a marine propulsion R&D center and a production line with a capacity of 300 megawatt-hours per year. The company reports that it plans to increase production to three gigawatt-hours per year over the next five years.

"Houston has the people who know how to build and operate big hardware–ships, rigs, refineries and power systems," Mike Carter, co-founder and COO of Fleetzero, added in the release. "We're pairing that industrial DNA with modern batteries, autonomy, and software to bring back shipbuilding to the U.S."