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Houston investment firm closes $105M energy venture fund

seeing green

Veriten has closed a $105 million venture fund to support the "future energy world." Photo via Pexels.

Houston-based investment firm Veriten has announced the initial close of its second flagship energy venture fund with more than $105 million in capital commitments.

Fund II will build on Veriten’s initial fund and aim to support “scalable technology solutions for energy, power and industrial applications,” according to a company news release.

"Our differentiated network, research-driven process, and first principles approach to investing are having an impact across multiple verticals including traditional energy, electrification, and industrial technology. Fund II builds on that platform,” John Sommers, partner, investments at Veriten, added in the release. “In this environment, the differentiator isn't capital – it's all about connectivity, deep sector expertise, and an economically-driven approach. As new technologies and approaches develop at breakneck speed, the need for more reliable, affordable energy and power continues to grow dramatically. The current backdrop accentuates the need for Veriten's solution."

Veriten is supported by over 50 strategic partnerships in the energy, power, industrial and technology sectors, including major players like Halliburton and Phillips 66.

"Veriten continues to build a differentiated platform at the intersection of energy, technology and industry expertise," Jeff Miller, chairman and CEO of Halliburton, said in the release. "We were early believers in the team and their ability to identify practical solutions to real challenges across the energy value chain. As all industries increasingly adopt digital tools, automation and AI-enabled technologies to improve performance and execution, we are proud to partner with Veriten again to help accelerate high-impact solutions across the broader energy landscape."

Veriten closed its debut fund, NexTen LP, of $85 million in committed capital in October 2023. It was launched in January 2022 by Maynard Holt, co-founder and former CEO of the energy investment bank Tudor, Pickering, Holt & Co.

It has invested in Houston-based AI-powered electricity analytics provider Amperon and led a $12 million Seed 2 funding round for Houston-based Helix Technologies to scale manufacturing of its energy-efficient commercial HVAC add-on earlier this year. In the past year it has contributed to funding rounds for San Francisco-based Armada and Calgary-based Veerum.

Veriten also named Nick Morriss as its new managing director earlier this month. Morriss most recently served as vice president of business development at next-generation nuclear technology company Natura Resources and spent nearly 20 years at NOV Inc.

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Sage Geosystems has raised a $97 million Series B. Photo via sagegeosystems.com.

Houston geothermal company raises $97M Series B

fresh funding

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.

Base Power, founded by Justin Lopas and Zach Dell, has closed one of the largest venture capital deals of the year. Photo courtesy Base Power.

Energy startup Base Power raises $1 billion series C round

fresh funding

Austin-based startup Base Power, which offers battery-supported energy in the Houston area and other regions, has raised $1 billion in series C funding—making it one of the largest venture capital deals this year in the U.S.

VC firm Addition led the $1 billion round. All of Base Power’s existing major investors also participated, including Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed Venture Partners, Andreessen Horowitz (a16z), Altimeter, StepStone Group, 137 Ventures, Terrain, Waybury Capital, and entrepreneur Elad Gil. New investors include Ribbit Capital, Google-backed CapitalG, Spark Capital, Bond, Lowercarbon Capital, Avenir Growth Capital, Glade Brook Capital Partners, Positive Sum and 1789 Capital Management.

Coupled with the new $1 billion round, Base Power has hauled in more than $1.27 billion in funding since it was founded in 2023.

Base Power supplies power to homeowners and the electric grid through a distributed storage network.

“The chance to reinvent our power system comes once in a generation,” Zach Dell, co-founder and CEO of Base Power, said in a news release. “The challenge ahead requires the best engineers and operators to solve it, and we’re scaling the team to make our abundant energy future a reality.”

Zach Dell is the son of Austin billionaire and Houston native Michael Dell, chairman and CEO of Round Rock-based Dell Technologies.

In less than two years, Base Power has developed more than 100 megawatt-hours of battery-enabled storage capacity. One megawatt-hour represents one hour of energy use at a rate of one million watts.

Base Power recently expanded its service to the city of Houston. It already was delivering energy to several other communities in the Houston area. To serve the Houston region, the startup has opened an office in Katy.

The startup also serves the Dallas-Fort Worth and Austin markets. At some point, Base Power plans to launch a nationwide expansion.

To meet current and future demand, Base Power is building its first energy storage and power electronics factory at the former downtown Austin site of the Austin American-Statesman’s printing presses.

“We’re building domestic manufacturing capacity for fixing the grid,” Justin Lopas, co-founder and chief operating officer of Base Power, added in the release. “The only way to add capacity to the grid is [by] physically deploying hardware, and we need to make that here in the U.S. ... This factory in Austin is our first, and we’re already planning for our second.”

U.S. Rep. Morgan Luttrell, a Magnolia Republican, and Hertha Metals founder and CEO Laureen Meroueh toured Hertha’s Conroe plant in August. Photo courtesy Hertha Metals/Business Wire.

Houston-area sustainable steel company emerges from stealth with $17M in VC funding

heavy metals

Conroe-based Hertha Metals, a producer of substantial steel, has hauled in more than $17 million in venture capital from Khosla Ventures, Breakthrough Energy Fellows, Pear VC, Clean Energy Ventures and other investors.

The money has been put toward the construction and the launch of its 1-metric-ton-per-day pilot plant in Conroe, where its breakthrough in steelmaking has been undergoing tests. The company uses a single-step process that it claims is cheaper, more energy-efficient and equally as scalable as conventional steelmaking methods. The plant is fueled by natural gas or hydrogen.

The company, founded in 2022, plans to break ground early next year on a new plant. The facility will be able to produce more than 9,000 metric tons of steel per year.

Hertha said in a news release that its process, which converts low-grade iron ore into molten steel or high-purity iron, “doesn’t just materially lower cost and energy use — it fundamentally expands our capacity to produce iron and steel at scale, by unlocking a wider range of iron ore feedstocks.”

Laureen Meroueh, founder and CEO of Hertha, says the company’s process will fill a gap in U.S. steel production.

“We’re not just reinventing steelmaking; we’re redefining what’s possible in materials, manufacturing, and national resilience,” Meroueh says.

Hertha says it’s in talks with magnet producers — which make permanent magnets and magnetic assemblies from raw materials such as iron — to become a U.S. supplier of high-purity iron. In its next stage of growth, Hertha will aim to operate at a capacity of 500,000 metric tons of steel production per year.

The company won the Department of Energy's Summer Energy Program for Innovation Clusters (EPIC) Startup Pitch Competition last summer. Read more here.

According to a new report, Houston is one of the top cities for funding for sustainability companies. Photo via Getty Images

Houston ranked a top market for attracting funding for sustainability-focused startups

by the numbers

From a financial standpoint, Houston appears to be a sustainable environment for sustainability-focused startups.

An analysis by PromoLeaf, a retailer of sustainable promotional products, that came out at the end of last year ranks Houston fourth among U.S. cities for the average funding raised by locally based startups in the sustainability sector, according to Crunchbase data.

Per the report, the Bayou City attracts $150.7 million in sustainability funding for startups. Ahead of Houston are Salt Lake City with $204.5 million; Santa Monica, California, with $154.3 million; and Fremont, California, with $153.4 million.

PromoLeaf’s analysis features cities where at least 20 companies are focused on sustainability.

The analysis indicates Houston has 20.6 sustainability startups per 100,000 residents. Ranking first in that regard is Boulder, Colorado (115 per 100,000 residents).

While Houston trails Boulder by a long distance, it fares well among the Texas cities in the analysis:

  1. Austin, 26.2 sustainability startups per 100,000 residents
  2. Houston, 20.6 sustainability startups per 100,000 residents
  3. Midland, 18.8 sustainability startups per 100,000 residents
  4. Plano, 11.9 sustainability startups per 100,000 residents
  5. Dallas, 11 sustainability startups per 100,000 residents
  6. Fort Worth, 5.3 sustainability startups per 100,000 residents
  7. San Antonio, 5.2 sustainability startups per 100,000 residents

PromoLeaf says more than 21,600 sustainability startups operate in the U.S. They’re in the renewable energy, recycling and pollution control, environmental engineering, green consumer goods, and environmental consulting industries.

The analysis shows Houston has:

  • 13.7 renewable energy startups per 100,000 residents
  • 5.8 recycling and pollution control startups per 100,000 residents
  • 3.5 environmental engineering startups per 100,000 residents
  • 2.9 environmental consulting startups per 100,000 residents
  • 0.70 green consumer goods startups per 100,000 residents

According to the Greater Houston Partnership, renewable energy startups leading Houston’s energy transformation include Energy Transition Ventures, Fysikes Biosolutions, Ionada, Katz Water Technologies, Pressure Corp., and Renewell Energy.

“A dynamic business climate combined with growth in venture capital funding in Houston has created fertile ground for companies of all stages aiming to power our world through the global energy transition,” the partnership says. “As the Energy Capital of the World, Houston has become a hub for startups and venture capital firms investing in the region’s energy future.”

Outside the energy sector, Houston startups like Trendy Seconds also are making their mark in sustainability. The company runs an online marketplace where women can find preowned clothing or shop for new clothing from sustainable brands.

“Our ultimate goal is to make responsible consumption super easy,” Maria Burgos, founder of Trendy Seconds, told InnovationMap last year.

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This article originally ran on InnovationMap.

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Houston’s Fervo Energy amasses $12B backlog of orders

q3 results

Houston-based geothermal power company Fervo Energy saw a 65 percent spike in purchase orders during the third quarter.

During Fervo’s third-quarter earnings call, Tim Latimer, co-founder, chair, president and CEO, said the company had a $11.9 billion backlog of orders, up from $7.2 billion in the previous quarter.

Those numbers didn’t translate to robust financial results in the third quarter, though. It closed the quarter with an operating loss of $43 million on revenue of just $116,000.

Beyond the billions of dollars in signed purchase agreements, Fervo is in talks with prospective customers in the utility, industrial data-center sectors, Latimer said. About half the potential customers are in the data-center sector, 35 percent in the utility sector and 15 percent in the industrial sector.

Latimer said the broad-based demand reflected by the backlog and the discussions with potential customers reinforces the critical need for reliable, readily available power.

“Our approach to power delivery will continue to blend front-of-the-meter and behind-the-meter development,” he said. “Grid-connected assets remain the foundation, though behind-the-meter gives customers a faster path to power when transmission time lines lag their need.”

Front-of-the-meter refers to power plants, utility-scale solar and wind farms, large grid batteries, and transmission and distribution infrastructure. Behind-the-meter assets sit on the customer side of the meter, such as backup generators and EV chargers at homes, businesses, factories and other everyday places.

The order backlog isn’t Fervo’s only recent milestone. In late September, the company’s Cape Station geothermal plant in Utah started delivering its first utility-scale geothermal power to the grid. The plant is producing about 33 megawatts of power.

Earlier in September, Fervo signed a 15-year deal to supply about 396 megawatts of power for Google data centers. The power will be delivered in four 99-megawatt batches. The company filed its $1.89 billion IPO this spring.

3 Houston incubators supporting hard tech, energy transition, and beyond

Meet The Finalists

It takes a village to launch a business. That's where Houston's network of incubators and accelerators can step in, providing the resources, mentorship and community needed to push a fledgling company forward.

As part of InnovationMap's 2026 Houston Innovation Awards, the Incubator/Accelerator of the Year category honors a local organization that is championing and fueling the growth of Houston startups.

Three incubators and accelerators have been named finalists for the 2026 award. They support startups ranging from hard tech companies to food and youth concepts.

Read more about these organizations below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Activate

Hard tech incubator Activate supports scientists in "the outset of their entrepreneurial journey." The Houston hub was introduced in 2024, and joins others in Boston, New York, and Berkley, California—where Activate is headquartered. It named its third Houston cohort this summer.

The two-year program graduated its first class of Houston fellows in 2026 and saw its first alumni IPO from Houston-based Fervo Energy, which previously participated in a Berkley cohort. Nationally, it has supported 346 fellows and 276 companies since 2015. Those companies have raised more than $6 billion in follow-on funding, according to Activate. In Houston, it has supported Houston startups like energy transition leaders Solidec and FlowCellutions. Activate Houston is led by managing director Jeremy Pitts, who co-founded Greentown Labs in Boston. It is based out of the Ion.

Impact Hub Houston

Impact Hub Houston supports early-stage ventures at various stages of development through innovative programs that address pressing societal issues. The nonprofit organization supports social impact startups through mentorship, connections and training opportunities.

There are more than 110 Impact Hubs globally with members spanning 72 countries. Launched in 2018, Impact Hub Houston says its membership tripled by the beginning of 2026. This year brought major milestones for the community, including the launch of its Ideas to Impact Accelerator, which supported 11 founders across the health, education, food systems, civic technology and workforce development sectors. It also received funding from more than 20 international Impact Hubs to develop SYNC, a collaboration platform that 25 Impact Hubs across five continents have committed to pilot. The organization has worked with local startups including Myoviva Health, The Change Lab and INNERVERSE Inc.

MarMo Innovation

Galveston-based business incubator MarMo Innovation is focused on removing barriers to entrepreneurship. It aims to provide affordable space, education, mentorship, market access, connections and real-world opportunities that help entrepreneurs move from idea to launch to sustainable growth. The "industry-agnostic" incubator was founded in 2022 and is led by Executive Director Erica Delgadillo.

This year, the organization moved from primarily serving as a coworking and community space into a more comprehensive entrepreneurial incubator by expanding its MarMo Market, MarMo Market Jr. and Lunch LineUp programs. A major focus for MarMo is food entrepreneurship. It is developing an Incubator Kitchen, which MarMo says will support programs like its Cottage to Commercial Bootcamp and Food Biz 101. The organization also expanded its board this year and says it is diversifying its revenue through memberships, events, markets, equipment and space rentals, sponsorships, grants and new entrepreneurial programming.

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This article first appeared on InnovationMap.com.

Sage Geosystems taps Halliburton to advance Nevada geothermal project

power partnership

Houston-based Sage Geosystems has selected oil and gas powerhouse Halliburton to provide cementing and stimulation services at its enhanced geothermal project in Nevada known as Project Vector.

“Our technology and experience will support Sage as it advances its geopressured geothermal technology,” Shawn Skobel, vice president at Halliburton, said in a news release.

Halliburton will provide Sage with technical modeling, engineering design, and field execution support as part of its specialized cementing and stimulation services at Project Vector at Ormat Technologies' Blue Mountain geothermal power plant. Sage announced the location of the geothermal project in September.

At the time, Sage said it expected to begin drilling the first well at Project Vector this year, with the first electricity to be generated in 2027 and full-scale production to start in 2028.

The project will use Sage’s enhanced geothermal systems (EGS) method in a two-well system to convert geothermal heat into electricity. The project aims to help meet industrial and residential demand, especially as data centers strain energy grids.

Founded in 2020, Sage has raised $159 million across three funding rounds. Its technology aims to reach Earth’s natural heat source deep underground for more consistent power generation and utilizes engineered subsurface reservoirs to minimize water and energy losses and increase net power output. Through the process, Sage says it can enable reliable, 24/7 power generation.

“One of the keys to scaling next-generation geothermal is combining innovative subsurface technology with the proven capabilities and execution of the oil and gas industry,” Jason Peart, Chief Operating Officer of Sage Geosystems, added in the news release. “Halliburton brings decades of experience in well integrity and reservoir stimulation, two critical components of our development approach. By selecting an established industry leader, we are strengthening our ability to execute Project Vector and demonstrate that Sage’s technology can be replicated and deployed commercially across a broad range of geologies.”

Sage is building off prior success of its South Texas SMECI facility, which began operations in August. Project Vector supports Sage’s growing commercial pipeline, which includes a 150-megawatt geothermal power agreement with Meta.

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