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New $22M ERCOT energy storage project and more trending news to know

Houston's GoodPeak is breaking ground on its first energy storage projects. Photo via Getty Images.

Editor's note: We're looking back at the top energy transition news for the first part of April 2025, including tapping into AI to boost grid reliability, new ERCOT energy storage projects, Greentown Labs' newest members, and more. Read on for the five most-read EnergyCapital stories from April 1-10.

CenterPoint partners with AI and infrastructure companies to boost reliability

CenterPoint has partnered with Atlanta-based Osmose and Australia-based Neara to use AI-powered predictive modeling to inform decisions on restorations and risk. Photo via Getty Images

Houston utilities giant CenterPoint is partnering with companies from Atlanta and Australia to use AI to increase data accuracy and strengthen the power grid. The partnership is part of a collaboration between AI-powered predictive modeling platform company Neara and utility infrastructure asset assessment solutions company Osmose. Continue reading.

Houston startup secures $22 million for ERCOT energy storage projects

Houston's GoodPeak is breaking ground on its first energy storage projects. Photo via Getty Images.

Houston-based GoodPeak has nailed down $22 million in construction debt financing to help build its first two 10-megawatt battery energy storage projects, both of which are expected to come online in the Houston area at the end of 2025. GoodPeak secured the debt financing from financial services company Pathward and renewable energy lender BridgePeak Energy Capital.

GoodPeak says an undisclosed amount of funding from private equity firm Current Equity Partners and other investors will further spur growth. That growth starts with the construction of the two Houston-area battery energy storage projects, which will serve the Electric Reliability Council of Texas (ERCOT), whose power grid serves most of the state. Continue reading.

Houston Energy and Climate Startup Week announces 2025 dates, key events

Houston Energy and Climate Startup Week is coming back for a second year. Photo via GHP

Six local organizations focused on the energy transition have teamed up to bring back Houston Energy and Climate Startup Week. The second annual event will take place Sept. 15-19. The Ion District will host many of the week's events.

Houston Energy and Climate Startup Week was founded in 2024 by Rice Alliance for Technology and Entrepreneurship, Halliburton Labs, Greentown Labs, Houston Energy Transition Initiative (HETI), Digital Wildcatters and Activate. Continue reading.

Greentown Labs announces newest startups to join Houston climatetech incubator

Five companies have joined Greentown Labs Houston, specializing in various "green" applications, from converting plastic waste into sustainable materials to developing energy-storage solutions. Photo courtesy Greentown Labs.

Greentown Labs announced that it added five startups to its Houston community in Q1 of 2025. The companies are among a group of 19 that joined the climatetech incubator, which is co-located in Houston and Boston, in the same time period. The companies that joined the Houston-based lab specialize in a number of "green" applications, from converting plastic waste into sustainable materials to developing energy-storage solutions. Continue reading.

Houston geothermal company closes $13M in investments to fuel growth

XGS Energy plans to “aggressively expand” its team in Houston this year thanks to its latest round of investments. Photo via Getty Images

XGS Energy, a California-headquartered geothermal power company with a major presence in Houston, has closed $13 million in new financing that included new investors Aligned Climate Capital, ClearSky, ClimateIC and WovenEarth Ventures, in addition to inside investors. The company plans to “aggressively expand” its team in Houston this year. Continue reading.

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A View From HETI

Baker Hughes aims to install up to 500 megawatts of geothermal power in the next five years, thanks to a new partnership. Photo courtesy Baker Hughes

Baker Hughes has made a deal to further expand its geothermal operations.

The Houston-based energy giant has signed an agreement with Mantle Reach Power to develop geothermal energy projects across North America. The companies say they aim to install up to 500 megawatts of geothermal power in the next five years, according to a news release.

Through the new agreement, Baker Hughes will provide subsurface technology and solutions while Mantle Reach Power will lead project development, ownership and financing. Mantle Reach Power is a geothermal development company backed by the $47 billion EnCap Energy Transition Fund III.

According to the release, the deal aims to help solve one of geothermal energy's fundamental problems by aligning capital with expertise and technology, and enhancing "pre-construction bankability."

“Geothermal is a clean power solution that is proving to be a vital contributor to advancing sustainable energy development, with incredible potential to enhance U.S. energy security, support digital infrastructure, and ensure energy remains accessible and affordable ... Today’s announcement celebrates the commercial architecture the industry has been missing: a repeatable, financeable model that can be deployed at the speed and scale to meet global energy demands,” Baker Hughes Chairman and CEO Lorenzo Simonelli said in the news release.

“Integrating Baker Hughes’ subsurface-to-surface expertise with our capabilities in project development, finance, and execution positions Mantle Reach Power to commercialize geothermal assets at scale,” Nick Karambelas, CEO of Mantle Reach Power, added in the release. “This structure provides the construction and operating certainty necessary to access conventional project financing and accelerate our growth as an independent power producer.”

Baker Hughes has launched multiple geothermal partnerships in recent months. The company announced a deal with Oklahoma-based Helmerich & Payne Inc. (H&P) in May to develop a geothermal rig, where H&P will provide a geothermal-capable land drilling rig and Baker Hughes will contribute technology.

In March, the company announced support for XGS’s geothermal extraction projects in New Mexico, which are being used to meet the increasing demands of data centers in the state. Last year, Fervo Energy selected Baker Hughes to supply equipment for its flagship geothermal project in Utah.

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