new hire

Houston-based waste-to-energy company grows team

Global Clean Energy has named two new executives to its team. Photo via Getty Images

A Houston-based developer of green technology projects is expanding its management team by partnering with an affiliate of C2 Industrial Group.

Global Clean Energy's joint venture aims to “build, develop and manage sustainable clean energy projects in various forms while reducing negative carbon emissions or footprints” according to a news release.

James Wiseman has been named as chief legal officer and Jacob Sacks has been named as CFO. They join the current management team of George Azimov, president, and Chris Boll, chief revenue officer and director. Together, the goal is to engage professionals from C2 Industrial Group to present and acquire business opportunities that align with the goals and values of Global Clean Energy.

“GCEI's mission and purpose could not be more critical in today's trying times,“ Wiseman says in a news release. “We must build sustainable businesses and industries. We must reduce the carbon footprint of business and industry. We must invest in green supply chains and emerging technologies. We need to think and act with clarity of purpose. That's what we intend to do as we look to acquire and build projects for GCEI that fulfill that mission.”

Wiseman recently served as principal and chief legal officer of C2 Industrial based in Joshua, Texas. He has over 25 years of experience buying, developing and operating real estate in New York and Texas with Cayuga Capital Management LLC. Sacks recently served as principal and CFO of C2 Industrial.

“We are pleased to be working with GCEI to combine and bring scale to companies that both have strong growth prospects and provide material benefits to the environment through their operations, in a prudent and financially responsible manner,” Sacks adds in the release.

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A View From HETI

Houston's Fervo Energy has secured new funding for Cape Station, its Utah geothermal energy plant. Photo courtesy Fervo Energy.

Houston-based Fervo Energy, a producer of geothermal power, has secured $205.6 million in capital to help finance its geothermal project in southern Utah.

The money will go toward the first and second phases of Cape Station, a geothermal energy plant being developed in Beaver County, Utah. Beaver County is roughly an equal distance between Salt Lake City and Las Vegas.

The $205.6 million in capital came from three sources:

  • $100 million in equity from Breakthrough Energy Catalyst, a Kirkland, Washington-based platform that invests in emissions-reducing projects.
  • $60 million addition to Fervo’s existing loan from Mercuria, a Swiss energy and commodities trader. The revolving loan now totals $100 million.
  • $45.6 million in additional bridge debt financing from XRL-ALC, an affiliate of Irvington, New York-based X-Caliber Rural Capital. X-Caliber is a USDA-approved lender. The initial bridge loan was $100 million.

The first phase of Cape Station will supply 100 megawatts of carbon-free electricity to the power grid starting next year. Another 400 megawatts of capacity is supposed to go online by 2028. Fervo has permission to expand Cape Station’s capacity to as much as 2 gigawatts. On an annual basis, 2 gigawatts can supply enough electricity to power about 1.4 million homes.

“These investments demonstrate what we’ve known all along: Fervo’s combination of technical excellence, commercial readiness, and market opportunity makes us a natural partner for serious energy capital. The confidence our investors have in Fervo and in the Cape asset affirms that next-generation geothermal is ready to play a defining role in America’s energy future,” David Ulrey, Fervo’s CFO, said in a news release.

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