Trending this week on InnovationMap is news about a new electric vehicle initiative from the mayor's office, three Houston innovators to know, and more. Photo by PeopleImages

Editor's note: If you zoned out of Houston innovation news this week — perhaps distracted by baseball post-season games — we've got you covered. Some of the highlights include a new electric vehicle initiative from the mayor's office, updates from The Ion, and the Houstonians with the deepest pockets.

3 Houston innovators to know this week

Samantha Lewis, Tilman Fertitta, and Tiffany Masterson are this week's innovators to know in Houston. Courtesy images

Houston entrepreneurs never cease to impress, leaving a mark on the city for their business minds, creativity, and overall gumption. This week's three innovators to know are no exception.

From a startup venture capitalist and Houston's most recognizable billionaire to a local mom that created — and now sold — a skincare line with a cult following, these are this week's innovative Houstonians to keep an eye on. Continue reading.

Station Houston CEO to lead operations at The Ion

The Rice Management Company has created a new operations organization for The Ion and has selected Gabriella Rowe to lead it. Courtesy of Rice University

A Houston innovation leader is switching sides of the table to support on a highly anticipated entrepreneurial hub.

Rice Management Company has created an operating organization for The Ion and has named Gabriella Rowe as the executive director. Rowe has served as CEO of Station Houston since August 2018. The Ion, which broke ground on the site of the Midtown Sears building in July, is expected to deliver early 2021. Continue reading.

Houston billionaires named to Forbes' list of richest Americans for 2019

Pipeline mogul and Memorial Park benefactor Richard Kinder (pictured with his wife, Nancy) leads the Houston billionaires. Photo by Michelle Watson/Catchlight Group

Who's the richest person in Texas? That title once again goes to Walmart heiress Alice Walton, of Fort Worth, according to the newly released Forbes 400 ranking. But seven very wealthy Houstonians also appear on the list of the 400 richest people in the country right now.

The top Houstonian on the list is Houston pipeline mogul Richard Kinder, who is tied with another Walmart heiress, Ann Walton Kroenke, for sixth place in Texas and No. 67 nationally. Forbes estimates they're each worth $7.5 billion. Continue reading.

Mayor announces major effort to reduce emissions on Houston's roadways

Through increasing awareness, affordability, and accessibility, the city of Houston hopes to grow the number of electric vehicles on Houston roads by 2030. Courtesy of EVolve Houston

The city of Houston has taken a major step toward reducing carbon emissions caused by its estimated 1.3 million vehicles that drive the city's streets daily.

Mayor Sylvester Turner announced a new partnership between the government, local businesses, and academic leaders that has created EVolve Houston. The coalition is aimed at boosting electric vehicle sales to 30 percent of new car sales in Houston by 2030. Continue reading.

A Houston entrepreneur is thinking out of the box with smart lockers for food and personal items

Dommonic Nelson wants to make sure everyone's lunches are safe. Photo via cleverboxcompany.com

Someone kept taking Dommonic Nelson's lunch. A Texas Southern University student living at home and commuting from Greenspoint, Nelson only had a few minutes to scarf down his lunches between studying Maritime Transportation. But regularly, he'd reach into the community refrigerator on campus, only to find, well, nothing.

One night, Nelson was in the shower, wondering why his lunch had been taken again, and the long journey to Clever Box Co. began. He barged into his grandfather's room — it was 2:40 in the morning — and told him he had an idea for a series of high-tech boxes designed for storing various things. The boxes could keep personal items (the Stash Box) and packages (the Happy Box) in large companies and coworking spaces, and for people to quickly pick up their food from restaurants without having to wait in line (the Yummy Box). If Nelson couldn't get his lunches back, he was going to make an entire business on making sure no one got stolen from again. Continue reading.

Dommonic Nelson wants to make sure everyone's lunches are safe. Photo via cleverboxcompany.com

A Houston entrepreneur is thinking out of the box with smart lockers for food and personal items

protect your lunch

Someone kept taking Dommonic Nelson's lunch. A Texas Southern University student living at home and commuting from Greenspoint, Nelson only had a few minutes to scarf down his lunches between studying Maritime Transportation. But regularly, he'd reach into the community refrigerator on campus, only to find, well, nothing.

One night, Nelson was in the shower, wondering why his lunch had been taken again, and the long journey to Clever Box Co. began. He barged into his grandfather's room — it was 2:40 in the morning — and told him he had an idea for a series of high-tech boxes designed for storing various things. The boxes could keep personal items (the Stash Box) and packages (the Happy Box) in large companies and coworking spaces, and for people to quickly pick up their food from restaurants without having to wait in line (the Yummy Box). If Nelson couldn't get his lunches back, he was going to make an entire business on making sure no one got stolen from again.

"We're taking ordinary lockers normally found in office buildings and retrofitting them to make them smart lockers," Nelson says.

It wasn't a bad idea, given a 2017 Peapod study that claims 71 percent of Americans have had their lunch stolen. But like most late-night shower ideas, Nelson's didn't work. Firstly, it wasn't a locker — he was stuck on refashioning community refrigerators, and no one wanted to buy in. He denied a $70,000 job offer in the maritime industry to make $14.50 an hour at Southwest Airlines, which gave him free travel. That took him all over the country, and finally, on one trip to California, where a last-minute meeting with Michael Feinberg, whose firm Bluefish Concepts was featured on CNBC's Make Me A Millionaire Inventor, crushed his dreams. You have the right idea, Feinberg said, but the wrong formula. It seemed like nobody needed a smart refrigerator. On the flight home to Houston, Nelson cried.

Nelson had entered entrepreneurship early. As a kid, he found his stepdad's old CDs and asked to try selling them. He made $500 that first week, bought a CD burner, and made $4,000 in three months by ripping tunes from beloved artists and selling them on the cheap. He was making cash in a place where there wasn't a whole lot of it — and he didn't do it by reinventing how music was sold; he just made it a more efficient process for his Greenspoint neighbors.

It was the same idea that would save Nelson's forthcoming business. Back in Houston, some of Feinberg's words echoed in his head: We already have refrigerators, we already have lockers. Why not just enhance them? Nelson didn't need to reinvent the wheel, or the refrigerator. He just needed to bring high-tech efficiency to lockers, to make them more secure but still easy to use.

One day, not long after getting back from his California meeting, Nelson ordered food online. He was busy, trying to work through the kinks in the design and figure out new markets, but he had to wait in line at the restaurant. He thought about the way that many restaurants treat pick-ups as an honor system — leaving them out for anyone to take, just like he had left his food in a refrigerator at school. There had to be a better way to do this, he thought. So he made one.

The rest of 2018, Nelson and a software engineer locked themselves in an attic and coded the design for the Yummy Box, which won Station Houston's Demo Day Pitch Competition that December. The next month, Clever Box Co. received its first order and exhibited their technology at Station Houston 3.0. There, they found Station Houston was struggling to develop a way to store parcels — Nelson collaborated with the start-up hub and designed the Happy Box, which sends messages to users when they have a delivery.

"We looked at it as a great opportunity to diversify our offerings," Nelson says.

Recently, Nelson finalized the pilot program for the Yummy Box at SouthernQ BBQ, a decade-old East Texas barbecue joint that has gained attention in the last few years as one of Houston's best spots.

Clever Box Co., too, is getting awards. Last month, Nelson took home one of 26 Houston Business Journal Fast 100 and Innovation Awards. And right now, he's raising $200,000 in revenue and hopes to expand his teams of three to make smarter and more secure locks for all of the boxes. Eventually, he hopes to partner with food delivery companies like Grubhub and Uber Eats for residential spaces. He imagines a Yummy Box in the lobby of his own apartment building — a driver will drop it off, he says, and Nelson will take the elevator down, walk to the locker, and open it up. Inside, he'll find his lunch. No one will have taken it.

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Houston unicorn closes $421M to fuel first phase of flagship energy project

Heating Up

Houston geothermal unicorn Fervo Energy has closed $421 million in non-recourse debt financing for the first phase of its flagship Cape Station project in Beaver County, Utah.

Fervo believes Cape Station can meet the needs of surging power demand from data centers, domestic manufacturing and an energy market aiming to use clean and reliable power. According to the company, Cape Station will begin delivering its first power to the grid this year and is expected to reach approximately 100 megwatts of operating capacity by early 2027. Fervo added that it plans to scale to 500 megawatts.

The $421 million financing package includes a $309 million construction-to-term loan, a $61 million tax credit bridge loan, and a $51 million letter of credit facility. The facilities will fund the remaining construction costs for the first phase of Cape Station, and will also support the project’s counterparty credit support requirements.

Coordinating lead arrangers include Barclays, BBVA, HSBC, MUFG, RBC and Société Générale, with additional participation from Bank of America, J.P. Morgan and Sumitomo Mitsui Trust Bank, Limited, New York Branch.

“As demand for firm, clean, affordable power accelerates, EGS (Enhanced Geothermal Systems) is set to become a core energy asset class for infrastructure lenders,” Sean Pollock, managing director, project Finance at RBC Capital Markets, said in a news release. “Fervo is pioneering this step change with Cape Station, a vital contribution to American energy security that RBC is proud to support.”

The oversubscribed financing marks Cape Station’s shift from early-stage and bridge funding to a long-term, non-recourse capital structure, according to the news release.

“Non-recourse financing has historically been considered out of reach for first-of-a-kind projects,” David Ulrey, CFO of Fervo Energy, said in a news release. “Cape Station disrupts that narrative. With proven oil and gas technology paired with AI-enabled drilling and exploration, robust commercial offtake, operational consistency, and an unrelenting focus on health and safety, we have shown that EGS is a highly bankable asset class.”

Fervo continues to be one of the top-funded startups in the Houston area. The company has raised about $1.5 billion prior to the latest $421 million. It also closed a $462 million Series E in December.

According to Axios Pro, Fervo filed for an IPO that would value the company between $2 billion and $3 billion in January.

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This article first appeared on EnergyCapitalHTX.com.

Houston food giant Sysco to acquire competitor in $29 billion deal

Mergers & Acquisitions

Sysco, the nation's largest food distributor, will acquire supplier Restaurant Depot in a deal worth more than $29 billion.

The acquisition would create a closer link between Sysco and its customers that right now turn to Restaurant Depot for supplies needed quickly in an industry segment known as “cash-and-carry wholesale.”

Sysco, based in Houston, serves more than 700,000 restaurants, hospitals, schools, and hotels, supplying them with everything from butter and eggs to napkins. Those goods are typically acquired ahead of time based on how much traffic that restaurants typically see.

Restaurant Depot offers memberships to mom-and-pop restaurants and other businesses, giving them access to warehouses stocked with supplies for when they run short of what they've purchased from suppliers like Sysco.

It is a fast growing and high-margin segment that will likely mean thousands of restaurants will rely increasingly on Sysco for day-to-day needs.

Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, 2026, the deal has an enterprise value of about $29.1 billion.

Restaurant Depot was founded in Brooklyn in 1976. The family-run business then known as Jetro Restaurant Depot, has become the nation's largest cash-and-carry wholesaler.

The boards of both companies have approved the acquisition, but it would still need regulatory approval.

Shares of Sysco Corp. tumbled 13% Monday to $71.26, an initial decline some industry analysts expected given the cost of the deal.

Houston researcher builds radar to make self-driving cars safer

eyes on the road

A Rice University researcher is giving autonomous vehicles an “extra set of eyes.”

Current autonomous vehicles (AVs) can have an incomplete view of their surroundings, and challenges like pedestrian movement, low-light conditions and adverse weather only compound these visibility limitations.

Kun Woo Cho, a postdoctoral researcher in the lab of Rice professor of electrical and computer engineering Ashutosh Sabharwal, has developed EyeDAR to help address such issues and enhance the vehicles’ sensing accuracy. Her research was supported in part by the National Science Foundation.

The EyeDAR is an orange-sized, low-power, millimeter-wave radar that could be placed at streetlights and intersections. Its design was inspired by that of the human eye. Researchers envision that the low-cost sensors could help ensure that AVs always pick up on emergent obstacles, even when the vehicles are not within proper range for their onboard sensors and when visibility is limited.

“Current automotive sensor systems like cameras and lidar struggle with poor visibility such as you would encounter due to rain or fog or in low-lighting conditions,” Cho said in a news release. “Radar, on the other hand, operates reliably in all weather and lighting conditions and can even see through obstacles.”

Signals from a typical radar system scatter when they encounter an obstacle. Some of the signal is reflected back to the source, but most of it is often lost. In the case of AVs, this means that "pedestrians emerging from behind large vehicles, cars creeping forward at intersections or cyclists approaching at odd angles can easily go unnoticed," according to Rice.

EyeDAR, however, works to capture lost radar reflections, determine their direction and report them back to the AV in a sequence of 0s and 1s.

“Like blinking Morse code,” Cho added. “EyeDAR is a talking sensor⎯it is a first instance of integrating radar sensing and communication functionality in a single design.”

After testing, EyeDAR was able to resolve target directions 200 times faster than conventional radar designs.

While EyeDAR currently targets risks associated with AVs, particularly in high-traffic urban areas, researchers also believe the technology behind it could complement artificial intelligence efforts and be integrated into robots, drones and wearable platforms.

“EyeDAR is an example of what I like to call ‘analog computing,’” Cho added in the release. “Over the past two decades, people have been focusing on the digital and software side of computation, and the analog, hardware side has been lagging behind. I want to explore this overlooked analog design space.”