Chevron, Microsoft back Houston-based clean energy program for BIPOC and female founders

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DivInc is bringing another new accelerator program to Houston — this one is focused on clean energy. Photo via DivInc.com

A Texas-based accelerator is bringing its third diversity-focused program to Houston.

DivInc, a startup accelerator originating in Austin and established for people of color and women entrepreneurs, has announced that the title sponsors for the inaugural Clean Energy Accelerator are Chevron and Microsoft. The new program will join DivInc's existing accelerators — Women in Tech and Sports Tech — at the Ion.

"With Houston known as the energy capital of the world, DivInc has the opportunity to provide a pipeline of women, black, and latino-led high-growth, high-impact startups focused on clean energy," says Ashley DeWalt, DivInc Houston's managing director, in a news release. "We see this initiative ultimately driving a more diverse, equitable, and inclusive ecosystem within this clean energy transition sector for generations to come."

Applications for the Spring 2023 Clean Energy Accelerator are due today, February 10, according to the website. Startups accepted into the program should be led by BIPOC and women founders committed to working 10 to 15 hours per week during the 12 week program, which will start April 10.

The founders should be "working to shift the energy sector in the areas of clean energy production, energy storage and transmission, energy efficiency, carbon economy, and sustainable cities," per the release. In addition to the two title sponsors, the new program is also supported by Houston Premier Partners, J.P. Morgan Chase & Co., Verizon, The Ion, and Mercury.

"With a booming startup industry, a commitment to innovation, and a diverse workforce, Houston and organizations like DivInc are poised to play a vital leadership role and operate as a powerful force for energy progress," says Jim Gable, president of Chevron Technology Ventures, in the release.

The cohort, which will accept up to 10 companies, will work one-on-one with both the Microsoft and Chevron teams, as well as have access to DivInc's network of mentors and curriculum. Once the selected companies have completed the program, they will each receive $10,000 in non-dilutive seed funding.

"We are committed to enabling organizations in the clean energy transition while mindful of millions still without access to energy," said Darryl Willis, Corporate Vice President, Energy Industry at Microsoft. "This collaboration with DivInc and Chevron to support underserved entrepreneurs advancing the world's clean energy needs speaks to this climate commitment as well as diversity, equity and inclusion."

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Greentown Labs CEO Emily Reichert called on members of Houston's energy community to speak at Greentown Houston's grand opening. Photo by Lee Bond/Greentown Labs

Overheard: Houston's energy sector welcomes Greentown Labs

eavesdropping in Houston

Greentown Houston is officially open for business, and it's safe to say the energy innovation community is excited about it. The 40,000-square-foot space is expecting to move its inaugural 30 companies in throughout the summer.

The grand opening event, which was streamed online with an outdoor invite-only event, took place on Earth Day and featured speakers from across the energy sector. The speakers represented some of the almost 30 corporate partners Greentown Houston has announced.

Click here to read more about the grand opening and take a peek inside the facility.

Missed the discussion or just want a refresher on on the highlights? Here are some significant overheard moments from the Greentown Houston Grand Opening.

"Houston has all the necessary ingredients and it has momentum."

Photo by Lee Bond/Greentown Labs

— Barbara Burger, vice president of innovation at Chevron and president of Chevron Technology Ventures. "Let's celebrate. And then let's get busy."

"Houston, as the energy capital of the world, has a moral obligation to reduce carbon emissions."

Photo by Lee Bond/Greentown Labs

— Mayor Sylvester Turner. "We need to invest in our innovation ecosystem and support the climatech and clean tech entrepreneurs who will be building Houston's new energy economy and creating the new jobs of tomorrow."

"Houston has the talent, know how, and can-do spirit to tackle the dual challenge of leading dual energy demand while aggressively lowering the carbon footprint."

Photo by Lee Bond/Greentown Labs

— Bob Harvey, president and CEO of the Greater Houston Partnership.

"Houston must remain the center of the future energy industry, and today is an important step in restoring that."

Photo by Natalie Harms/InnovationMap

— David Leebron, president of Rice University. "We look forward to our strong partnership."

"We can't solve climate change from the coasts. We need the whole United States to be engaged, and I'm bullish on Houston leading this transition for many reasons."

Photo by Lee Bond/Greentown Labs

— Emily Reichert, CEO of Greentown Labs. "Houston is home to world-leading energy organizations, incredible engineering strength, talent, and assets, that can, and frankly must, be redeployed to decarbonize resources."

"This is a city that does not stand still."

Photo by Lee Bond/Greentown Labs

— Ajay Mehta, General Manager of Shell. "At Shell, we have a mission to reach net zero emissions by 2050."

"For bp, partnering with Greentown Labs represents living our purpose to reimagine energy."

Photo by Lee Bond/Greentown Labs

— Jane Stricker, senior relationship manager, regions, cities and solutions at bp.

"Innovation is like oxygen, and it breathes life into hope and possibility. The work we are doing around the energy transition is hard and challenging, and frankly is going to take all of us."

Photo by Lee Bond/Greentown Labs

— Darryl Willis, corporate vice president, energy industry, at Microsoft. "We think that the future is all about partnerships and platforms, and our mission is to help from Microsoft's vantage point to accelerate the energy transition and to help the city of Houston around its aspirations around the energy transition as well."

"We appreciate being part of not only maintaining Houston's position as the energy capital of the world but also establishing it as the energy transition capital of the world."

Photo by Lee Bond/Greentown Labs

— Scott Burns, vice president of retail innovation, customer experience, and market intelligence at NRG.

"[Greentown Houston] will provide this center of gravity for the energy community to come together and work toward the transition plan."

Photo by Lee Bond/Greentown Labs

— Tim Ong, head of innovation at BHP Petroleum. "


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Houston geothermal unicorn Fervo officially files for IPO

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Fervo Energy has officially filed for IPO.

The Houston-based geothermal unicorn filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17 to list its Class A common stock on the Nasdaq exchange. Fervo intends to be listed under the ticker symbol "FRVO."

The number and price of the shares have not yet been determined, according to a news release from Fervo. J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are leading the offering.

The highly anticipated filing comes as Fervo readies its flagship Cape Station geothermal project to deliver its first power later this year

"Today, miles-long lines for gasoline have been replaced by lines for electricity. Tech companies compete for megawatts to claim AI market share. Manufacturers jockey for power to strengthen American industry. Utilities demand clean, firm electricity to stabilize the grid," Fervo CEO Tim Latimer shared in the filing. "Fervo is prepared to serve all of these customers. Not with complex, idiosyncratic projects but with a simplified, standardized product capable of delivering around-the-clock, carbon-free power using proven oil and gas technology."

Fervo has been preparing to file for IPO for months. Axios Pro first reported that the company "quietly" filed for an IPO in January and estimated it would be valued between $2 billion and $3 billion.

Fervo also closed $421 million in non-recourse debt financing for the first phase of Cape Station last month and raised a $462 million Series E in December. The company also announced the addition of four heavyweights to its board of directors last week, including Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE.

Fervo reported a net loss of $70.5 million for the 2025 fiscal year in the S-1 filing and a loss of $41.1 million in 2024.

Tracxn.com estimates that Fervo has raised $1.12 billion over 12 funding rounds. The company was founded in 2017 by Latimer and CTO Jack Norbeck.

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This article originally appeared on our sister site, EnergyCapitalHTX.com.

New UT Austin med center, anchored by MD Anderson, gets $1 billion gift

Future of Health

A donation announced Tuesday, April 21, breaks a major record at the University of Texas at Austin. Michael and Susan Dell are now UT Austin's first supporters to give $1 billion. In response, the university will create the UT Dell Campus for Advanced Research and the UT Dell Medical Center to "advance human health," per a press release.

The release also records "significant support" for undergraduate scholarships, student housing, and the Texas Advanced Computing Center for supercomputing research.

Both the new research campus and the UT Dell Medical Center will integrate advanced computing into their research and practices. At the medical center, the university hopes that will lead to "earlier detection, more precise and personalized care, and better health outcomes." The University of Texas MD Anderson Cancer Center will also be integrated into the new medical center.

That comes with a numeric goal measured in 10s: raise $10 billion and rank among the top 10 medical centers in the U.S., both in the next decade.

In the shorter term, the university will break ground on the medical center with architecture firm Skidmore, Owings & Merrill (SOM) "later this year."

“UT Austin, where Dell Technologies was founded from a dorm room, has always been a place where bold ideas become real-world impact,” said Michael and Susan Dell in a joint statement.

They continued, “What makes this moment so meaningful is the opportunity to build something that brings every part of the journey together — from how students learn, to how discoveries are made, to how care reaches families. By bringing together medicine, science and computing in one campus designed for the AI era, UT can create more opportunity, deliver better outcomes, and build a stronger future for communities across Texas and beyond.”

This is the second major gift this year for the planned multibillion-dollar medical center. In January, Tench Coxe, a former venture capitalist who’s a major shareholder in chipmaking giant Nvidia, and Simone Coxe, co-founder and former CEO of the Blanc & Otus PR firm, contributed $100 million$100 million.

Baylor scientist lands $2M grant to explore links between viruses and Alzheimer’s

Alzheimer’s research

A Baylor College of Medicine scientist will begin exploring the possible link between Alzheimer’s disease and viral infections thanks to a $2 million grant awarded in March.

Dr. Ryan S. Dhindsa is an assistant professor of pathology & immunology at Baylor and a principal investigator at Texas Children’s Duncan Neurological Research Institute (Duncan NRI). He hypothesizes that Alzheimer’s may have some link to previous viral infections contracted by the patient. To study this intriguing possibility, the American Brain Foundation has gifted him the Cure One, Cure Many award in neuroinflammation.

“It is an honor to receive this support from the Cure One, Cure Many Award. Viral infections are emerging as a major, underappreciated driver of Alzheimer's disease, and this award will allow our team to conduct the most comprehensive screen of viral exposures and host genetics in Alzheimer's to date, spanning over a million individuals,” Dhindsa said in a news release. “Our goal is to identify which viruses matter most, why some people are more vulnerable than others, and ultimately move the field closer to new therapeutic strategies for patients.”

Roughly 150 million people worldwide will suffer from Alzheimer’s by 2050, making it the most common cause of dementia in the world. Despite this, scientists are still at a loss as to what exactly causes it.

Dhindsa’s research is part of a new range of theories that certain viral infections may trigger Alzheimer’s. His team will take a two-fold approach. First, they will analyze the medical records of more than a million individuals looking for patterns. Second, they will analyze viral DNA in stem cell-derived brain cells to see how the infections could contribute to neurological decay. The scale of the genomic data gathering is unprecedented and may highlight a link that traditional studies have missed.

Also joining the project are Dr. Caleb Lareau of Memorial Sloan Kettering Cancer Center and Dr. Artem Babaian of the University of Toronto. Should a link be found, it would open the door to using anti-virals to prevent or treat Alzheimer’s.

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