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

Heating Up

Tim Latimer, CEO and co-founder of Fervo Energy. Photo courtesy of Fervo Energy

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.

Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com

Houston e-commerce unicorn secures $130M in financing

scaling up

Houston-based Cart.com, which operates a multichannel commerce platform, has secured $105 million in debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area.

“Scaleup” refers to a startup that has achieved tremendous growth and has maintained a stable workforce, among other positive milestones. Airbnb, Peloton, and Uber are prime examples of businesses that evolved from startup to scaleup.

Cart.com says the new term loan facility from BlackRock consolidates its venture debt into one package “at competitive terms.” Those terms weren’t disclosed.

The company says the refinancing will enable it to expand into new markets and improve its technology, including its Constellation OMS order management system.

“Cart.com is one of the fastest-growing providers of commerce and logistics solutions today, and I’m excited to partner with BlackRock as we continue to aggressively invest to help our customers operate more efficiently,” Omair Tariq, the company’s founder and CEO, says in a news release.

Through a network of 14 fulfillment centers, Cart.com supports over 6,000 customers and 75 million orders per year.

"BlackRock is pleased to support Cart.com as it advances its mission to unify digital and physical commerce infrastructure," says Keon Reed, a director at BlackRock. “This latest facility underscores our confidence in the company’s differentiated product offerings and financial strategy as it enters its next stage of growth.”

Exectras says the money will go toward beefing up its merchant portfolios, developing infrastructure, and carrying out organic growth. Photo by Hero Images

Houston small biz services co. secures $30M in financing from Austin firm

support smbs

Missouri City-based Exectras, a provider of services for small and midsize businesses, has secured debt financing of up to $30 million from Austin-based investment manager Tacora Capital.

Exectras says the money will go toward beefing up its merchant portfolios, developing infrastructure, and carrying out organic growth.

Founded in 2007, Exectras offers an array of discounted business services to small and midsize businesses, including merchant services, payroll, health insurance, and workers’ compensation insurance. In addition, Exectras originates and acquires credit card residuals and merchant portfolios representing billions of dollars in annual processing volume.

“We are grateful to have a partner in Tacora that understands our business and is committed to our growth. As entrepreneurs themselves, they understand how valuable our services can be. We look forward to an extended partnership,” Joseph Cherry, president and CEO of Exectras, says in a news release.

Denver-based SFT Capital arranged the deal.

Last year, Tacora launched its inaugural debt fund, which contains $350 million. Peter Thiel, a billionaire venture from Silicon Valley, is the fund’s main investor. He poured $250 million into the investment vehicle.

Formation of the Tacora fund comes amid a surge in private debt financing. Asset management giant BlackRock forecasts that the global market for private debt will soar to $3.5 trillion by 2028.

P97 Networks, a Houston-based mobile payments company, has fresh funds to scale its operations. Photo via Getty Images

Houston-based mobile commerce startup secures $40M to scale its SaaS business

money moves

A Houston company that has created a mobile commerce platform for the convenience retail, fuels marketing, and automotive industries has fresh funding to support its growth.

P97 Networks has raised $40 million of venture debt financing from an affiliate of Peak Rock Capital, a leading middle-market private investment firm, according to a news release from the company.

“We will use this new capital to fund P97’s high growth initiatives, which include accelerating user adoption across our Consumer Engagement platform, Energy Transition programs for our clients, and our Mobility Services platform,” said Donald Frieden, president and CEO of P97, in the release.

Frieden says that over the past 18 months, the company has doubled the number of sites on its platform, which includes five largest energy brands in the world, and over 60,000 convenience retail sites in North America.

“With this new capital, we will continue to grow our install base and strategic partnerships," Frieden continues. "We look forward to working with Peak Rock to bring our company to its next stage of growth and further establish our position as the leading provider of mobile commerce technology in the convenience & fuel retailing industry.”

P97's last raise was a series B round in 2019 that saw contribution from Accenture. The startup's series A closed in 2014 and was led by Emerald Technology Ventures.

The company's platform operates as a payments platform as well as a digital marketing solution that prioritizes payment security and customer customization.

“P97 has become the industry standard in the convenience retail and fuel marketing industry, and we are very pleased to help the company reach its next level of scale and growth,” says Nick Basso, managing director at Peak Rock Capital. “We are excited by the compelling opportunities ahead for P97 as the market for mobile payment solutions continues to expand and gain broad adoption by consumers.”

Last year, P97 announced a partnership with Chevron that meant implementing the digital platform into more than 7,800 Chevron and Texaco retail stations across the country.

“Chevron is dedicated to providing products and services for people on the go and continuing to address their needs in the retail of the future,” says Harry Hazen, Chevron senior manager of Americas Marketing, in a 2021 press release. “Our collaboration with P97 strengthens that commitment – delivering a premium consumer experience at Chevron and Texaco locations by enabling our offerings with consistency, speed, consumer value, and security.”

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U.S. News declares Houston hospital No. 1 in Texas for the 15th year

Top of the Chart

Houston Methodist Hospital and over a dozen more Houston-area hospitals have earned bragging rights in U.S. News & World Report's newly released rankings of the Best Hospitals for 2026-2027.

Every year, U.S. News annually evaluates nearly 4,500 U.S. hospitals to determine which meet the publication's rigorous standards and offer the best care for patients across 14 adult specialties and 23 procedures and conditions. New to this year's batch of rankings, U.S. News introduced regional rankings in cancer; cardiology; heart and vascular surgery; orthopedics; and rehabilitation.

Houston Methodist Hospital was the only Texas institution named on U.S. News' Best Hospitals Honor Roll, a prestigious list of the 20 best medical centers in the country. Houston Methodist also reigns as Texas' best hospital for the 15th consecutive year.

The hospital also shines among the nation’s best in 10 specialties:

No. 5 – Gastroenterology and GI Surgery
No. 7 – Obstetrics and Gynecology
No. 10 – Cardiology, Heart, and Vascular Surgery
No. 11 – Pulmonology and Lung Surgery
No. 13 – Neurology and Neurosurgery
No. 19 – Cancer
No. 21 – Orthopedics
No. 23 – Diabetes and Endocrinology
No. 24 – Geriatrics
No. 43 – Urology

Houston Methodist also earned high performing distinctions across one regional specialty (Rehabilitation) and 21 procedures and conditions.

"This recognition reflects the remarkable dedication of our physicians and employees and their tireless focus on delivering unparalleled care to our patients," said Houston Methodist president and CEO Marc L. Boom, M.D. in a press release. "While we are honored by this recognition, its true significance lies in what it represents — an unwavering commitment to putting patients first."

Elsewhere in Houston, The University of Texas MD Anderson Cancer Center ranked as the No. 1 best cancer hospital in the nation for the 12th year in a row.

"This ranking is a tremendous honor, and it reflects our unwavering commitment to continue making progress in our mission to end cancer," said UT MD Anderson president Peter WT Pisters, M.D. "We are deeply grateful to everyone who made this recognition possible: our faculty and staff, volunteers, donors, and the patients and families we are honored to serve."

MD Anderson also earned national rankings in two specialties — Urology (No. 6) and Gastroenterology and GI Surgery (No. 16) — and it received high performing distinctions in six procedures and conditions: Colon Cancer Surgery; Ear, Nose, and Throat Surgery; Gynecological Cancer Surgery; Leukemia, Lymphoma, and Myeloma Treatment; Lung Cancer Surgery; and Prostate Cancer Surgery.

The additional Houston hospitals that ranked among the best in Texas for 2026-2027 are:

No. 3 – Houston Methodist Sugar Land Hospital (tied with Baylor University Medical Center Dallas)
No. 5 – Baylor St. Luke's Medical Center, Houston
No. 6 – Memorial Hermann Hospital, Houston
No. 7 – Houston Methodist The Woodlands Hospital
No. 10 – Memorial Hermann Greater Heights Hospital (tied with St. David's Medical Center, Austin)
No. 14 – Houston Methodist Baytown Hospital
No. 15 – Memorial Hermann Memorial City Medical Center, Houston
No. 21 – Houston Methodist Clear Lake Hospital, Nassau Bay; St. Luke's Health-The Woodlands Hospital; University of Texas Medical Branch, Galveston (also tied with six more Texas hospitals)
No. 30 – Memorial Hermann Sugar Land Hospital (tied with five other Texas hospitals)
No. 36 – HCA Houston Healthcare Kingwood (tied with Parkland Health-Dallas)

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This article originally appeared on CultureMap.com.

Houston helps power Texas’ rise as AI infrastructure hub, new report finds

eyes on ai

Houston plays a major role in Texas’ rapidly evolving AI economy, a new report indicates.

The report from Build American AI, a pro-AI advocacy group, notes Houston’s growing AI presence includes:

A factory being built by AI chipmaker NVIDIA and electronics manufacturer Foxconn that will produce AI supercomputers and infrastructure systems
Houston Methodist’s use of ambient AI to listen to health care providers’ conversations with patients, eliminating the need for manual notetaking
An abundance of AI products and services for the energy sector

Across the state, billions of dollars in new AI investments are fueling advancements in construction, manufacturing, energy production, logistics, and health care, according to the report.

“Texas is not merely a place where AI products will be used. Texas is becoming one of the places where the AI economy is being assembled,” the report says.

Particularly noteworthy are four major AI-related projects around the state representing an investment of more than $140 billion, including Google’s $40 billion buildout of AI data centers.

“While California had a headstart in building the software era, Texas will build the infrastructure era,” says the report. “That is not a slogan. Economic research has revealed for decades that innovation happens where the local conditions make building and collaboration possible, and Texas is positioned to be a central hub.”

According to the report, components of Texas’ infrastructure era include:

Energy leadership
Top-tier hospitals
Semiconductor investments
Construction capabilities
Data center growth
Major companies and universities

On the workforce front, Stanford University’s 2026 AI Index found Texas had 80,547 AI job postings in 2025, accounting for 8 percent of the national total.

“Texas no longer needs to ask whether AI will reshape the economy. It already has,” the report concludes. “The question is whether Texas will merely host part of that future or lead it.”

Who are Houston's top innovators? Nominate now for 2026 Houston Innovation Awards

Calling All Innovators

Calling all Houston innovators: The 2026 Houston Innovation Awards, presented by InnovationMap, return this fall to celebrate the best and brightest in the Houston innovation ecosystem right now.

We're asking you to nominate Houston's top innovators and startups for this year's awards. Nominations are open now through August 27 and can be made on behalf of yourself, your organization, and other influential leaders in the local innovation scene.

The annual awards program recognizes the most innovative individuals and companies in Houston across 10 prestigious categories.

This year's awards will honor the following categories:

Minority-founded Business, honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation.
Female-founded Business, honoring an innovative startup founded or co-founded by a woman.
Energy Transition Business, honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy, and beyond.
Health Tech Business, honoring an innovative startup within the health and medical technology sectors.
Deep Tech Business, honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics, and space sectors.
Startup of the Year (People's Choice), honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an interactive voting experience.
Scaleup of the Year, honoring an innovative later-stage startup that's recently reached a significant milestone in company growth.
Incubator/Accelerator of the Year, honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups.
Mentor of the Year, honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs.
Trailblazer, honoring an innovator who's made a lasting impact on the Houston innovation community.

You have three weeks to submit nominees, so don't delay — nominate today at this link or fill out the form below. Qualified nominees will receive a formal application to complete, which will be reviewed by our esteemed panel of judges to determine the finalists and winners.

More announcements about the 2026 Houston Innovation Awards are coming soon, including an introduction to this year's panel of judges. Interested in sponsoring the 2026 Houston Innovation Awards? Please contact sales@innovationmap.com.

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