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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Houston ranks high on best cities for small-business expansion report

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For small businesses looking to expand, Houston might be the right place.

Among 56 major U.S. metros, Houston grabbed the No. 6 spot on a new list of the metros boasting the strongest environments for small-business expansion.

A 2025 report from the state comptroller’s office showed roughly 970,000 small businesses operate in the 13-county Gulf Coast region. The region includes the majority of the Houston metro area.

“Whether it’s a family-owned shop on Main Street or a fast-growing startup, small businesses power our state’s economic engine, create opportunity, and strengthen the character of every Texas community,” Kelly Hancock, who was interim state comptroller when the report was released, said in a press release.

Business lending platform Clarify Capital analyzed five factors to develop the list: job growth, business entry and exit, net job creation, and unemployment.

Overall, the Nashville area claimed the No. 1 spot on the list. Other major Texas metros also cracked the top 10, including Austin at No. 3 and Dallas-Fort Worth at No. 7.

“The highest-ranking metros combine labor-market momentum with steady business formation and relatively favorable local employment conditions,” Clarity Capital says.

The Houston metro ranked sixth for job growth, 11th for business entry rate, 38th for business exit rate, second for net job creation rate, and 50th for unemployment rate.

“For business owners, the ranking is a starting point rather than a guarantee,” Clarify Capital says. “Local demand, competition, operating costs, and access to capital still shape whether an expansion works.”

“Building enough cash-flow room for hiring, equipment, and unexpected expenses can help small and midsize business owners take advantage of a strong market without stretching the business too thin,” the company adds.

Of course, money fuels small-business expansion in the Houston area or anywhere else.

According to an analysis of SBA loan data by feasibility consulting firm MMCG, the Houston metro area saw 1,685 approvals for 7(a) loans and 101 approvals of 504 loans in the federal government’s 2025 budget year. The approval numbers for both loan categories increased from the previous year.

Altogether, the 7(a) and 505 loans exceeded $1 billion.

The data from the U.S. Small Business Administration suggests small-business expansion may be on the rise in the Houston area.

Further potential evidence of small-business expansion in the Houston area: The region experienced a 92 percent rise in account applications from 2024 to 2025 submitted to Bluevine, a small-business banking platform. The Houston metro ranked fifth for the number of Bluevine small-business applications in 2025.

What to expect from the inaugural TiECon Texas event this week

where to be

Innovators and entrepreneurs will gather in Houston this week to show off their latest advancements in automation during the first-ever TiECon Texas conference at the Ion District.

“Automation is not simply changing how we work. It is redefining how value is created across every industry,” Somesh Singh, president of TiE Houston, said in a release. “Texas has the talent, the infrastructure, and the entrepreneurial spirit to lead this transformation. TiEcon Texas 2026 is where the people building that future will come together to shape it."

The Indus Entrepreneurs (TiE) started in Silicon Valley in 1994 as a two-day seminar, but has grown into a worldwide network of events celebrating technological advancement. TiECon in Houston is a merger of the TiE networks across Texas for one large-scale event taking place at the Ion on Wednesday, October 28, and Thursday, October 29. Tickets are available here.

The event includes a partnership with Hatch Pitch, a founder-first startup showcase that has raised over $20 billion in funding for new companies in the tech industry. Participants will come from industries like space exploration, healthcare, energy, and the AI sector to present their ideas in front of an investor network for possible development.

“Over 80 percent of the teams we have coached have gone on to receive funding,” Greg Wright, founder of Hatch Pitch, added in a release.

In addition, there will be forums and talks on a variety of automation subjects, everything from robotic surgery to automation in government. Educators from Baylor College of Medicine, UTHealth Houston, and the University of Houston plan to discuss the raising of children in a world with extensive artificial intelligence integrated into so many areas. Steven Kean, President and CEO of the Greater Houston Partnership, will give the keynote speech on the Bayou City’s place in these emerging technological spheres.

Singh highlighted how the large-scale disruptions in the technological status quo by the rise of AI could be a sign of potential growth and innovation. The entrepreneurs presenting at TiECon may be the ones to harness the sometimes unsteady AI industry for good causes.

“History shows that periods of technological disruption create extraordinary opportunities for those prepared to act,” he said. “TiEcon Texas is designed to help founders, investors, and enterprises understand where the automation economy is headed and how to participate in building it."

Here are the 10 startups pitching during the TiE Hatch Pitch competition:

Houston startup makes Time's list of the best inventions of 2026

Innovation Station

One of the year's most buzzworthy innovations comes from a Houston-based leader in the energy transition. Utility Global's H2Gen recently made Time magazine’s list of the 300 best inventions of 2026.

The H2Gen is an innovative system that produces low-cost clean hydrogen from water and industrial off-gases. The company says the process doesn’t require electricity, a notable claim since hydrogen production typically consumes a lot of power.

"Using a tubular electrochemical cell containing a proprietary electrolyte and water, the company can turn industrial off-gases into hydrogen at scale—no extra electricity required," writes Time. "Bonus: the process also pulls out carbon dioxide as a separate stream, where it can be captured and kept out of the atmosphere.

CEO Parker Meeks tells Time, it's “a practical pathway to decarbonize existing industrial assets."

The startup is on a roll. It has raised $100 million so far in an ongoing Series D round to offer its decarbonization technology at industrial scale around the world.

H2Gen is joined by 10 other inventions with Texas connections onTime's list, as well as one "special mention."

In North Texas, they are:

Samsung
Plano-based Samsung Electronics America pulled off a hat trick this year, with three products making Time’s list. First up is the Galaxy S26 Ultra smartphone. It packs a more powerful camera, Galaxy AI features, and pro-level content creation tools. But Time singled out its new built-in privacy display as the phone’s “biggest selling point.”

Samsung’s Bespoke AI Family Hub refrigerator also got smarter. When AI first came to the Family Hub in 2024, it could recognize some fresh foods, but you still had to log packaged items by hand, Time noted. Now, with Google Gemini built in, the fridge can identify more than 2,000 packaged foods, read handwritten labels, and warn you when food is about to expire. It then uses what’s inside to build grocery lists and suggest recipes.

And for gamers, there’s the Odyssey G8 monitor. Its 6K resolution leapfrogs the 4K standard, delivering what Samsung calls “exceptional visual clarity and detail” on a screen big enough for gaming and multitasking.

OxeFit
Plano-based OxeFit’s XS1 Peak is about the size of a treadmill but works like an entire gym. It can be set up for strength training, simulated skiing or kayaking, Pilates, or rowing. What makes it stand out is a built-in virtual spotter. According to Time, the machine “uses AI, computer vision and sensors to correct the user’s form, change resistance in the middle of a rep and reduce the weight when the user is struggling, much like a human spotter.”

EssilorLuxottica
EssilorLuxottica, the French eyewear giant whose U.S. headquarters is in Farmers Branch, makes Essilor Stellest lenses. The lenses correct nearsightedness while also slowing the eye growth that makes it worse over time. Stellest is the first and only eyeglass lens authorized by the U.S. Food and Drug Administration to control myopia, Time said. The lenses look like regular glasses but contain 1,021 tiny lenslets. In a U.S. trial of kids ages 6-12, myopia progression slowed by an average of 71 percent over two years compared with standard lenses.

Helpany
Helpany, a startup based in Phoenix that manufactures its devices in DFW, makes Paul, a ceiling-mounted gadget that uses radar and AI to spot subtle changes in how residents move and flag those at higher risk of falling. Helpany says the technology can cut falls by as much as 72 percent.

Aurora Innovation
Aurora, based in Pittsburgh with a corporate and operations hub in Coppell, rolled out its second-generation Driver 2 system in July. By September, Driver 2 trucks had logged more than 500,000 driverless miles without a single at-fault crash, Time reported, and the company expects 200 of them on the road by the end of 2026.

Colossal Biosciences
Dallas-based Colossal Biosciences built an artificial egg by placing an ultra-thin, transparent silicone membrane inside a rigid 3D-printed cup, letting scientists watch the embryo develop. Twenty-six chickens have already been hatched.

In Austin, they are:
Cedar Park-based Hyliion landed on Time’s list with its Karno Power Module, a modular generator designed to produce power wherever it’s needed. The Karno represents a big pivot for the company. Hyliion got its start building electrified powertrains for 18-wheelers before shifting into power generation after acquiring the Karno generator technology from GE Aerospace. Founded in Pittsburgh in 2015, the company relocated to Cedar Park in 2018.

The other Austin-associated honoree is Moment Energy. As more electric vehicles hit the road, a growing number of their batteries are nearing retirement, while demand for power keeps climbing. Moment Energy found a way to tackle both problems at once. The company’s Megafactory 1, which opened in Vancouver, Canada, in June, turns old EV batteries into modular energy storage systems for hospitals, factories, data centers, and other big power users. “Our goal is to make sure these batteries don’t end up in landfills,” founder Edward Chiang told Time.

In the “Special Mentions” category, Austin-based Renzoe Box gained notice for its refillable custom makeup palette for on-the-go people. Licensed architect René Graham designed the box. She graduated from Houston's Rice University, and was born and raised in Dallas.

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A version of this article first appeared on CultureMap.com.

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