Texas has been deemed inefficient when it comes to energy. Photo courtesy of Thomas Miller/Breitling Energy

For a state that's home to the "Energy Capital of the World," Texas falls flat when it comes to energy efficiency. WalletHub, a personal finance site, ranked the most and least energy-efficient states, and Texas was named No. 42 of the 48 states evaluated.

The states were scored on home and auto efficiency out of an available 100 points. Home efficiency was calculated based on the ratio of total residential energy consumption to annual degree days, the days of the year in each region that require buildings to engage heating or cooling. Auto efficiency was established by factoring in the annual miles driven per year, gallons of gasoline consumed, and population. At the top of the national ranking were New York, Vermont, Utah, Rhode Island, and Massachusetts.

Texas, with its hot climate and underdeveloped public transportation systems, scored only 33.34 total points on the report. The state ranked No. 35 on home energy efficiency and No. 42 for auto energy efficiency. Texans drive over 271 billion miles annually and use over 19 billion gallons of gas, the second worst and worst rankings, respectively, among the states considered for this study.

The Environmental Protection Agency's research tells a different story of Texas' sustainability. The EPA's Green Power Partnership named its 2018 top local governments, and Texas cities claimed three spots in the top five. Houston was ranked No. 1, followed by Dallas at No. 2 and Austin at No. 5. This ranking is based on the annual green power usage — Houstonians use almost 1.1 million kilowatt hours of wind and solar energies annually.

According to the WalletHub report, each American household spends at least $2,000 annually on utilities and another $1,968 on gasoline and oil, which is up $59 from last year. New technologies and energy-efficient measures can reduce household utility costs by up to 25 percent, and a fuel-efficient car could save drivers over $700 annually, says WalletHub. The report's experts advised in properly weatherproofing homes; smart technology, such as thermostats; solar panels; and more.

---

This story originally appeared on CultureMap.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Houston quantum energy chip startup emerges from stealth with $12M round

seed funding

Houston-based Casimir has emerged from stealth with a $12 million seed round to commercialize its quantum energy chip.

The round was led by Austin-based Scout Ventures. Lavrock Ventures, Cottonwood Technology, Capital Factory, American Deep Tech, and Tim Draper of Draper Associates also participated in the round. The oversubscribed round exceeded the company’s original $8 million target, according to a news release.

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. The company plans to commercialize its first-generation MicroSparc chip by 2028.

The MicroSparc chip measures 5 millimeters by 5 millimeters and is designed to produce 1.5 volts at 25 microamps, comparable to a small rechargeable battery, without degradation and no replacement cycle.

“Casimir represents exactly the kind of breakthrough dual-use technology Scout Ventures was built to back,” Brad Harrison, founder and managing partner at Scout Ventures, said in the release. “This is based on 100 years of science and we’re finally approaching a commercial product … We’re proud to lead this round and support Casimir’s journey from applied science to deployed technology.”

Casimir says it aims to scale its technology across the ”full power spectrum,” including large-scale energy systems that can power homes, commercial infrastructures and electric vehicles.

Casimir's scientific work has been supported by DARPA-funded nanofabrication research and its technology was incubated at the Limitless Space Institute (LSI). LSI is a nonprofit that works to innovate interstellar travel and was founded by Kam Ghaffarian. Technology investor and serial entrepreneur Ghaffarian has been behind companies like X-energy, Intuitive Machines, Axiom Space and Quantum Space.

Harold “Sonny” White, founder and CEO of Casimir, believes the technology can power devices for years without replacements.

“Millions of devices will operate for years without a battery ever needing to be replaced or recharged because we have engineered a customized Casimir cavity into hardware capable of producing persistent electrical power,” White added in the release. “I spent nearly two decades at NASA studying how we power humanity’s future. That work led me to the Casimir effect and the quantum vacuum, where new tools have allowed us to build on a century of scientific knowledge and bring abundant power to the world.”

Houston-based Fervo Energy bumps up IPO target to $1.82 billion

IPO update

Houston-based geothermal power company Fervo Energy is now eyeing an IPO that would raise $1.75 billion to $1.82 billion, up from the previous target of $1.33 billion.

In paperwork filed Monday, May 11 with the U.S. Securities and Exchange Commission, Fervo says it plans to sell 70 million shares of Class A common stock at $25 to $26 per share.

In addition, Fervo expects to grant underwriters 30-day options to buy up to 8.33 million additional shares of Class A common stock. This could raise nearly $200 million.

When it announced the IPO on May 4, Fervo aimed to sell 55.56 million shares at $21 to $24 per share, which would have raised $1.17 billion to $1.33 billion. The initial valuation target was $6.5 billion.

A date for the IPO hasn’t been scheduled. Fervo’s stock will be listed on Nasdaq under the ticker symbol FRVO.

Fervo, founded in 2017, has attracted about $1.5 billion in funding from investors such as Bill Gates-founded Breakthrough Energy Ventures, Google, Mitsubishi Heavy Industries, Devon Energy (which is moving its headquarters to Houston), Tesla co-founder JB Straubel, CalSTRS, Liberty Mutual Investments, AllianceBernstein, JPMorgan, Bank of America and Sumitomo Mitsui Trust Bank.

Fervo’s marquee project is Cape Station in Beaver County, Utah, the world’s largest EGS (enhanced geothermal system) project. The first phase will deliver 100 megawatts of baseload clean power, with the second phase adding another 400 megawatts. The site can accommodate 2 gigawatts of geothermal energy. Fervo holds more than 595,000 leased acres for potential expansion.

Cape Station has secured power purchase agreements for the entire 500-megawatt capacity. Customers include Houston-based Shell Energy North America and Southern California Edison.

---

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