Cindy Taff of Sage Geosystems shares her vision for her company and for the future of energy. Photo courtesy of Sage

When Cindy Taff was a vice president at the giant oil and gas company Shell in Houston, her middle schooler Brianna would sometimes look over her shoulder as she worked from home.

“Why are you still working in oil and gas?” her daughter asked more than once. “Is there a future in it? Why aren’t you moving into something clean?”

The words weighed on Taff.

“As a parent you want to give direction, and was I giving her the right direction?” she recalled.

At Shell, Taff was in charge of drilling wells and bringing them into production. She worked on oil and natural gas that's called unconventional in the industry, because the oil or natural gas is difficult to get out of the ground — it doesn't naturally gush out like in movies. It's a term often used for oily shale rock. Taff was somewhat unconventional for the industry, too. Her coworkers used to tease her for driving an efficient hybrid.

“You’re not helping oil and gas prices by driving a Prius," they'd say.

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EDITOR’S NOTE: This is part of an occasional series of personal stories from the energy transition — the change away from a fossil-fuel based world that largely causes climate change.

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Taff wanted Shell to pursue the energy that comes from the Earth's natural heat — geothermal. Her team looked into it, but Shell never greenlit any of those projects, saying it would take too much time to recoup the investment.

When Brianna went to college, she was passionate about energy too, but she wanted to work on renewables. After her sophomore year, in the summer of 2020, she got an internship at a geothermal company — one that in fact had just been launched by Taff's former colleagues at Shell — Sage Geosystems in Houston.

Now it was Taff looking over her daughter's shoulder and asking question as she worked from home during the pandemic.

And Sage executives were talking to Brianna, too. “We could use your mom here," they said. "Can you get her to come work for us?” Brianna recalled recently.

That's how Cindy Taff left her 36-year career at Shell to become chief operating officer at Sage.

“I didn't understand why Shell wasn't pursuing it,” she said about applying the company's drilling expertise to heat energy. "Then I got this great opportunity to pivot from oil and gas and work with these guys that I have the utmost respect for. And also, I wanted to make my daughter proud, quite frankly.”

Brianna Byrd, now 24, is the operations engineer and spokesperson at the company. She's glad her mother, now CEO, left oil and gas.

“Of course I’m biased, she’s my mom, but I don’t think Sage would be where it is without her,” she said.

The United States is a world leader in electricity made from geothermal energy, but this kind of electricity still accounts for less than half a percent of the nation’s total large-scale generation, according to the U.S. Energy Information Administration. In 2023, most geothermal electricity came from California, Nevada, Utah, Hawaii, Oregon, Idaho and New Mexico, where there are reservoirs of steam, or very hot water, close to the surface.

The Energy Department estimates this next generation of geothermal projects, like what Sage is doing, could provide some 90 gigawatts by 2050 — enough to power 65 million homes or more. That hinges on private investment, and on companies like Sage introducing this form of energy to regions where, until now, it’s been thought to be impossible.

How it works

Sage has two main technologies: The first makes electricity out of heat. The company drills wells and fractures hot, dry rock. Then electric pumps push water into those fractures, heating it up, and the hot water gets jettisoned to the surface where it spins a turbine.

But a funny thing happened during testing in Starr County, Texas. In late 2021, the team realized much of their technology could also be used to store energy.

If that works, it could be a big deal. Currently, to store energy at large scale, the United States is adding batteries, mostly lithium-ion type, to solar and wind projects, so they can charge up and send electricity back to the electric grid when the sun is not shining or the wind is not blowing. These batteries typically supply four hours maximum power.

Sage envisions some of its technology placed at solar and wind farms, too. When electricity demand is low, they'll use extra energy from a solar or wind farm to run electric pumps, pumping water into the underground fractures, leaving it there until demand for electricity increases — storing the energy beneath the Earth's surface for hours, days or even weeks.

It's a novel way to use the technology, said Silviu Livescu, lead author on a report looking at the future of geothermal in Texas. Livescu knows Taff and has followed the company's progress.

“It’s the right moment for companies like Sage with a purpose, with a mission and with the technology to show that geothermal indeed is the energy source we need to address climate change,” said Livescu, who co-founded a different geothermal startup in Austin, Texas.

These days, Taff is often out in front, talking with politicians and policymakers about the potential of geothermal. She attended the United Nations COP28 climate talks last year to share her vision for this kind of energy.

Sage has raised $30 million so far and is growing.

It's building a small (3-megawatt), geothermal energy storage system at San Miguel Electric Cooperative, Inc., south of San Antonio this year. It's working with U.S. military facilities in Texas that see geothermal as a way to power their bases securely. Sage recently announced partnerships for heating communities in Bucharest, Romania; clean electricity from geothermal for Meta's data centers, and energy storage and geothermal projects in California.

The company is final-testing a proprietary turbine to more efficiently convert heat to electricity.

Because of her oil and gas background, Taff said she knows geothermal will only be adopted widely if the cost comes down. The mantra at Sage is: It's going to be clean and it's going to be cheap. She's excited to be working in a field she feels is on the cusp of playing a big role in cleaning and stabilizing the electrical grid.

“I’ve never looked back,” she said. “I love what I’m doing and I think it’s going to be transformative.”

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Houston brain health co. secures $6.5M for rare disease study

neuro funding

Houston-based Goldenrod Therapeutics, part of Fannin Partners' portfolio, has announced the initial close of a $6.5 million series seed preferred stock round.

The round was led by Ataxia Ventures and an affiliate of Fannin, according to a news release.

Goldenrod Therapeutics plans to use the funding to support manufacturing, formulation optimization, IND-enabling studies and a Phase I study of its drug to treat brain inflammation, known as 11h.

The study will consider how 11h, which blocks the enzyme PDE4, could treat Friedreich’s ataxia (FA), a rare genetic disease that affects movement, speech and balance. To date, other PDE4 inhibitors have proven to regulate neuroinflammation and neuronal signaling, but have had adverse gastrointestinal side effects or have not reached enough of the central nervous system, according to Goldenrod.

The company says its 11h is expected to have "broad applicability" with limited emetric side effects.

“Our 11h program is a next-generation, orally bioavailable, brain-penetrant PDE4 inhibitor, where researchers overcame longstanding limitations associated with earlier PDE4 inhibitors," Dr. Dev Chatterjee, CEO of Goldenrod, said in the news release. "We believe this creates the potential for a best-in-class therapy for Friedreich’s Ataxia and a potential foundation for development across multiple neurodegenerative and neuroinflammatory disorders.”

11h was first developed at the University of Nebraska Medical Center (UNeMed). Houston-based Fannin Partners in-licensed the product 2020 and landed SBIR Phase I funding to support its initial development for opioid use disorder soon after.

Goldenrod has also received funding to study 11h's effectiveness for multiple sclerosis, methamphetamine addiction and cocaine addiction.

Goldenrod says it is developing 11h to target a variety of neurological and inflammatory conditions, including Alzheimer's disease, multiple sclerosis, ALS, substance use disorders, Batten disease, pain and traumatic brain injury.

27 Houston companies make Fortune 500 for 2026, led by energy giants

Houston HQs

Houston is a giant among U.S. hubs for corporate headquarters.

The 2026 Fortune 500 lists 27 companies based in the Houston area, with many energy companies claiming top spots. Houston ties with Chicago for the second-most Fortune 500 headquarters, preceded only by New York City (53). Dallas-Fort Worth is home to 23 Fortune 500 headquarters.

Texas leads the nation for Fortune 500 headquarters (57), with California in the No. 2 spot and New York at No. 3.

“Texas is the undisputed headquarters of headquarters,” Gov. Greg Abbott said in a news release. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”

The 2026 Fortune 500 ranks the largest U.S. corporations based on revenue in fiscal year 2025.

Here’s a rundown of the 27 Fortune 500 companies based in the Houston area.

  • No. 9 ExxonMobil
  • No. 21 Chevron
  • No. 29 Phillips 66
  • No.55 Sysco
  • No. 75 ConocoPhillips
  • No. 89 Enterprise Products Partners
  • No. 103 Plains GP Holdings
  • No. 133 Hewlett Packard Enterprise
  • No. 149 NRG Energy
  • No. 157 Quanta Services
  • No. 164 Baker Hughes
  • No. 173 Occidental Petroleum
  • No. 179 Waste Management
  • No. 201 EOG Resources
  • No. 204 Group 1 Automotive
  • No. 207 Halliburton
  • No. 223 Cheniere Energy
  • No. 236 Corebridge Financial
  • No. 262 Targa Resources
  • No. 266 Kinder Morgan
  • No. 388 Westlake
  • No. 435 CenterPoint Energy
  • No. 438 APA
  • No. 440 Comfort Systems USA
  • No. 455 NOV
  • No. 488 KBR
  • No. 496 Coterra Energy. Oklahoma City, Oklahoma-based Devon Energy and Houston-based Coterra Energy merged in early May, with the combined company retaining the Devon Energy name and the Houston headquarters.

The Greater Houston Partnership notes the Houston area soon will welcome its 28th Fortune 500 company. Expand Energy (formerly Chesapeake Energy), appearing at No. 362 on the 2026 list, says it’s moving its headquarters from Oklahoma City to Spring this year.

As the natural gas producer prepares to relocate to Texas, it’s hunting for a new leader. Nick Dell’Osso stepped down as president and CEO earlier this year. Board Chairman Michael Wichterich is interim president and CEO.

Dell’Osso became president and CEO of Oklahoma City-based Gulfport Energy effective May 28.

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This article first appeared on EnergyCapitalHTX.com.

Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.