Editor's note: Every week, I introduce you to a handful of Houston innovators to know recently making headlines with news of innovative technology, investment activity, and more. This week's batch includes three innovators across Houston's energy transition.
Bobby Tudor, board chair of Greentown Labs
Greentown Labs, a climatetech incubator with locations in the Houston and Boston areas, has announced it has received $4 million in funding from both of the Houston and Massachusetts locations. Houston investors included Bobby Tudor, CEO of Artemis Energy Partners and chairman of the Houston Energy Transition Initiative, who also joins the organization as board chair.
“The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential,” Tudor says in a news release. “We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others.” Read more.
Tim Latimer, CEO and co-founder of Fervo Energy
Tim Latimer of Fervo Energy has raised additional funding. Photo courtesy of Fervo Energy
A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.
Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II. The funding will go toward supporting Fervo's ongoing and future geothermal projects.
“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” Fervo CEO and Co-Founder Tim Latimer says in a news release. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.” Read more.
Casey Brown, executive director of Evolve Houston
Casey Brown and his team at Evolve Houston have rolled out a new program. Photo courtesy
The innovative METRO microtransit program will be expanding to the downtown area, the Metropolitan Transit Authority of Harris County announced.
The program started in June 2023 when the city’s nonprofit Evolve Houston partnered with the for-profit Ryde company to offer free shuttle service to residents of Second and Third Ward. The shuttles are all-electric and take riders to bus stops, medical buildings, and grocery stores. Essentially, it works as a traditional ride-share service but focuses on multiple passengers in areas where bus access may involve hazards or other obstacles. Riders access the system through the Ride Circuit app.
“Our microtransit service is a game-changer for connecting people, and we are thrilled to launch it in downtown Houston,” said Evolve executive director Casey Brown. “The all-electric, on-demand service complements METRO’s existing fixed-route systems while offering a new solution for short trips. This launch marks an important milestone for our service, and we look forward to introducing additional zones in the new year — improving access to public transit and local destinations.” Read more.
Venus Aerospace, recently achieved ignition of its VDR2 rocket engine. Photo courtesy of Venus Aerospace