Port Houston lands $3M EPA grant to drive green initiatives, cleantech innovation

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The grant, funded by the federal Inflation Reduction Act, will help promote cleaner air, reduced emissions, and green jobs. Photo via Getty Images

Port Houston’s PORT SHIFT program is receiving nearly $3 million from the U.S. Environmental Protection Agency’s Clean Ports Program.

The grant, funded by the federal Inflation Reduction Act, will help promote cleaner air, reduced emissions, and green jobs.

“With its ambitious PORT SHIFT program, Houston is taking a bold step toward a cleaner, more sustainable future, and I’m proud to have helped make this possible by voting for the Inflation Reduction Act,” U.S. Rep. Sylvia Garcia says in a news release.

“PORT SHIFT is about more than moving cargo — it’s about building a port that’s prepared for the future and a community that’s healthier and stronger,” Garcia adds. “With investments in zero-emission trucks, cleaner cargo handling, workforce training, and community engagement, Port Houston is setting the standard for what ports across America can accomplish.”

Joaquin Martinez, a member of the Houston City Council, says one of the benefits of the grant will be ensuring power readiness for all seven wharves at the Bayport Container Terminal.

The Inflation Reduction Act allocated $3 billion to the EPA’s Clean Ports Program to fund zero-emission equipment and climate planning at U.S. ports.

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This article originally ran on EnergyCapital.

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"Companies and stakeholders across the energy spectrum need to act together and act fast." Photo via Getty Images

Energy tech expert: Recent report shines light on clean tech progress needed by 2030

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Houston is home to some of the nation's largest oil and gas exploration and production firms, making it one of the world’s most important energy capitals. Growing regional support for pioneering clean tech, such as carbon capture, will help achieve the crucial transition to net zero whilst maintaining economic stability, boosting local industries and creating jobs.

According to the International Energy Agency (IEA), North America and Asia Pacific are expected to hold the largest share in carbon capture capacity. North America’s world-leading carbon capture potential comes as no surprise given the nation’s dominance in oil and gas, and ideal geology for sequestration.

The IEA’s recently published World Energy Outlook 2023 depicts a global market that is in transition. With more companies, world leaders and governments recognizing that a shift towards sustainable energy is both inevitable and transformative, the question is no longer whether we switch to clean energy, but rather how soon the transition can happen.

For every $1 in investment spending on fossil fuels globally, $1.8 is now being spent to develop clean energy, according to the IEA. Although the clean energy market has almost doubled in the past five years to reach an estimated $2.8 trillion in 2023, investment needs to hit $4.2 trillion per year by 2030 to achieve the universally shared goal of net zero. The IEA believes around 1 Gigaton of CO2 must be captured in 2030, rising to 6 Gigatons by 2050 to achieve the Net Zero Emissions by 2050 Scenario (termed NZE Scenario). This presents a tremendous opportunity for government stakeholders and the business community in Houston to turbocharge the economy and protect the planet from the impact of climate change.

While volatility around the energy market lingers, sustainable technologies remain one of the most dynamic areas of global energy investment. An essential ingredient to its success is bringing on board innovators, entrepreneurs, corporations, and financiers to ensure technology innovation is front and center in facilitating the clean energy transition.

Carbon capture technology is critical, but energy leaders and hard-to-abate industries are under pressure to move faster. To do that, the carbon capture industry must scale up its deployment and increase adoption if hard-to-abate sectors are to address the 30 percent of global CO2 emissions for which they are responsible. Governments have a pivotal role to play in providing financial, regulatory and policy incentives, facilitating a collaborative environment between financiers, hard-to-abate operators, and clean tech companies. While we are moving in the right direction, there is no room for complacency or procrastination given the short timescales for meaningful action.

Over the past several years, Carbon Clean, a global company that is revolutionizing carbon capture, has enjoyed significant expansion in North America. Following the passage of the Inflation Reduction Act (IRA) in August 2022, we saw huge interest in our modular industrial carbon capture technology almost overnight, resulting in a 64 percent increase in inquiries from the U.S. To meet this booming demand, we have opened a U.S. headquarters in Houston, and have plans to double our U.S. headcount to meet industry requirements for our scalable and cost-effective technology, CycloneCC. In short, the United States is poised to become our biggest market. Given our latest lead investor and partner is Houston-based Chevron New Energies, there is no better place than Houston to drive innovation in the country’s energy sector.

The IRA did more than just bring in new inquiries for our breakthrough technology – it also signaled to the energy sector that the federal government is getting serious about bringing emissions down. The impact of the IRA cannot be overstated, especially for the point-source carbon capture technology pioneered by Carbon Clean. While the IRA involves billions of dollars of public investment, it is set up in such a way that companies must make substantial investments first, acting as a down payment on fostering jobs and ensuring the business community is delivering ambitious climate action. The benefits are being felt locally as well – cities like Houston are at the forefront of what the IRA has to offer, taking advantage of these investments and reducing emissions.

Companies and stakeholders across the energy spectrum need to act together and act fast. With the dramatic growth required for carbon capture to have full effect, it will be essential for government, industry, and innovators to join together to concentrate on a number of projects and clusters. We are confident that with new cutting-edge technology and broad collaboration we can rapidly get the world on the right path to net zero.

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Prateek Bumb is CTO and co-founder of Carbon Clean and the principal innovator of Carbon Clean’s industrial carbon capture technologies.

This article originally ran on EnergyCapital.
Only time will tell, but this expert believes the Inflation Reduction Act of 2022 will be a boon to energy tech startups in Texas. Photo via Getty Images

Expert: How recent inflation legislation could affect Texas energy startups, investors

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The recently passed Inflation Reduction Act of 2022 includes $369 billion in investment in climate and energy policies, the largest investment in United States history to address climate change. The IRA could be a boon to Texas startups involved in clean energy, clean manufacturing and clean innovation.

Government policy and funding are critical to supporting the research and development for new technologies, which solve complex challenges and require significant upfront and long-term commitments of investment. Early government investment gives private investors more incentive to invest in the later commercialization and scaling of these businesses, and has a multiplier effect in accelerating the development, commercialization, and deployment of new technologies in the time needed in the market to capitalize on energy business opportunities and achieve climate goals.

The IRA’s biggest impact on climate tech businesses is through tax credits and direct investment. The IRA’s expanded tax credits will make it easier to fund and build projects, help reduce cost of construction, and help make renewable energy projects more competitive, encourage more funding and building of new projects, and bring new jobs and economic development. The IRA’s direct investments allow for companies developing new technologies to obtain grants and loans that help them develop their solutions while not diluting their investors, helping them build more value in their businesses and making them more attractive for later investment.

Texas is well positioned to be an energy transition and clean energy leader and beneficiary of the IRA. The state is home to major energy companies, and their technical expertise, know-how and experience in energy, and energy technology is unparalleled. There is huge momentum in innovation in energy transition and energy tech, and there is great research coming out of university and corporate R&D programs. For example, Texas is home to more than 20 energy-focused research and development centers and dozens of energy tech companies. And Texas is already the largest producer of wind power in the U.S.

Texas startups across industries were already attracting massive investment before the IRA became law. According to Pitchbook and the National Venture Capital Association, Texas startups overall raised a record-high $10.55 billion in venture capital in 2021, an increase of 123 percent from 2020’s $4.73 billion.

Early-stage investment in climate tech hit a record $53.7 billion in 2021. While the totals this year aren’t likely to reach 2021 levels, climate tech investors have said they aren’t seeing the size of pullbacks and slowdowns in other sectors. Despite the VC slowdown this year, clean tech and climate tech have remained attractive investments. This includes Texas. For example, the Rice Alliance Clean Energy Accelerator reported in August that 17 of its early- to mid-stage startups have already raised more than $54.5 million this year. Also in August, geothermal startup Fervo Energy, based in Houston, raised $138 million in new VC funding. Earlier in February, Houston’s Zeta Energy, which has developed a battery for the electric vehicle and energy storage markets, closed a $23 million financing round. We expect continued funding in this space.

Large corporates in Texas are building external innovation programs such as venture arms and accelerators. For instance, Houston’s Halliburton Company developed Halliburton Labs, an accelerator that has backed a number of startups in the carbon capture, clean hydrogen, and solar energy tech developers. Big energy companies are also joining Texas-based accelerator hubs such as The Ion in Houston. The Ion’s founding partners include Aramco Americas, Chevron Technology Ventures, and ExxonMobil.

It will require long term efforts to achieve results in climate tech and clean energy projects, but as the benefits of the IRA materialize, more startups in Texas will have the ability to obtain more long-term financial support and resources from all of the sources – government, universities, and research organizations, venture investors and corporations — that are required to develop solutions to the energy and climate challenges and capitalize on the business opportunities of today and tomorrow. Startups are creating transformative innovations that are key to the United States being a leader in clean energy and fighting climate change. And there’s no better place to do that than in Texas.

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Michael Torosian is a partner in the corporate practice in the San Francisco office of Baker Botts. He is outside general counsel to emerging companies and their investors and advisors at all stages.

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Houston medtech firm secures $30M for neurosurgical robot

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Robotic neurosurgery is an exciting new frontier in medicine, and Houston-based medtech firm XCath is leading the charge with its revolutionary Iris robotic system. The company announced in March that it had secured $30 million in Series C funding to continue developing systems to tackle blood clots in the human brain.

“We are grateful to our investors for their conviction in our shared mission to improve clinical outcomes for patients impacted by endovascular diseases,” Eduardo Fonseca, CEO of XCath, said in a news release. “In 2025, the XCath team advanced the frontiers of endovascular robotics. This funding accelerates our commitment to expanding access to life-saving care so that where a patient lives no longer determines whether they live.”

XCath–which also has campuses in Pangyo, South Korea–has already achieved a number of remarkable firsts in robotic neurosurgery. The Iris is the only endovascular robotic system currently in development to perform intracranial navigation or neurointerventional treatment, and is the only robot in the world to have performed an intracranial neurovascular procedure involving the robotic manipulation of three devices.

These new Series C funds, which bring the company's total investment to $92 million, will go toward developing a clinical telerobot capable of performing a mechanical thrombectomy. This would bring unprecedented accuracy and precision to the surgical removal of brain clots, significantly reducing the risk of neurosurgery.

“Robotic surgery succeeds when innovation is paired with practical execution,” Dr. Fred Moll, chairman of the XCath board of directors, said in the release. “XCath has built a promising technology foundation, and just as importantly, a team that values rigor and appreciates perspective. I’m excited to support them as they take on the mission of globalizing access to gold-standard care for stroke patients.”

In November 2025, the Iris debuted under the control of Dr. Vitor Mendes Pereira at The Panama Clinic in Panama City, alongside local Principal Investigator Dr. Anastasio Ameijeiras Sibauste. It was only the second time in human history that a robot had been used for intracranial neurovascular intervention, and it established Iris as a viable technology in the fight against stroke.

“Treatment of stroke and other neurovascular diseases represents one of the most significant financial opportunities in healthcare, supported by positive reimbursement dynamics and strong demand from health systems,” Nicholas Drysdale, CFO of XCath, added in the release. “With our continued investor support and disciplined capital deployment, XCath is positioned to build a category-leading platform in endovascular robotics”.

Houston geothermal unicorn Fervo officially files for IPO

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Fervo Energy has officially filed for IPO.

The Houston-based geothermal unicorn filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17 to list its Class A common stock on the Nasdaq exchange. Fervo intends to be listed under the ticker symbol "FRVO."

The number and price of the shares have not yet been determined, according to a news release from Fervo. J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are leading the offering.

The highly anticipated filing comes as Fervo readies its flagship Cape Station geothermal project to deliver its first power later this year

"Today, miles-long lines for gasoline have been replaced by lines for electricity. Tech companies compete for megawatts to claim AI market share. Manufacturers jockey for power to strengthen American industry. Utilities demand clean, firm electricity to stabilize the grid," Fervo CEO Tim Latimer shared in the filing. "Fervo is prepared to serve all of these customers. Not with complex, idiosyncratic projects but with a simplified, standardized product capable of delivering around-the-clock, carbon-free power using proven oil and gas technology."

Fervo has been preparing to file for IPO for months. Axios Pro first reported that the company "quietly" filed for an IPO in January and estimated it would be valued between $2 billion and $3 billion.

Fervo also closed $421 million in non-recourse debt financing for the first phase of Cape Station last month and raised a $462 million Series E in December. The company also announced the addition of four heavyweights to its board of directors last week, including Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE.

Fervo reported a net loss of $70.5 million for the 2025 fiscal year in the S-1 filing and a loss of $41.1 million in 2024.

Tracxn.com estimates that Fervo has raised $1.12 billion over 12 funding rounds. The company was founded in 2017 by Latimer and CTO Jack Norbeck.

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

New UT Austin med center, anchored by MD Anderson, gets $1 billion gift

Future of Health

A donation announced Tuesday, April 21, breaks a major record at the University of Texas at Austin. Michael and Susan Dell are now UT Austin's first supporters to give $1 billion. In response, the university will create the UT Dell Campus for Advanced Research and the UT Dell Medical Center to "advance human health," per a press release.

The release also records "significant support" for undergraduate scholarships, student housing, and the Texas Advanced Computing Center for supercomputing research.

Both the new research campus and the UT Dell Medical Center will integrate advanced computing into their research and practices. At the medical center, the university hopes that will lead to "earlier detection, more precise and personalized care, and better health outcomes." The University of Texas MD Anderson Cancer Center will also be integrated into the new medical center.

That comes with a numeric goal measured in 10s: raise $10 billion and rank among the top 10 medical centers in the U.S., both in the next decade.

In the shorter term, the university will break ground on the medical center with architecture firm Skidmore, Owings & Merrill (SOM) "later this year."

“UT Austin, where Dell Technologies was founded from a dorm room, has always been a place where bold ideas become real-world impact,” said Michael and Susan Dell in a joint statement.

They continued, “What makes this moment so meaningful is the opportunity to build something that brings every part of the journey together — from how students learn, to how discoveries are made, to how care reaches families. By bringing together medicine, science and computing in one campus designed for the AI era, UT can create more opportunity, deliver better outcomes, and build a stronger future for communities across Texas and beyond.”

This is the second major gift this year for the planned multibillion-dollar medical center. In January, Tench Coxe, a former venture capitalist who’s a major shareholder in chipmaking giant Nvidia, and Simone Coxe, co-founder and former CEO of the Blanc & Otus PR firm, contributed $100 million$100 million.

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