Need a ride to the moon? Two Houston companies are working on developing lunar rideshare services. Photo via intuitivemachines.com

Houston-based space exploration company Intuitive Machines soon will be the Uber of space.

Intuitive Machines has signed a deal with Houston-based launch services company SEOPS to offer lunar rideshare services. Under the deal, Intuitive Machines will enable SEOPS to deliver customers' payloads to the surface of the moon, as well as to Lagrange points and geostationary transfer orbits. Essentially, this will let SEOPS hitch a ride on missions already planned by Intuitive Machines.

As NASA explains, spacecraft occupy Lagrange points between the earth and moon as “parking lots” so they can stay in a fixed position while conserving fuel. And according to the European Space Agency, transfer orbits “are a special kind of orbit used to get from one orbit to another.”

“Intuitive Machines’ rideshare capacity not only satisfies a growing market need, but it’s completely in our wheelhouse — leveraging our expertise in solving complex launch challenges for our customers,” Chad Brinkley, CEO of SEOPS, says in a news release. “It makes financial sense to take advantage of the excess capacity on Intuitive Machines’ lunar missions, while also supporting our customers' goals for lunar exploration.”

Intuitive Machines CEO Steve Altemus says the SEOPS deal underscores the aspirations of the space industry.

“SEOPS entrusting us with the delivery of its customers’ payloads to space highlights our capabilities to provide the essential infrastructure and services that support all groundbreaking commercial ambitions in space,” Altemus says.

Speaking of groundbreaking developments, Intuitive Machines recently pinned down a landing site for its sold-out mission to the South Pole. The mission will prospect for water ice.

NASA calls water ice “a valuable resource” for exploration of the moon, as it could provide drinking water, cool equipment, and generate fuel and oxygen.

The more than 650-foot-in-diameter South Pole landing site, chosen by Intuitive Machines and NASA, sits on the Shackleton connecting ridge. The ridge connects two craters.

NASA says the Shackleton ridge receives enough sunlight to power a lander for a roughly 10-day mission while offering a clear line of sight for satellite communications.

The mission, featuring an Intuitive Machines lander and NASA ice-mining equipment, is set for late 2024. The work must take place between November 2024 and January 2025 to capitalize on ideal conditions.

“A sold-out commercial and civil government mission early in our commercialization roadmap validates our approach to supporting an economy in deep space,” Altemus says in a news release. “Our expertise in landing site selection is world-class, and we believe the ability to identify landing areas with valuable resources will be essential to the future of the lunar economy.”

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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.

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

Texas university's new flight academy opens at Houston Spaceport

cleared for takeoff

The vehicles may not have “student driver” stickers on them, but Texas Southern University has moved a dozen planes into its new training facility at the Houston Spaceport, opening the way for student flyers to use the facility.

TSU previously reached a deal with Houston Airports and the City of Houston in 2023 to house its prospective Flight Academy at Ellington Field. At the time, TSU had a small fleet of nine planes for student use, but a $5.5 million investment from the city greatly expanded the space available.

The Flight Academy includes a 20,000-square-foot hangar that serves as a TSU satellite campus. The school now has a fleet of 12 Cirrus SR20 aircraft that were acquired last year through state and alumni funding. An additional 4,500 square feet is used as classroom and office space. An 8,000-gallon fuel tank will support flight training operations.

TSU first launched its Aviation Science Management program in 1986 and added a professional pilot program in 2016. The school is now part of the United Airlines pipeline program and has also forged relationships with Delta and Southwest.

“I want to commend Texas Southern University and Houston Airports for their leadership and partnership in advancing aviation education right here in our city,” Houston City Councilwoman Dr. Carolyn Evans-Shabazz in a press release.

“It connects our students to high-paying, high-demand careers in aviation and aerospace. This is how we grow a city in the right way—by investing in workforce development, aligning education with industry and making sure our residents are prepared to lead in the industries of tomorrow. Houston is already a global leader in aerospace and projects like this strengthen that position even further, especially here at Ellington, where innovation and opportunity continue to take flight.”

The City of Houston signed an agreement to continue funding the academy for five years.