The future of resilience innovation will require all hands on deck. Photo via Getty Images

As Houstonians know more than most, a natural disaster can set a thriving city back millions. And, as it seems, these natural disasters aren't going anywhere. The question innovators, governments, insurance companies, and affected citizens keep asking is "what can be done?"

"Over the past decade we've been in and out of several disasters in the billions of dollars of impact," says Richard Seline, managing partner at ResilientH2O Partners. "But it's not without response."

Governments are deploying billions into fixing infrastructure, and Seline gathered risk mitigation experts for a conversation and startup pitch session as a part of Houston Tech Rodeo to discuss the future of this field. The experts weighed in on how risk mitigation and disaster prevention is going to need to be supported by both local and national governments.

Pamela Williams, executive director at BuildStrong Coalition, says she's been in the industry for decades now and has observed new financial support opportunities coming in at a federal level. These entities are looking for cost effective, risk reducing technologies. Innovators can think of these resources as seed funds — with a very high return on investment.

"Investments pre-disaster to draw down risk will save us … up to $11 for every $1 invested," she says on the panel. "Pre-disaster mitigation is where it's at."

And the solutions can't just come from one office within the national government — it needs to be a collaborative effort, she adds.

"We have got to provide flexibility, consistency — and truly be able to leverage all of these resources together so that we can do these transformational unthought of projects," Williams says.

Local governments are also tasked with increasing focus and funding on disaster prevention — maybe even more so than federal agencies, says Ron Prater, executive director at Big City Offices of Emergency Management.

"All disasters are local," he explains. "Locals have to be ready. ...Feds have money and resources but they aren't going to come in and save the day."

Governmental support is going to be needed to advance risk mitigation technology and innovation, but entrepreneurs might also have to seek aid elsewhere.

"While there are funds available for entrepreneurs and innovators, the fact is it will not always come from the government," Seline says. "There are billions of dollars of insurance, reinsurance, and non-traditional financing beginning to emerge — most of it centered around insuratech."

Williams says companies have a unique role to play in the continued conversation of driving these types of inventions.

"Our private sector partners have the ability to convene people," she says, "and bring perspectives to the table that have never before been there to come up with creative solutions."

Cultivating diverse thought leadership is crucial to the equation, says panel moderator Landi Spearman, generational and change management consultant at Organized Shift, who explains that Houston is an especially strategic place for this innovation to occur, since it's the most diverse big city in the country.

"When we think about resilience and people, we get to leverage our diversity of perspective. You get to bring yourself to the solution and you get to include others," she says.

There are a few types of exciting technologies emerging in resilience innovation — from finding ways to optimize and assist brokers and carriers as well as the equipment, technology, and data that's coming out of the public-private sector. One that interests Prater in particular is the opportunity to collect data.

"AI and machine learning are going to improve how (emergency managers) get situation awareness — how accurate it is and how timely it is," he says. "One of their main goals is to share as much information as possible."

The panel concluded with three startup pitches from NanoTech, a fireproofing and insulation product; IVPAir, a device that kills COVID-19 germs right from the air; and Climaguard, a weatherproofing invention to protect cars.

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.