2 Houston startups make strategic hires

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Two Houstonians have been named to the C-suites of growing startups. Photos courtesy

A pair of Houston tech startups have recently announced new appointments to their leadership staff. A digital supply chain commerce company named a new CFO, while an Irish health tech company has named its new Houston-based leader.

GoExpedi names new CFO

Jorge Ordonez is the newly named CFO for GoExpedi. Photo courtesy of GoExpedi

Houston-based GoExpedi, an innovative end-to-end digital supply chain and data analytics solutions company, named Jorge Ordonez as CFO for the company.

"With our rapidly accelerating growth, ongoing investment activity and new industrial customers coming online, it was crucial that we bring on board an experienced financial leader who can help us successfully scale at a fast pace," says Tim Neal, GoExpedi CEO, in a news release. "Jorge led one of the top medical equipment providers in the country as well as a leading industrial technology solutions provider. We'll greatly benefit from his diverse financial experience, helping us to become the leading digital industrial supply chain and data analytics providers in North America."

Ordonez brings 25 years of finance and accounting experience across industries, including 10 years in distribution and logistics. His most recent position was CFO at US Med-Equip, a medical equipment provider.

"I am honored to join GoExpedi, one of the most innovative industrial supply chain and data solutions providers out there, at this time of rapid growth," says Ordonez in the release. "I look forward to working closely with GoExpedi's leadership team to support sustained financial success as the company expands into different geographies and sectors. My goals are to help the company continue its financial success and build optimized financial decision-making models and processes that will equip the company to scale and expand capital availability to continue its growth trajectory."

Health tech startup with US operations in Houston names new CEO

Benjamin A. Hertzog will lead Intelligent Implants through its next phase of development. Photo courtesy of Intelligent Implants

Benjamin A. Hertzog, entrepreneur in residence at Johnson and Johnson’s Center for Device Innovation at the Texas Medical Center, has a new title. Last month, Hertzog was named CEO of Intelligent Implants, a development-stage digital medicine and orthopedics startup based in Ireland with its United States operations based in Houston.

“Ben joined Intelligent Implants as Executive Chairman of the Board in 2020, and his broad experience in complex Class-III medical devices, leadership, and exceptional track record made it an obvious choice to have Ben join us at the helm of the company,” says John Zellmer, Intelligent Implants co-founder and founding CEO, in a news release. “Ben has the skills and credibility to guide Intelligent Implants as we navigate through the next stage of clinical and commercial activities. We look forward to his leadership as we continue to achieve key milestones.”

Zellmer will transition into the role of COO while Hertzog is tasked with leading product development, as well as clinical, and commercial activities for the company’s novel and proprietary smart orthopedic implant platform.

With more than 20 years of experience in healthcare and life sciences as an engineer, investor, and entrepreneur, Hertzog has founded medical device startup, Procyrion, leading the cardiac device company through Series C financing, product development, animal studies, strategic investment, and human clinical trials. He also served as managing director of AlphaDev (now Fannin Partners), an early-stage venture development firm.

“I am thrilled to work with John and the entire Intelligent Implants team as we make progress towards bringing this novel technology platform to the market,” says Hertzog. “Throughout my career, I’ve been driven by and focused on bringing innovative medical device therapies to the market, and I believe that SmartFuse represents the future of medical devices; smart connected implants that provide therapeutic benefits and real-time data to support clinical decision making. Ultimately, I believe these implants will have significant advantages to traditional implants in addressing unmet clinical needs and improving patient outcomes.”

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Houston unicorn closes $421M to fuel first phase of flagship energy project

Heating Up

Houston geothermal unicorn Fervo Energy has closed $421 million in non-recourse debt financing for the first phase of its flagship Cape Station project in Beaver County, Utah.

Fervo believes Cape Station can meet the needs of surging power demand from data centers, domestic manufacturing and an energy market aiming to use clean and reliable power. According to the company, Cape Station will begin delivering its first power to the grid this year and is expected to reach approximately 100 megwatts of operating capacity by early 2027. Fervo added that it plans to scale to 500 megawatts.

The $421 million financing package includes a $309 million construction-to-term loan, a $61 million tax credit bridge loan, and a $51 million letter of credit facility. The facilities will fund the remaining construction costs for the first phase of Cape Station, and will also support the project’s counterparty credit support requirements.

Coordinating lead arrangers include Barclays, BBVA, HSBC, MUFG, RBC and Société Générale, with additional participation from Bank of America, J.P. Morgan and Sumitomo Mitsui Trust Bank, Limited, New York Branch.

“As demand for firm, clean, affordable power accelerates, EGS (Enhanced Geothermal Systems) is set to become a core energy asset class for infrastructure lenders,” Sean Pollock, managing director, project Finance at RBC Capital Markets, said in a news release. “Fervo is pioneering this step change with Cape Station, a vital contribution to American energy security that RBC is proud to support.”

The oversubscribed financing marks Cape Station’s shift from early-stage and bridge funding to a long-term, non-recourse capital structure, according to the news release.

“Non-recourse financing has historically been considered out of reach for first-of-a-kind projects,” David Ulrey, CFO of Fervo Energy, said in a news release. “Cape Station disrupts that narrative. With proven oil and gas technology paired with AI-enabled drilling and exploration, robust commercial offtake, operational consistency, and an unrelenting focus on health and safety, we have shown that EGS is a highly bankable asset class.”

Fervo continues to be one of the top-funded startups in the Houston area. The company has raised about $1.5 billion prior to the latest $421 million. It also closed a $462 million Series E in December.

According to Axios Pro, Fervo filed for an IPO that would value the company between $2 billion and $3 billion in January.

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This article first appeared on EnergyCapitalHTX.com.

Houston food giant Sysco to acquire competitor in $29 billion deal

Mergers & Acquisitions

Sysco, the nation's largest food distributor, will acquire supplier Restaurant Depot in a deal worth more than $29 billion.

The acquisition would create a closer link between Sysco and its customers that right now turn to Restaurant Depot for supplies needed quickly in an industry segment known as “cash-and-carry wholesale.”

Sysco, based in Houston, serves more than 700,000 restaurants, hospitals, schools, and hotels, supplying them with everything from butter and eggs to napkins. Those goods are typically acquired ahead of time based on how much traffic that restaurants typically see.

Restaurant Depot offers memberships to mom-and-pop restaurants and other businesses, giving them access to warehouses stocked with supplies for when they run short of what they've purchased from suppliers like Sysco.

It is a fast growing and high-margin segment that will likely mean thousands of restaurants will rely increasingly on Sysco for day-to-day needs.

Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, 2026, the deal has an enterprise value of about $29.1 billion.

Restaurant Depot was founded in Brooklyn in 1976. The family-run business then known as Jetro Restaurant Depot, has become the nation's largest cash-and-carry wholesaler.

The boards of both companies have approved the acquisition, but it would still need regulatory approval.

Shares of Sysco Corp. tumbled 13% Monday to $71.26, an initial decline some industry analysts expected given the cost of the deal.

Houston researcher builds radar to make self-driving cars safer

eyes on the road

A Rice University researcher is giving autonomous vehicles an “extra set of eyes.”

Current autonomous vehicles (AVs) can have an incomplete view of their surroundings, and challenges like pedestrian movement, low-light conditions and adverse weather only compound these visibility limitations.

Kun Woo Cho, a postdoctoral researcher in the lab of Rice professor of electrical and computer engineering Ashutosh Sabharwal, has developed EyeDAR to help address such issues and enhance the vehicles’ sensing accuracy. Her research was supported in part by the National Science Foundation.

The EyeDAR is an orange-sized, low-power, millimeter-wave radar that could be placed at streetlights and intersections. Its design was inspired by that of the human eye. Researchers envision that the low-cost sensors could help ensure that AVs always pick up on emergent obstacles, even when the vehicles are not within proper range for their onboard sensors and when visibility is limited.

“Current automotive sensor systems like cameras and lidar struggle with poor visibility such as you would encounter due to rain or fog or in low-lighting conditions,” Cho said in a news release. “Radar, on the other hand, operates reliably in all weather and lighting conditions and can even see through obstacles.”

Signals from a typical radar system scatter when they encounter an obstacle. Some of the signal is reflected back to the source, but most of it is often lost. In the case of AVs, this means that "pedestrians emerging from behind large vehicles, cars creeping forward at intersections or cyclists approaching at odd angles can easily go unnoticed," according to Rice.

EyeDAR, however, works to capture lost radar reflections, determine their direction and report them back to the AV in a sequence of 0s and 1s.

“Like blinking Morse code,” Cho added. “EyeDAR is a talking sensor⎯it is a first instance of integrating radar sensing and communication functionality in a single design.”

After testing, EyeDAR was able to resolve target directions 200 times faster than conventional radar designs.

While EyeDAR currently targets risks associated with AVs, particularly in high-traffic urban areas, researchers also believe the technology behind it could complement artificial intelligence efforts and be integrated into robots, drones and wearable platforms.

“EyeDAR is an example of what I like to call ‘analog computing,’” Cho added in the release. “Over the past two decades, people have been focusing on the digital and software side of computation, and the analog, hardware side has been lagging behind. I want to explore this overlooked analog design space.”

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