The high-speed train is chugging along. Rendering courtesy of Texas Central

The high-speed railroad from Houston to Dallas has acquired a key new player that will run day-to-day operations.

Renfe, an international railway company based in Spain, has been hired by Texas Central, the project developers, as the train's operating partner. The selection of Renfe as an operating partner marks another major step forward for the Houston-to-North Texas high-speed railroad.

Texas Central CEO Carlos Aguilar says in a statement that Renfe was chosen after a review of the best railroad operators in the world.

"Renfe has established a reputation for excellence in railroad operation in Spain and across the world, and we welcome them aboard," Aguilar says. "With their decades of expertise, they were a natural fit to join our other partners. Having the operator, the design build, and technology teams all on board and able to collaborate will ensure all aspects of the railroad are integrated and efficient."

A release calls Renfe "one of the world's most significant railways operators," running 5,000 trains daily on 7,500 miles of track. The company is integral to the transport system in its home base of Spain, handling more than 487 million passengers and 19.6 million tons of freight moved in 2017.

Renfe, in partnership with Adif, which manages Spanish railway infrastructure, will be responsible for running the trains; maintaining system components, such as engines, signals, and other equipment; and overseeing ticketing, passenger loyalty programs, and other services.

It will also provide technical advice on the design and construction of the Texas train and assist in the further development of Texas Central's operation and maintenance plans, preparing the railroad for passenger service.

Renfe is one of the biggest companies in Spain, employing nearly 14,000 people and recording revenues of 3.6 billion euros in 2017. Its high-speed systems were used by more than 36 million passengers in 2017. In March, Renfe announced that it had posted a net profit of 70 million euros in 2017, thanks in part to a jump in the number of its high-speed passengers, chalking up five consecutive years of growth.

Renfe president Isaías Táboas says the deal is a boon for Texas and for the Spanish railway industry.

"Texas Central represents a large high-speed train project in a country with high-growth potential, for which the Spanish experience will be of great help," he says. "Both Renfe Operadora and Adif have accumulated years and miles of high-speed railway development with professional teams, extensive experience, and specialized knowledge. We are committed to the success of Texas Central in improving the mobility of Texans and others in the U.S."

The agreement comes about a week after Texas Central engaged multinational firm Salini Impregilo ­– operating in the U.S. market with The Lane Construction Corporation – to lead the civil construction consortium that will build the passenger line, including viaducts, embankments, and drainage.

Spain's first high-speed line between Madrid and Seville was dedicated in 1986 and Renfe's first high-speed service connected the cities in 1992.

Its second high-speed line, from Madrid to Barcelona, was completed in 2007. Renfe also operates high-speed service from Barcelona to Paris, Lyon, and Toulouse in France. Among other major international projects, Renfe operates the recently opened high-speed train between Mecca and Medina, in Saudi Arabia.

The 200-mph train will link Houston and Dallas in 90 minutes, with a midway stop in the Brazos Valley.

The Texas train will be based on the latest generation of Central Japan Railway's Tokaido Shinkansen train system, the world's safest mass transportation system. It has operated for more than 54 years with a perfect record of zero passenger fatalities or injuries from operations, and an impeccable on-time performance record.

Texas Central and its partners are refining and updating construction planning and sequencing, guided by the Federal Railroad Administration's recently released draft environmental impact statement. The FRA now is working on a final environmental review that will help determine the project's timeline and final route.

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This story originally appeared on CultureMap.

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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.

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