Editor's note: As 2024 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. When it came to the money raised in Houston, these five startups raised the most, according to reporting done by InnovationMap. Be sure to click on each story to read the full article.
Fervo Energy secures $600M in multiple rounds
The latest deal brings Fervo's total funding secured this year to around $600 million. Photo courtesy of Fervo
Fervo secured a lot of fresh funding this year to deliver on its 100x growth plans. Most recently, the company announced that it has raised $255 million in new funding and capital availability. A $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II and a $120 million letter of credit and term loan facility was granted by Mercuria, an independent energy and commodity group that previously invested in the company. Read more about the round.
In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.
Solugen scores $213.6M to support new facility
The new Solugen facility is expected to reduce annual carbon emissions by up to 18 million kilograms. Photo courtesy of Solugen
Houston-based Solugen secured financing from the U.S. Department of Energy's Loan Programs Office in June to support its mission of producing clean chemicals.
The LPO's $213.6 million loan guarantee will go toward the construction of the company's 500,000-square-foot Bioforge Marshall facility in Southwest Minnesota, which broke ground in April and will produce bio-based chemical products to be used in wastewater treatment, construction, agriculture, and the energy sector. According to Solugen, the facility is expected to reduce annual carbon emissions by up to 18 million kilograms.
"American manufacturing is at a turning point, and we are proud to have the opportunity to work with the DOE in bringing critical chemical production capabilities onshore to communities like Marshall," Gaurab Chakrabarti, CEO of Solugen, says in a news release. "By scaling cutting-edge technologies, we are meeting domestic demand for innovative solutions and setting global standards for sustainable biomanufacturing." Read more about the round.
Cart.com brings in $130M in financing, series C extension
Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com
While 2024 was less lucrative for Houston-based Cart.com when it comes to VC activity, the scaleup did pull in significant funding.
The company, which operates a multichannel commerce platform, secured $105 million in debt refinancing from investment manager BlackRock in July.
The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area. Read more about the round.
Procyrion closes $57.7M series E to fund journey to FDA approval, commercialization
Procyrion has announced the closing of its series E round of funding. Photo via Getty Images
Houston-born and bred medical device company, Procyrion, has completed its series E with a raise of $57.7 million, including the conversion of $10 million of interim financing.
Procyrion is the company behind Aortix, a pump designed to be placed in the descending thoracic aorta of heart failure patients, which has been shown to improve cardiac performance in seriously ill subjects. The money raised will allow the company to proceed with a the DRAIN-HF Study, a pivotal trial that will be used for eventual FDA approval and commercialization.
The Aortix is the brainchild of Houston cardiologist Reynolds Delgado. According to Procyrion’s CSO, Jace Heuring, Delgado, gained some of his experience with devices for the heart working with legendary Texas Heart Institute surgeon O.H. “Bud” Frazier. He filed his first patents related to the Aortix in 2005. Read more about the round.
Utility Global raises $53M series C investment
Utility Global’s technology enables reduction of greenhouse gas emissions along with generation of low-carbon fuels and chemicals. Photo courtesy of Utility Global
Houston-based Utility Global, a maker of decarbonization-focused gas production technology, has raised $53 million in an ongoing series C round.
Among the participants in the round are Canada’s Ontario Power Generation Pension Plan, the XCarb Innovation Fund operated by Luxembourg-based steel company ArcelorMittal, Houston-based investment firm Ara Partners, and Saudi Aramco’s investment arm.
Also, Utility Global and ArcelorMittal have agreed to develop at least one decarbonization facility at an ArcelorMittal steel plant. Read more about the round.