Editor's note:Let's roundup the top Houston innovation news from the week. Trending Houston tech and startup articles on InnovationMap included huge news from two Houston geothermal startups, an acquisition from The Cannon, and more.
Houston energy startup closes $17M series A to fund Texas geothermal facility
Houston-based Sage Geosystems announced the first close of $17 million round led by Chesapeake Energy Corp. Photo via sagegeosystems.com
A Houston geothermal startup has announced the close of its series A round of funding.
Houston-based Sage Geosystems announced the first close of $17 million round led by Chesapeake Energy Corp. The proceeds aim to fund its first commercial geopressured geothermal system facility, which will be built in Texas in Q4 of 2024. According to the company, the facility will be the first of its kind.
The venture is joined by technology investor Arch Meredith, Helium-3 Ventures and will include support from existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc. Continue reading.
Houston coworking company acquires digital community platform
With seven locations across the Houston area, The Cannon's digital technology allows its members a streamlined connection. Photo courtesy of The Cannon
After collaborating over the years, The Cannon has acquired a Houston startup's digital platform technology to become a "physical-digital hybrid" community.
Village Insights, a Houston startup, worked with The Cannon to create and launch its digital community platform Cannon Connect. Now, The Cannon has officially acquired the business. The terms of the deal were not disclosed.
“The combined commitment to support innovation communities—large and small—is evident,” Andrew Ramirez, who served as CEO for Village Insights ahead of the acquisition, says in a news release. “Village Insights and The Cannon merged to align efforts and cultivate local, regional and global innovation communities. Combining our value propositions represents a significant leap forward for the populations that we serve.” Continue reading.
Know before you go: 2024 H-Town Roundup
Here's what you need to know about HTR this year. Photo courtesy
Next week, Houston Exponential's annual week of innovation and networking is taking place. Here are five things you need to know before you go. Continue reading.
Houston space tech co. makes history with lunar lander launch
Intuitive Machines has successfully launched its lunar lander, which, once it lands on the moon, would be the first commercial vehicle to do so. Photo via Intuitive Machines
Houston-based Intuitive Machines just made one giant leap for mankind.
On February 15, the space exploration, infrastructure, and services company successfully launched its IM-1 mission Nova-C class lunar lander on SpaceX’s Falcon 9 rocket. The launch followed a one-day delay.
The lunar touchdown of the Odysseus spacecraft is set for February 22, according to The Washington Post.
“If all goes well … it will become the first American spacecraft to gently set down on the moon’s surface since the Apollo 17 moon landing in 1972,” The New York Times notes. Continue reading.
Houston energy startup reports 'dramatic acceleration' of drilling operations at geothermal project
Tim Latimer, CEO and co-founder of Fervo Energy, is seeing success at his company's Utah geothermal site. Photo via LinkedIn
Early drilling results indicate a geothermal energy project operated in Utah by Houston-based startup Fervo Energy is performing better than expected.
Fervo says its drilling operations Utah’s Cape Station show a 70 percent reduction in drilling times, paving the way for advancement of its geothermal energy system. Fervo began construction last year on Cape Station, which is set to deliver clean power to the grid in 2026 and be fully operating by 2028.
The company recently published early drilling results from Cape Station that it says exceed the U.S. Department of Energy’s expectations for enhanced geothermal systems. Fervo says these results “substantiate the rapid learning underway in the geothermal industry and signal readiness for continued commercialization.” Continue reading.