Why Bill Gates Reckons Houston May Become The ‘Silicon Valley Of Energy’
Billionaire and philanthropist Bill Gates took spotlight at energy event CERAWeek to opine that the next wave of energy and climate breakthroughs may come from Houston. Billionaire philanthropist and technology financier Bill Gates has suggested that Houston, Texas, may become the ‘Silicon Valley Of Energy’ due to its reputation as the oil and gas capital of the U.S. Gates, representing his two energy companies, Breakthrough Energy and TerraPower, expressed his excitement about the potential for energy and climate breakthroughs in Houston. He also highlighted the difficulty of the energy transition challenge, stating that it will be far more difficult than anything he had worked on at Microsoft. He praised pro-cleantech business and community leaders in Texas, including Mars Materials, a developer of techniques for turning captured carbon into carbon fiber, and direct air capture (DAC) technology firm 1PointFive, a subsidiary of Occidental.
Published : a month ago by Gaurav Sharma in Tech
A recent proclamation by billionaire philanthropist and technology financier Bill Gates' has caused a bit of stir and put broad smiles on the faces energy investors in Houston, Texas, a city widely regarded as the oil and gas capital of the U.S.
At the recently concluded energy event CERAWeek, organized by S&P Global in Houston, Gates took the center stage on Thursday (March 21, 2024) to opine that the next wave of energy and climate breakthroughs may come from the city.
Gates had declared he was "in Texas to see the future" ahead of his arrival and noted: "I'm in Corpus Christi and Houston to meet with some of the remarkable innovators building America's clean energy future. The Lone Star State is showing the world how to power a clean tomorrow."
In town representing his two energy companies – Breakthrough Energy, which is accelerating sustainable energy solutions and pursuing innovations in the reduction of greenhouse gas emissions; and TerraPower, which acts as a technology design and development engineering company for nuclear reactors - Gates said: "A heroic effort is beginning [here]. I'm very excited about it.
"But we shouldn't underestimate how incredibly difficult the energy transition challenge will be," he added, noting that the effort will likely be "far, far more difficult" than anything he had worked on at Microsoft.
Having toured several low-carbon projects in Texas ahead of his address to CERAWeek, the Microsoft co-founder noted that Breakthrough Energy had invested "several billion dollars" in some 100 companies from a range of industries.
"We only invest in companies that, if they're successful, they alone could reduce half a percent of global emissions. So it's a very narrow remit. But of course, it's across all the areas of emissions. It's fusion, it's agriculture, transport, buildings, you name it — steel, cement."
Gates added that many of the cleantech ventures he had seen and invested in Texas are at the heart of the energy transition. "They're driving innovation, bringing good jobs to their communities, and boosting the American economy. If you want to catch a glimpse of our country's clean energy future, you [too] should head on down to the Lone Star State."
Companies in Gates' sights included Mars Materials, a developer of techniques for turning captured carbon into carbon fiber, an advanced material used in a diverse range for products from clothing to car parts.
It relocated from California to Texas due to variety of operational factors, not least because of Houston's huge oil and gas talent pool. And as far as relocation from elsewhere in the U.S. to the state of Texas is concerned, Mars Materials is not the first Breakthrough Energy backed company to have done so.
Gates also reserved special praise for pro-cleantech business and community leaders in Texas, alongside direct air capture (DAC) technology firm 1PointFive, a subsidiary of Occidental.
Direct air capture (DAC) technologies aim to extract CO2 directly from the atmosphere. They differ from traditional carbon capture that's generally conducted at points of emissions, such as factories. The CO2 captured using the technology may be stored permanently in deep geological formations or used for various applications.
1PointFive's DAC hub in Kingsville, Texas is in line to receive further investment and may potentially create 2,500 jobs. "I was an early investor in DAC technology, and it’s super cool to see it evolve from a concept to real economic opportunity for a local community," Gates said.
As cleantech energy ventures and investment rises, Gates said Houston could become the focal point of such vital activity given its rich pedigree and expertise in the sector to become the "Silicon Valley of energy" and a true innovation hub leading the global energy transition.
Topics: Business Leaders