Hou knew?

3 things to know this week: Baker Hughes makes moves, events not to miss, and more

University of Houston gets new funding, events not to miss, and more things to know this week. Photo via UH.edu

Editor's note: It's a new week — start it strong with three quick things to know in Houston's energy transition ecosystem. Baker Hughes makes headlines, a new energy innovation leader has been named, and three events to add to your August calendar.

Baker Hughes's energy transition moves

Last week, if you were reading EnergyCapital carefully, you may have noticed two different stories from Houston-based Baker Hughes.

The Baker Hughes Foundation granted $100,000 to the University of Houston Energy Transition Institute. The funding will work towards the ETI’s goals to support workforce development programs, and environmental justice research. UH's ETI launched a year ago through a $10 million grant from Shell USA Inc. and Shell Global Solutions (US) Inc. Read more.

Also last week, Baker Hughes announced that it has entered into a memorandum of understanding with Virginia-based Avports. The agreement is "to develop, implement and operate onsite microgrid solutions for the airport industry," according to a news release from Baker Hughes, with a goal of reducing emissions and work toward a future with zero-emission infrastructure, including buildings, vehicles, etc.

"Baker Hughes' commitment to emissions reductions has allowed us to develop and successfully deploy low-carbon and hydrogen technologies to advance the energy transition in many industries," Bob Perez, vice president of project development at Baker Hughes, says in a statement. "The opportunity to bring these solutions to airports, in collaboration with Avports' proven track record in airport management, is very promising as the increasing needs and demands of these infrastructures must be more resilient, efficient and cost-effective." Read more.

Person to know: Timmeko Moore Love

Greentown Labs has named its inaugural Greentown Houston general manager. The climatetech incubator named Timmeko Moore Love to the role last week.

“Greentown Labs is committed to ensuring founders’ success and is an agent of action in the fight against climate change,” says Love in the release. “I am excited to continue my service to the Greater Houston climate innovation ecosystem through this esteemed platform, and partner internally and externally to evolve and expand our services and programs.” Read more.

Upcoming events to put on your radar

It's a slow week for energy transition events, but here are three later this month you need to know about.

  • August 22-23 — SPE Energy Transition Symposium's goal is to deliver a prominent and dedicated energy transition event by collecting and disseminating the knowledge from industry leaders, technical experts, academicians, practitioners, financial community and ESG leaders, and together through collaboration, advance the conversations, technology and exchanges that will move our industry forward.
  • August 28-30 — Industrial IMMERSIVE Week attracts the most industrial, energy, and engineering tech professionals making investment, strategy and tactical decisions, or building, scaling and executing pioneering XR/3D/Simulations, digital twin, reality capture, edge /spatial computing, AI/ML, connected workforce & IIoT projects within their enterprise.
  • August 30-31 — Carbon & ESG Strategies Conference, presented by Hart Energy, will highlight carbon capture and storage projects and technologies onshore and offshore, direct air capture, enhanced oil recovery, responsibly sourced gas, renewable natural gas, federal funding challenges and insurance issues, ESG initiatives, regulatory concerns and much more.

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A View From HETI

Lydian Energy has secured financing for three battery storage system projects in Texas. Photo via Getty Images.

The Electricity Reliability Council of Texas’ grid will get a boost courtesy of Lydian Energy.

The D.C.-based company announced the successful financial close of its first institutional project financing totaling $233 million, backed by ING Group and KeyBank. The financing will support three battery energy storage system (BESS) projects in Texas.

Lydian is an independent power producer that specializes in the development, construction and operation of utility-scale solar and battery energy storage projects. The company reports that it plans to add 550 megawatts of energy—which can power approximately 412,500 homes—to the Texas grid administered by ERCOT.

“This financing marks an important step forward as we continue executing on our vision to scale transformative battery storage projects that meet the evolving energy needs of the communities we serve,” Emre Ersenkal, CEO at Lydian Energy, said in a news release.

The projects include:

Pintail 

  • Located in San Patricio county
  • 200 megawatts
  • Backed by ING

Crane

  • Located in Crane county
  • 200 megawatts
  • Backed by ING

Headcamp

  • Located in Pecos county
  • 150 megawatts
  • Backed by KeyBank

ING served as the lender for Pintail and Crane projects valued at a combined total of approximately $139 million.

KeyBank provided a $94 million financing package for the Headcamp project. KeyBanc Capital Markets also structured the financing package for Headcamp.

The three projects are being developed under Excelsior Energy Capital’s Fund II. Lydian’s current portfolio comprises 20 solar and storage projects, totaling 4.7 gigawatts of capacity.

“Our support of Lydian’s portfolio reflects ING’s focus on identifying strategic funding opportunities that align with the accelerating demand for sustainable power,” Sven Wellock, managing director and head of energy–renewables and power at ING, said in the release. “Battery storage plays a central role in supporting grid resilience, and we’re pleased to back a platform with strong fundamentals and a clear execution path.”

The facilities are expected to be placed in service by Q4 2025. Lydian is also pursuing additional financing for further projects, which are expected to commence construction by the end of 2025.

“These financings represent more than capital – they reflect the strong demand for reliable energy infrastructure in high-growth U.S. markets,” Anne Marie Denman, co-founding partner at Excelsior Energy Capital and chair of the board at Lydian Energy, added in the news release. “We’re proud to stand behind Lydian’s talented team as they deliver on the promise of battery storage with bankable projects, proven partners, and disciplined execution. In the midst of a lot of noise, these financings are a reminder that capital flows where infrastructure is satisfying fundamental needs of our society – in this case, the need for reliable, sustainable, domestic, and affordable energy.”

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