What HOU read this week
Chevron buys into hydrogen project, clean energy startup expands to Houston, and more trending energy news
Editor's note: It's been a busy news week for energy transition in Houston, and some of this week's headlines resonated with EnergyCapital readers on social media and daily newsletter. Trending news included Chevron buying into a hydrogen project, a New York company expanding its ammonia biz to Houston, and more.
Chevron New Energies now owns a majority share of the Advanced Clean Energy Storage project in Delta, Utah. Photo via Getty Images
The Houston-based clean energy subsidiary of Chevron is making a big splash in the clean hydrogen sector. It just acquired a majority stake in what’s being promoted as the world’s largest facility for clean hydrogen storage.
Chevron New Energies bought Salt Lake City-based Magnum Development from Houston-based private equity firm Haddington Ventures. As a result, the New Energies unit now owns a majority share of the Advanced Clean Energy Storage (ACES) project in Delta, Utah. A joint venture of Magnum Development and Mitsubishi Power Americas is developing ACES. Financial terms weren’t disclosed.
“Having been the primary financial sponsor behind this key energy hub since 2008, we believe this transaction will accelerate lower-carbon-intensity solutions that reduce emissions in the western United States,” says John Strom, managing director of Haddington Ventures. Read more.
Amogy's tech is designed to enable carbon-free mobility in sectors such as shipping, transportation, and power generation. Photo via Amogy
Brooklyn, New York-based clean energy startup Amogy, which specializes in turning ammonia into power, is spending more than $40 million to convert a Houston building into a manufacturing facility.
Amogy says the 54,000-square-foot, four-acre plant, set to open in 2024, “signifies a pivotal step in [our] journey toward commercialization and its commitment to accelerating the global energy transition.” Read more.
Vaulted Deep, which diverts sludgy organic waste from landfills or waterways and captures and stores carbon emissions generated, is getting off the ground with $8 million from investors. Photo via Getty Images
Houston-based Advantek Waste Management Services, which specializes in deep-injection wells that minimize the impact of land, air, and water waste, has launched a carbon removal and storage company.
The spinoff, Vaulted Deep, is getting off the ground with $8 million in seed funding.
Vaulted diverts sludgy organic waste, such as agricultural and livestock waste, before it’s dumped in a landfill or waterway or simply left on land to decompose. It then captures and stores carbon emissions generated by the organic waste. Read more.
Houston Mayor Sylvester Turner celebrated the opening of the renovated City Hall basement that was damaged in Hurricane Harvey. Photo via houstontx.gov
Where some might see just a basement, Mayor Sylvester Turner sees an opportunity to tell a story of Houston's resiliency and dedication to sustainability.
When Hurricane Harvey hit Houston, it left 18 to 20 inches of floodwaters in the basement of Houston City Hall. The city received funding from FEMA to support the $4.4 million renovation project that commenced in 2020. After facing challenges — including a defaulted contractor — the city revealed the new space this week, which was completed by contractor Dunhill Construction.
"The City Hall Basement renovation is a testament to the resilient spirit of Houston," says Turner in the news release. "We encountered some challenges, but we've revitalized this space while preserving our history and embracing innovation. This space truly embodies our commitment to a sustainable future." Read more.
Houston-based Quidnet Energy has again secured funding from the DOE. Image via quidnetenergy.com
Earlier this month, the U.S. Department of Energy announced another $13 million in funding to seven projects that are developing hydropower as a clean energy source. A Houston startup made the list of recipients.
“For more than a century, Americans have harnessed the power of water to electrify our communities, and it’s a critical renewable energy source that will help us reach our climate goals,” U.S. Secretary of Energy Jennifer M. Granholm says in a news release. “President Biden’s Investing in America agenda will help to expand the use of hydropower, increasing access to affordable, clean power and creating good-paying jobs.” Read more.