offshore shipping

Houston logistics company works toward software solutions to energy transition challenges

Matthew Costello, CEO and co-founder of Voyager Portal, joins the Houston Innovators Podcast. Photo courtesy of Voyager

For several years now, Matthew Costello has been navigating the maritime shipping industry looking for problems to solve for customers with his company, Voyager Portal.

Initially, that meant designing a software platform to enhance communications and organization of the many massive and intricate global shipments happening every day. Founded in 2018 by Costello and COO Bret Smart, Voyager Portal became a integral tool for the industry that helps users manage the full lifecycle of their voyages — from planning to delivery.

"The software landscape has changed tremendously in the maritime space. Back in 2018, we were one of a small handful of technology startups in this space," Costello, who serves as CEO of Voyager, says on the Houston Innovators Podcast. "Now that's changed. ... There's really a huge wave of innovation happening in maritime right now."

And, predictably, some of those waves are caused by new momentum within the energy transition.

"The energy transition has thrown up a lot of questions for everyone in the maritime industry," Costello says. "The regulations create a lot of questions around cost primarily. ... And that has created a huge number of opportunities for technology."

Fuel as a primary cost for the maritime industry. These cargo ships are traversing the world 24/7 and burning fuel at all times. Costello says there's an increased focus on the fuel process — "all with a goal of essentially reducing carbon intensity usage."

One of the ways to move the needle on reducing the carbon footprint of these ships is optimizing the time spent in port, and specifically the delays associated. Demurrage are charges associated with delays in loading and unloading cargo within maritime shipping, and Costello estimates that the total paid globally in demurrage fees is around $10 billion to $20 billion a year.

"These fees can be huge," Costello says. "What technology has really enabled with this problem of demurrage is helping companies drill down to the true root cause of what something is happening."

All this progress is thanks to the enhancement — and wider range of acceptance — of data analysis and artificial intelligence.

Costello, who says Voyager has been improving its profitability every quarter for the last year, has grown the business to around 40 employees in its headquarters of Houston and three remote offices in Brazil, London, and Singapore. The company's last round of funding was a series A in 2021. Costello says the next round, if needed, would be next year.

In the meantime, Voyager is laser focused on providing optimized, cost-saving, and sustainable solutions for its customers — around half of which are headquartered or have a significant presence in Houston. For Costello, that's all about putting the control back into the hands of his customers.

"If we think back to the real problems the industry faces, a lot of them are controlled by different groups and parties. The fact that a ship cannot get in and out of a port quickly is not necessarily a function of one party's issue — it's a multitude of issues, and there's no one factor," Costello says on the show. "To really make the whole process efficient end-to-end you need to provide the customer to access and options for different means of getting cargo from A to B — and you need to have a sense of control in that process."

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This article originally ran on InnovationMap.

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A View From HETI

Envana Software Solutions' tech allows an oil and gas company to see a full inventory of greenhouse gases. Photo via Getty Images

Houston-based Envana Software Solutions has received more than $5.2 million in federal and non-federal funding to support the development of technology for the oil and gas sector to monitor and reduce methane emissions.

Thanks to the work backed by the new funding, Envana says its suite of emissions management software will become the industry's first technology to allow an oil and gas company to obtain a full inventory of greenhouse gases.

The funding comes from a more than $4.2 million grant from the U.S. Department of Energy (DOE) and more than $1 million in non-federal funding.

“Methane is many times more potent than carbon dioxide and is responsible for approximately one-third of the warming from greenhouse gases occurring today,” Brad Crabtree, assistant secretary at DOE, said in 2024.

With the funding, Envana will expand artificial intelligence (AI) and physics-based models to help detect and track methane emissions at oil and gas facilities.

“We’re excited to strengthen our position as a leader in emissions and carbon management by integrating critical scientific and operational capabilities. These advancements will empower operators to achieve their methane mitigation targets, fulfill their sustainability objectives, and uphold their ESG commitments with greater efficiency and impact,” says Nagaraj Srinivasan, co-lead director of Envana.

In conjunction with this newly funded project, Envana will team up with universities and industry associations in Texas to:

  • Advance work on the mitigation of methane emissions
  • Set up internship programs
  • Boost workforce development
  • Promote environmental causes

Envana, a software-as-a-service (SaaS) startup, provides emissions management technology to forecast, track, measure and report industrial data for greenhouse gas emissions.

Founded in 2023, Envana is a joint venture between Houston-based Halliburton, a provider of products and services for the energy industry, and New York City-based Siguler Guff, a private equity firm. Siguler Gulf maintains an office in Houston.

“Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry,” Rami Yassine, a senior vice president at Halliburton, said when the joint venture was announced.

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