energy 2.0

Houston cleantech accelerator reveals 15 startups to 2023 cohort

Fifteen startups — with clean energy solutions involving everything from solar energy to hydrogen — are joining Rice Alliance's Clean Energy Accelerator later this summer. Photo via Getty Images

A clean energy program has announced its third cohort and named the 15 startups that were accepted into to the accelerator.

The Rice Alliance's Clean Energy Accelerator revealed its 2023 cohort that will be in the 10-week program that kicks of July 25. CEA, a hybrid program based out of the Ion, will wrap up with a Demo Day alongside the 20th Annual Rice Alliance Energy Tech Venture Forum on September 21.

The accelerator, led by Kerri Smith and Matt Peña, provides the cohort with programming, networking, and mentorship from six executives in residence — Nathan Ball, Fatimah Bello, Michael Egan, Michael Evans, Stephen Sims, and Deanna Zhang.

Since the Clean Energy Accelerator launched in 2021, the program has supported 29 ventures that have gone on to raise over $75 million in funding, identified and launched pilots, and created jobs, According to Rice, many of these companies relocated to Houston.

Class 3, which has already raised $23.3 million in funding, hails from four countries and seven states and are addressing a range of energy solutions — from advanced materials, carbon management/capture, energy storage, hydrogen, solar energy, wind energy, and more. They were selected by a screening committee consisting of more than 50 industry experts, investors, energy leaders, and entrepreneurs.

The third class, as announced by Rice Alliance, is as follows:

  • Ayrton Energy, based in Alberta, Canada, provides hydrogen storage technology that improves hydrogen transport logistics for distributed energy applications.
  • Headquartered in Massachusetts, Carbix transforms atmospheric carbon dioxide emissions into building materials using proprietary reactor technology.
  • Houston-based CryoDesalination lowers the carbon footprint and cost of removing salts and heavy metals from water and industrial effluents.
  • Digital Carbon Bank, based in Alberta, Canada, provides a carbon solution tailored for the energy industry.
  • Chandler, Arizona-based EarthEn provides compressed carbon dioxide-based energy storage and artificial intelligence solutions allowing grid owners/operators to be completely renewable.
  • H Quest Vanguard, from Pittsburgh, provides green hydrogen at a five to 10 times lower cost to users of natural gas to decarbonize industrial heat.
  • Calgary, Alberta-based Highwood Emissions Management's SaaS platform allows oil and gas companies to understand their emissions and develop robust plans to reduce them.
  • Icarus RT, from San Diego, California, improves photovoltaic efficiency while enabling useful heat energy storage.
  • Los Altos, California-based Khepra has developed a chemical manufacturing platform for the low-cost, sustainable production of agrochemicals.
  • Binghamton, New York-based Natrion’s electrolyte is a drop-in solid-state battery component that can be rapidly implemented into existing batteries.
  • Oceanways, based in London, provides low-cost, flexible and scalable zero-emission underwater "virtual pipelines" to energy producers.
  • Relyion Energy, from Santa Clara, California, is developing battery usage and intelligence solutions with deeper data and insights for retired electric vehicle batteries.
  • Massachusetts-based Triton Anchor provides a more cost-effective anchoring solution for offshore clean energy with minimal environmental impact.
  • TROES, from Markham, Ontario, provides a 4-in-1 microgrid solution with integrated hardware and software for a streamlined energy storage experience.
  • Mexico City-based Tycho Solutions supports clean energy project developers by saving time and money during the critical project-siting process.
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This article originally ran on InnovationMap.

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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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