gearing up

How corporates can tap into Houston's energy tech community at inaugural week of programming

The energy transition community needs to step up for the upcoming Houston Energy and Climate Startup Week. Photo via Getty Images

Halliburton Labs was founded in 2020 a bit differently from other corporate venture groups, and, as Executive Director Scott Gale describes, the idea was to deeply ingratiate themselves with the startups as well as the innovation community.

While the corporate world always needs eyes on its return on investment, supporting the innovation ecosystem has been a bit of a leap of faith – and it always will be.

"There's always this idea of having a line of sight to the outcomes (of your investment). And when you're interfacing with or investing in the startup community, you don't have the benefit of line of sight. A lot of the things that are being solved for are just too early stage. And that can be really hard for corporates to wrap their heads around," Gale says on the Houston Innovators Podcast.

"One of the things that we got to was this idea that you can invest in the startup community, and you don't know where the returns will come from, but you know they will come," he continues.

In line with this idea, Halliburton Labs — along with the Rice Alliance and Greentown Houston — announced the inaugural Houston Energy and Climate Startup Week 2024 to take place in September, but Gale says he hopes this is just the beginning of Houston organizations coming together to collaborate on the initiative.

"I think we have a really awesome initial coalition. Whether your the fifth company or organization to raise its hand to do something that week or the 50th — it really doesn't matter," Gale says. "It really is an open invitation — and I want to make that super clear."

Gale says that he's looked at some of the successful week-long events — like SXSW and others — and the key factors are calendar coordination and cross promotion. Now that Houston has the week set — September 9 to 13, 2024 — it's time for everyone to fill that week with a density of events anywhere around Houston to showcase the city's innovative energy community.

Those interested can learn more or submit their event information online.

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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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