Global bank announces new Houston hub for powering energy transition projects

cha-ching

The new Houston office is part of BBVA’s corporate and investment banking unit in the U.S. and will partner with global BBVA cleantech finance teams. Photo via bbva.com

Spanish financial services company BBVA Group has created a hub in Houston for financing energy transition projects in the U.S.

BBVA made the announcement at the first-ever Houston Energy & Climate Week, which the bank sponsored.

“The United States has a unique opportunity to lead the global transition to a more sustainable economy. Our office in Houston, the energy transition capital of the world, will be a key component of our sustainability strategy, complementing and integrated with our New York operations,” Alvaro Aguilar, BBVA’s head of strategic projects in the U.S., says in a news release.

The new Houston office is part of BBVA’s corporate and investment banking unit in the U.S. The local hub will partner with BBVA cleantech finance teams in New York City, London, and Madrid.

“We aim to make sustainability a driver of growth, support decarbonization projects, and position BBVA as the leading player in sustainable finance in the United States,” says Javier Rodríguez Soler, BBVA’s global head of sustainability.

BBVA’s U.S. sustainability strategy supports energy companies and those that promote renewable energy, including wind and solar, as well as emerging cleantech options, such as energy storage systems, hydrogen, and carbon capture. It also covers sectors like electric vehicles and energy efficiency.

As of June 2024, BBVA had amassed $279 billion in sustainability business toward its 2025 goal of $332 billion.

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CenterPoint partners with AI company to help reduce outages, help restoration

hi, tech

CenterPoint Energy announced an agreement with Artificial Intelligence-powered infrastructure modeling platform Neara for engineering-grade simulations and analytics, and to deploy Neara’s AI capabilities across CenterPoint’s Greater Houston service area.

“We are thrilled to collaborate with CenterPoint as they lead the charge in addressing today’s most existential energy challenges,” Robert Brook, senior vice president and managing director of Neara Americas, says in a news release.

Neara’s AI-enabled simulation and analytics platform can help CenterPoint reduce customer outages and accelerate restoration efforts. The technology can support CenterPoint’s efforts to address higher-risk vegetation along power lines, and identify equipment upgrades. Upgrades can include pole replacements or reinforcements. The platform will help CenterPoint to prioritize “assets and locations where grid hardening improvements will help optimize system-wide benefit,” per the release.

"Our 3D digital modeling technology will help CenterPoint proactively reduce customer outages by simulating severe weather events, such as hurricanes, tropical storms, heat waves and flash floods, and their potential impact on the utility’s infrastructure,” Brook says in the release.

CenterPoint recently announced the ahead of schedule completion of core resiliency actions as part of the first phase of its Greater Houston Resiliency Initiative (GHRI). This included a series of targeted actions to improve the resiliency of CenterPoint Houston Electric's grid with a second phase of GHRI that will include strategic undergrounding, system hardening, self-healing grid technology and enhancements to the company's outage tracker. These efforts are all part of a longer-term resilience plan.

“Leveraging technology and AI to deliver better outcomes for our customers and communities is a significant part of the commitment we made after Hurricane Beryl,” adds CenterPoint President and CEO Jason Wells in a news release. “By simulating the potential impact of severe weather events on our infrastructure and customers, Neara’s platform and tools will inform our plans and actions before, during and after major weather events to help reduce the impact and duration of power outages. Understanding how weather scenarios and their risks could affect our operations will position us to be several steps ahead on our preparedness and response.”

In the wake of Hurricane Beryl, CenterPoint Energy announced its Greater Houston Resiliency Initiative. The initiative will include an “accelerated timeline to execute specific actions to strengthen electric infrastructure across Houston, and more than 40 critical actions in total to strengthen the electric grid, and improve the company's customer communications and emergency coordination before the next hurricane,” according to the company.

Innovative Houston chemicals manufacturing platform provider raises $40M series A

Money moves

Houston-based Mstack, whose platform helps manufacturers source specialty chemicals, has raised $40 million in a series A funding round.

Lightspeed Venture Partners and Alpha Wave Incubation led the round, which includes a debt facility from HSBC Innovation Banking and money from several angel investors.

In a news release, Mstack says the infusion of cash will enable it to “double down on its mission to disrupt a historically flawed supply chain for specialty chemicals.”

This “doubling down” will include expansion of Mstack’s footprint in the U.S., Middle East, Latin America, and Asia.

“Geopolitical dynamics pose risks for supply chain disruptions in the global specialty chemicals market,” Bejul Somaia, a partner at Lightspeed, says in a news release.

“With demand for these chemicals growing rapidly, there is a need to increase R&D investments and unlock new pockets of supply,” he adds. “As the first institutional investor in Mstack, we believe that the company has tremendous potential to lead this transformation.”

Mstack, founded in 2022, currently serves four business sectors: oil and gas, coatings, water treatment, and home and personal care. The funding will enable it to move into industry segments such as agrochemicals and pharmaceuticals.

The Mstack platform gives buyers a one-stop shop for sourcing, testing, shipping, delivering, and tracking specialty chemicals.

“This new funding affirms investor confidence in our vision and technology to transform global markets. It enables us to expand geographically and intensify our R&D efforts,” Mstack founder Shreyans Chopra says.

———

This article originally ran on InnovationMap.

Tesla Cybertruck recalled for 5th time within a year, the latest due to rearview display

another one

Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.

Tesla has released a free software upgrade to address the issue and owner notification letters are expected to be mailed Nov. 25.

Cybertruck owners have had to deal with a series of recalls since the vehicle went on sale in November. In June, there was a recall to fix problems with trim pieces that can come loose and front windshield wipers that can fail. Two months before that, some Cybertrucks were recalled because the accelerator pedal could stick.

In the most recent recall, the company notified the National Highway Traffic Safety Administration that the display screens in the trucks may remain blank for up to 8 seconds after a driver shifts to reverse. The U.S. requires those screens to activate with a rearview within 2 seconds of shifting into reverse.

The Cybertruck was recalled twice in June to fix problems with trim pieces that can come loose and front windshield wipers that can fail. It has been recalled four times since its introduction. In August in the Baytown area of Chambers County, a Cybertruck was heading down a parkway when it left the road for an unknown reason, hit a concrete culvert and went up in flames. The National Highway Traffic Safety Administration is looking into the crash.

Elon Musk's Tesla delivered the first dozen or so of its futuristic Cybertruck pickups to customers in November, two years behind the original schedule.

Owners may contact Tesla customer service at 1-877-798-3752 or the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 or go to www.nhtsa.gov.

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