The BioWell, founded by biotech investor First Bight Ventures, was established to support sustainability-focused bioindustrial startups. Photo via Getty Images

Bioindustrial technologies have a high potential for impacting sustainability — but they tend to need a little bit more help navigating the startup valley of death. That's where the BioWell comes in.

Carlos Estrada, head of Venture Acceleration at BioWell, says the idea for the accelerator was came to First Bight Ventures, a Houston-based biomanufacturing investment firm, as it began building its portfolio of promising companies.

"While we were looking at various companies, we found ourselves finding different needs that these startups have," Estrada says on the Houston Innovators Podcast. "That's how the opportunity for the BioWell came about."

Specifically, bioindustrial companies, which are tapping into life science innovation to create more sustainable products or services, need early funding, lab space, and strategic corporate partners to help research and develop their startups.

"The very direct challenge that we are seeing is that these companies very often have to spend their funds to build out their own lab spaces," Estrada says, "so by the time they're trying to focus back on the product itself, they are starting to run out of funding."

Carlos Estrada, head of Venture Acceleration at BioWell, joins the Houston Innovators Podcast to share why Houston is already a great hub for bioindustrial innovation. Photo courtesy of BioWell

BioWell is currently selecting its inaugural cohort and is also actively searching for its physical location to build out the program and facilities. Last year, BioWell secured $741,925 of the $53 million doled out as a part of the "Build to Scale" Grant program from the U.S. Economic Development Administration.

In addition to solving for specific challenges bioindustrial companies face, Estrada says the program will provide support for general startup and entrepreneurial guidance, like business plan development, navigating investors and grant funding, and more.

Just as First Bight Ventures was founded strategically in Houston to make the most of the local resources, the BioWell will operate out of the Bayou City — a market Estrada says has everything the industry needs.

"We have the right talent — our universities produce great researchers. We have the energy companies that are utilizing (a workforce) with transferable skills," he says on the show. "We also have the infrastructure, the square footage, and various real estate companies creating shells for lab space. We have the know how, the universities, and all at a lower cost, which plays a big role in the equation."

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This article originally ran on InnovationMap.

Calling all biotechnology startups focusing on sustainable feedstocks, commercially viable yields, and purpose fit microbes. Photo via Getty Images

Houston organization rolls out new accelerator to support companies tackling 'pressing global challenges'

CALLING FOR APPLICANTS

A Houston organization — freshly funded by a $700,000 U.S. Economic Development Administration’s “Build to Scale” grant — is seeking its first accelerator cohort of industrial biology startups.

Founded by Houston-based First Bight Ventures, the BioWell has launched a virtual accelerator program that will provide programming, networking, mentorship, and financial resources to its inaugural cohort of 10 bioindustrial startups. The selected companies will also have access to specialized pilot bioproduction infrastructure throughout the nine-month program.

“BioWell equips startups with more than just capital. We provide a foundation for breakthrough innovations by combining access to cutting-edge bioproduction facilities with expertise that nurtures scalability. This comprehensive support is crucial for transforming pioneering ideas into market-ready solutions that can address pressing global challenges,” Carlos Estrada, head of venture acceleration at BioWell, says in a news release.

Applications for the program are open until May 15, and the cohort will be announced in June. Specifically, BioWell is seeking seed or pre-seed startup applicants that have a technology readiness level of 3 to 5, focusing on areas including low-cost and sustainable feedstocks, commercially viable yields, and purpose fit microbes.

“During our selection process, we'll prioritize startups that demonstrate a commitment to not only hitting milestones but also to building sustainable revenue streams for long-term survival. This phase necessitates keen awareness of market dynamics, customer demands, and sound financial management,” adds First Bight Ventures and BioWell Founder Veronica Wu.

In December, BioWell secured $741,925 of the $53 million doled out as a part of the "Build to Scale" Grant program that the U.S. Economic Development Administration, a division of the U.S. Department of Commerce, has established. First Bight was one of 60 organizations to receive funding.

Ex-Apple exec Wu founded First Bight Ventures in Houston in 2022 after relocating from Silicon Valley and seeing the region's potential for biotech.

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This article originally ran on InnovationMap.

First Bight Venture's BioWell has received a $741,925 grant to continue supporting bioindustrial startups. Photo via Getty Images

Houston nonprofit accelerator receives grant funding to advance bioindustrial startups

the biowell

A Houston-based nonprofit accelerator that works with early-stage synthetic biology startups has secured nearly $750,000 to support its mission.

First Bight Ventures' accelerator, BioWell, secured $741,925 of the $53 million doled out as a part of the "Build to Scale" Grant program that the U.S. Economic Development Administration, a division of the U.S. Department of Commerce, has established. First Bight was one of 60 organizations to receive funding.

The funding will support the BioWell's mission to establish a "vibrant bioeconomy" by helping startups scale and commercialize "through access to a unique combination of pilot bioproduction infrastructure," according to a news release from First Bight.

"Startups at BioWell will gain access to a robust ecosystem, expertise, mentorship, and financial resources essential for successfully commercializing their bio-industrial innovations," BioWell Executive Director Paul Palmer says in the release.

The BioWell is still working toward establishing a physical space and has worked out of the East End Maker Hub in the meantime. The organization has partnered with Urban Partnerships Community Development Corporation, or UP CDC, which led the application process on this federal grant.

"BioWell chose to partner with UP CDC for the EDA grant, to continue the successful model that UP CDC has created at the East End Maker Hub for advanced manufacturing. UP CDC looks forward to continuing our partnership with BioWell in the UP CDC's BioCity project that will position Houston at the forefront of bio-manufacturing," UP CDC's CEO Patrick Ezzell says in the release.

First Bight Ventures Founder Veronica Wu established the BioWell to target high-potential startups, which usually have to overcome lack of funding challenges early on.

"Often times, early-stage startups gain momentum and hit important milestones, but ultimately find themselves heading toward the 'Valley of Death,' where progress is made on their enterprise, but no sufficient revenue is generated for the company's stability and longevity," Wu says in the release. "This 'Build to Scale' program's support will help offset these inevitable challenges in our bio-industrial space."

She shares more about her mission for First Bight Ventures on the Houston Innovators Podcast. Listen to the interview from March below.

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This article originally ran on InnovationMap.

Greentown Houston has received funding from the EDA. Photo via GreentownLabs.com

Greentown Houston selected for federal program that's accelerating tech entrepreneurship

seeing green

Sixty organizations across the country have received a grant from the United States Department of Commerce — and one recipient is based in Houston.

Greentown Labs, dual located in Houston and Somerville, Massachusetts, has received a grant from the 10th cohort of the Economic Development Administration's “Build to Scale” program for its Houston location. The $53 million of funding was awarded to 60 organizations across 36 states, the District of Columbia, and Puerto Rico. All of the programs support technology entrepreneurs across industries.

“The Biden-Harris Administration is Investing in America to help create entrepreneurial ecosystems across the country and put quality, 21st century job opportunities in people’s backyards,” Secretary of Commerce Gina Raimondo says in the press release. “The ‘Build to Scale’ program will unlock innovation potential in regions all over the nation, improving our economic competitiveness now, and for decades to come.”

According to the EDA, Greentown, located in a growing innovation district, will receive $400,000 with a $400,000 local match confirmed. The project, named Houston Ion District Investor Activation, is described as a way to create economic opportunity through equitable capital access.

"This project capitalizes on the need for jobs and economic development, especially in communities most vulnerable to the impacts of natural disasters," reads the project abstract. "EDA funding will enable the expansion of Greentown’s Investor Program into EDIJ, in partnership with the Ion, to further climate equity and resilience in Houston and empower underrepresented entrepreneurs as the city transitions from fossil fuels to a clean energy economy."

Greentown receives of of the 2023 Capital Challenge Grant Recipients. The other competition, the Venture Challenge, also awarded funding to another Houston organization. The Urban Partnerships Community Development Corporation received $741,925 to support the BioWell Start Accelerator Program, which is committed to scaling of bio-industrial startups.

“EDA is proud to partner with this year’s ‘Build to Scale’ grantees as they fuel regional innovation hubs and technology-based economic development strategies throughout the U.S.,” Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo says in the release. “Investing in scalable startups and expanding access entrepreneurial capital will yield good-paying jobs, economic resiliency, and equitable growth in communities throughout America.”

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New Houston energy startup launches to power AI data centers

power move

Buoyed by a purchase agreement from Microsoft, Houston-based Joulent recently launched to build power plants that meet the electricity demands of AI data centers and other computing-heavy industries.

Joulent builds dedicated power-generating facilities that feed directly into data centers and other power-dependent facilities, eliminating the need for companies to siphon power from grids. Joulent’s plants combine generation, storage and smart controls in a modular, scalable setup, according to a news release.

Investment firm Engine No. 1 established Joulent in collaboration with energy technology company GE Vernova.

Joulent’s first project, the Project Kilby natural gas facility in West Texas, will be co-located with a Microsoft data center. It’ll deliver about 2.67 gigawatts of power under a 20-year deal between Microsoft and Energy Forge One, a subsidiary of Houston-based Chevron. Engine No. 1 and Chevron teamed up to build the plant.

GE Vernova will supply most of the plant’s power capacity, with additional capacity coming from Solar Turbines, a subsidiary of Irving-based construction and mining equipment manufacturer Caterpillar.

“Leadership in the AI era will be determined by who can deliver energy and compute the fastest, most reliably, and at the lowest cost,” Chris James, founder and CEO of Engine No. 1 and Joulent, said in a news release. “By building new power-generating facilities, Joulent enables customers across industries to power the next chapter of American innovation, while reducing pressure on existing grids and maintaining affordability for ratepayers.”

Baker Hughes signs deal to install 500 MW of geothermal power

geothermal growth

Baker Hughes has made a deal to further expand its geothermal operations.

The Houston-based energy giant has signed an agreement with Mantle Reach Power to develop geothermal energy projects across North America. The companies say they aim to install up to 500 megawatts of geothermal power in the next five years, according to a news release.

Through the new agreement, Baker Hughes will provide subsurface technology and solutions while Mantle Reach Power will lead project development, ownership and financing. Mantle Reach Power is a geothermal development company backed by the $47 billion EnCap Energy Transition Fund III.

According to the release, the deal aims to help solve one of geothermal energy's fundamental problems by aligning capital with expertise and technology, and enhancing "pre-construction bankability."

“Geothermal is a clean power solution that is proving to be a vital contributor to advancing sustainable energy development, with incredible potential to enhance U.S. energy security, support digital infrastructure, and ensure energy remains accessible and affordable ... Today’s announcement celebrates the commercial architecture the industry has been missing: a repeatable, financeable model that can be deployed at the speed and scale to meet global energy demands,” Baker Hughes Chairman and CEO Lorenzo Simonelli said in the news release.

“Integrating Baker Hughes’ subsurface-to-surface expertise with our capabilities in project development, finance, and execution positions Mantle Reach Power to commercialize geothermal assets at scale,” Nick Karambelas, CEO of Mantle Reach Power, added in the release. “This structure provides the construction and operating certainty necessary to access conventional project financing and accelerate our growth as an independent power producer.”

Baker Hughes has launched multiple geothermal partnerships in recent months. The company announced a deal with Oklahoma-based Helmerich & Payne Inc. (H&P) in May to develop a geothermal rig, where H&P will provide a geothermal-capable land drilling rig and Baker Hughes will contribute technology.

In March, the company announced support for XGS’s geothermal extraction projects in New Mexico, which are being used to meet the increasing demands of data centers in the state. Last year, Fervo Energy selected Baker Hughes to supply equipment for its flagship geothermal project in Utah.