Houston climatech incubator names new CFO

onboarding

Naheed Malik joins Greentown Labs as CFO. Photo courtesy Greentown Labs

Greentown Labs, a climatech incubator with locations in Houston and Somerville, Massachusetts, has hired Naheed Malik as its chief financial officer. In her new role, she oversees finance, accounting and human resources.

Malik previously worked at American Tower Corp., an owner of wireless communication towers. During her 12-year tenure there, she was vice president of financial planning and analysis, and vice president of corporate finance.

Before American Tower, Malik led financial planning and analysis at Wolters Kluwer Health, and was a management consultant at Kearney and an audit CPA at EY.

Kevin Dutt, Greentown’s interim CEO, says in a news release that Malik’s “deep expertise will be a boon for Greentown as we seek to serve even more climatech startups in our home states of Massachusetts and Texas, and beyond.”

“I am delighted to join Greentown at such an exciting time in its organizational growth,” Malik says. “As a nonprofit that’s deeply dedicated to its mission of supporting climatech innovation, Greentown is poised to build on its impressive track record and expand its impact in the years to come.”

Greentown bills itself as North America’s largest incubator for climatech startups. Today, it’s home to more than 200 startups. Since its founding in 2011, Greentown has nurtured more than 575 startups that have raised over $8.2 billion in funding.

Last year, Greentown’s CEO and president Kevin Knobloch announced that he would be stepping down in July 2024, after less than a year in the role. The incubator. About a month before the announcement, Knobloch reported that Greentown would reduce its staff by 30 percent, eliminating roles in Boston and Houston. He noted changes in leadership, growth of the team and adjustments following the pandemic.

Greentown plans to announce its new permanent CEO by the end of the month.

XGS has leased 10,000 square feet of office space in Houston. Photo via Getty Images

California geothermal co. grows C-suite, grows presence in Houston

making moves

A geothermal company with its headquarters in Palo Alto, California, has named new members of its C-suite and, at the same time, has expanded its operational footprint in Houston.

XGS Energy promoted Axel-Pierre Bois to CTO and Lucy Darago to chief commercial officer. Darago is based in Austin, and Bois, from France, lists his role as based in Houston on LinkedIn. Both have worked at XGS since February of last year.

“Axel and Lucy’s proven operational excellence and technical knowledge has helped propel XGS forward as we enter our next phase of growth,” Josh Prueher, CEO of XGS Energy, says in a news release. “I’m thrilled to have them both join XGS’ C-suite and have their support as we continue to grow our team, further advance our next-generation geothermal technology, and invest in our multi-gigawatt project pipeline.”

The news coincides with XGS's recent lease of over 10,000 square feet of office space in Memorial City. The company reports it plans to continue growth in the Houston region, "leveraging the region’s leading engineering and operational workforce and intensifying energy transition activity," reads the statement.

Bois was promoted from senior vice president of technology and has over 30 years of experience in geomechanics, wellbore integrity, completions design, and cement and rock testing. He previously founded and served as CEO of CURISTEC, a technical advisory firm providing services in oil and gas, geothermal, and geologic storage industries.

“We have developed a unique and proprietary approach to boosting the heat-harvesting potential of geothermal wells that is ready for commercial deployment in a range of environments today. I am excited to continue to grow our incredible team of scientists and engineers working on this important technology,” Bois says in the release. “We’re at the beginning of what this technology can unlock when it comes to supplying reliable, clean, and affordable geothermal energy globally.”

In her previous role as vice president of strategy, Darago led XGS’s financing strategy, which included a $20 million Series A expansion announced earlier this year. As CCO, she will oversee XGS’ global project development and will maintain a leading role in corporate affairs.

“It’s an exciting time to bring XGS’ technology to market. Demand for carbon-free baseload energy is at a record high, and the XGS system’s ability to unlock geothermal in more places, in a predictable and bankable way, is tailor-made for this moment,” Darago adds. “I am honored by our team and Board’s trust and look forward to helping drive the next stage of growth for XGS.”

XGS Energy promoted Axel-Pierre Bois to CTO and Lucy Darago to chief commercial officer. Image courtesy of XGS

Eric Williams has been appointed executive vice president and CFO of Sunnova. Photo via sunnova.com/

Houston solar energy company names new C-level leadership

onboarding

Houston’s Sunnova Energy has named a new member to its C suite.

Eric Williams has been appointed executive vice president and CFO of Sunnova, an industry-leading adaptive energy services company. He brings 20 years of experience with 13 years in the energy industry to the company.

Williams replaces Robert Lane. Lane served as Sunnova's executive vice president and CFO from May 2019 to June 2024.

“I was drawn to Sunnova by its commitment to power energy independence and make clean energy more accessible, reliable, and affordable for homeowners and businesses,” Williams says in a news release. “Building on its unique accomplishments and strong history as an industry leader, I am confident in Sunnova’s ability to create value for all stakeholders and realize its vision for a clean energy future.

"I also count it a privilege to succeed Rob Lane, whose leadership and contributions have been invaluable," he continues. "I am grateful for his help ensuring a seamless and effective transition, and I am eager to begin working with his talented team.”

Prior to taking this position, Williams served as CEO and executive vice president of Diversified Energy Company where he helped establish the company’s asset backed securitization structure and led the issuance of approximately $2 billion in securitized debt.

"Eric’s extensive background in the energy sector and impressive track record in finance and accounting will be invaluable to Sunnova, and we are confident he will be a key driver in our growth and success going forward," William J. (John) Berger, CEO at Sunnova adds. "As a seasoned financial leader with deep experience in leveraging the capital markets, we believe Eric is uniquely positioned to continue building Sunnova’s strong financial framework and create more long-term value for our shareholders.”

Urban Grid added two to its senior management team: Eivind Osterhus as CFO and Erica Engle as chief commercial officer. They will be based out of Urban Grid’s headquarters in Houston. Photos courtesy of Urban Grid

Renewable energy company names two C-level execs to its Houston HQ

growing the team

An independent power producer based in Houston and focused on renewable energy projects has named two new C-level executives.

Urban Grid added two business leaders to its senior management team: Eivind Osterhus as CFO and Erica Engle as chief commercial officer. They will be based out of Urban Grid’s headquarters in Houston.

Osterhus has 20 previous years of experience including leadership roles at energy technology company Baker Hughes. Engle recently served as Head of Structured Origination at AES Clean Energy.

“Urban Grid remains committed to driving economic growth and sustainability across the local communities served by our portfolio,” CEO Pete Candelaria says in a news release. “Eivind and Erica exemplify the leadership, passion, and shared values necessary to continue delivering on this commitment. It is my great pleasure to welcome them both to Urban Grid.”

Headquartered in Houston with teams throughout the United States, Urban Grid is actively developing a growing portfolio of more than 12,000 megawatts of solar PV and 7,000 megawatts of co-located and stand-alone energy storage.economy. The company also has 940 megawatts currently contracted and under construction.

“This is an exciting time to join Urban Grid as they expand their presence as an owner-operator of renewable assets,” Engle says in the release. “I look forward to working with the team to commercialize the solar and storage portfolio, closely partnering with our customers to continue accelerating towards a carbon-free future.”

Houston-based Nauticus Robotics has a new CEO and fresh funding. Photo via LinkedIn

Houston offshore robotics company secures $12M, makes major leadership changes

big moves

In the wake of a leadership reshuffling and amid lingering financial troubles, publicly traded Nauticus Robotics, a Webster-based developer of subsea robots and software, has netted more than $12 million in a second tranche of funding.

The more than $12 million in new funding includes a $9.5 million loan package.

Nauticus says the funding will accelerate certification of the company’s flagship Aquanaut robot, which is being prepared for its inaugural mission — inspecting a deep-water production facility in the Gulf of Mexico that’s owned by a major oil and gas company.

The new funding comes several weeks after the company announced a change in leadership, including a new interim CEO, interim chief financial officer, and lead general counsel.

Former Halliburton Energy Services executive John Gibson, the interim CEO, became president of Nauticus last October and subsequently joined the board. Gibson replaced Nauticus founder Nicolaus Radford in the CEO role. Radford’s LinkedIn profile indicates he left Nauticus in January 2024, the same month that Gibson stepped into the interim post.

Radford founded what was known as Houston Mechatronics in 2014.

Victoria Hay, the new interim CFO at Nauticus, and Nicholas Bigney, the new lead general counsel, came aboard in the fourth quarter of 2023.

“We currently have the intellectual property, prototypes, and the talent to deliver robust products and services,” Gibson says in a news release. “Team Nauticus is now laser-focused on converting our intellectual property, including both patents and trade secrets, into differentiated solutions that bring significant value to both commercial and government customers.”

A couple of weeks after the leadership shift, the NASDAQ stock market notified Nauticus that the average closing price of the company’s common stock had fallen below the $1-per-share threshold for 30 consecutive trading days. That threshold must be met to maintain a NASDAQ listing.

Nauticus was given 180 days to lift its average stock price above $1. If that threshold isn’t reached during that 180-day period, the company risks being delisted by NASDAQ. The stock closed February 6 at 32 cents per share.

The stock woes and leadership overhaul came on the heels of a dismal third-quarter 2023 financial report from Nauticus. The company’s fourth-quarter 2023 financial report hasn’t been filed yet.

For the first nine months of 2023, Nauticus reported an operating loss of nearly $20.9 million, up from almost $11.3 million during the same period a year earlier. Meanwhile, revenue sank from $8.2 million during the first nine months of 2022 to $5.5 million in the same period a year later.

Nauticus went public in September 2022 through a SPAC (special purpose acquisition company) merger with New York City-based CleanTech Acquisition Corp., a “blank check” company that went public in July 2021 through a $150 million IPO. The SPAC deal was valued at $560 million when it was announced in December 2021.

Nauticus recently hired investment bank Piper Sandler & Co. to help evaluate “strategic options to maximize shareholder value.”

One of the strategic alternatives involves closing Nauticus’ previously announced merger with Houston-based 3D at Depth, which specializes in subsea laser technology. When it was unveiled last October, the all-stock deal was valued at $34 million.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Oxy officially announces CEO transition, names successor

new leader

Houston-based Occidental (Oxy) has officially announced its longtime CEO's retirement and her successor.

Oxy shared last week that Vicki Hollub will retire June 1. Reuters first reported Hollub's plan to retire in March, but a firm date had not been set. Hollub will remain on Oxy's board of directors.

Richard Jackson, who currently serves as Oxy's COO, will replace Hollub in the CEO role.

“It has been a privilege to lead Occidental and work alongside such a talented team for more than 40 years," Hollub shared in a news release. "Following the recently completed decade-long transformation of the company, we now have the best portfolio and the best technical expertise in Occidental’s history. With this strong foundation in place, a clear path forward and a leader like Richard, who has the experience and vision to elevate Occidental, now is the right time for this transition. “I look forward to supporting Richard and the Board through my continued role as a director.”

Hollub has held the top leadership position at Oxy since 2016 and has been with the energy giant for more than 40 years. Before being named CEO, she served as COO and senior executive vice president at the company. She led strategic acquisitions of Anadarko Petroleum in 2019 and CrownRock in 2024, and was the first woman selected to lead a major U.S. oil and gas company.

Hollub also played a key role in leading Oxy's future as a "carbon management company."

Jackson has been with Oxy since 2003. He has held numerous leadership positions, including president of U.S. onshore oil and gas, president of low carbon integrated technologies, general manager of the Permian Delaware Basin and enhanced oil recovery oil and gas, vice president of investor relations, and vice president of drilling Americas.

He was instrumental in launching Oxy Low Carbon Ventures, which focuses DAC, carbon sequestration and low-carbon fuels through businesses like 1PointFive, TerraLithium and others, according to the company. He also serves on the Oil and Gas Climate Initiative’s Climate Investment Board and the American Petroleum Institute’s Upstream Committee. He holds a bachelor's degree in petroleum engineering from Texas A&M University.

Jackson was named COO of Oxy in October 2025. In his new role as CEO, he will also join the board of directors, effective June 1.

“I am grateful to be appointed President and CEO of Occidental and excited about the opportunity to execute from the strong position and capabilities that we built under Vicki’s leadership,” Jackson added in the release. “It means a lot to me personally to be a part of our Occidental team. I am committed to delivering value from our significant and high-quality resource base. We have a tremendous opportunity to focus on organic improvement and execution to deliver meaningful value for our employees, shareholders and partners.”

Texas data center proposed by U.S. Army could use more power than El Paso

Big Data

The U.S. Army is proposing developing a gargantuan, 3-gigawatt data center complex on Fort Bliss property that within a few years would consume more electricity than all of El Paso Electric’s 460,000 customers combined – even as questions about its development, water usage and air pollution remain unanswered.

If built, it would be the third major data center project in the El Paso region, along with Meta Platform’s $10 billion facility in Northeast and the $165 billion Project Jupiter campus that Oracle and OpenAI are building in Santa Teresa, New Mexico. The combined scale and size of the three facilities could quickly transform the Borderland into one of the nation’s core hubs of power generation and AI infrastructure.

The publicly-traded investment firm Carlyle Group would pay to build and operate the Fort Bliss data center – one of several planned in a national rollout under President Donald Trump’s administration to rapidly increase artificial intelligence technology for the Department of Defense.

At Fort Bliss, the Army is “targeting an initial operating capacity of about 100 megawatts on the compute side” by next year, David Fitzgerald, deputy undersecretary of the Army, said during a meeting with reporters April 22. An official estimated cost for the project has yet to be released.

By 2029, the complex on military land in far East El Paso would require 3 gigawatts of electricity, Fitzgerald said. By comparison, El Paso Electric currently maintains about 2.9 gigawatts of generation capacity across its entire system that spans from Hatch, New Mexico, to Van Horn, Texas. The highest customer demand the power company has ever seen was just over 2.3 gigawatts during the summer of 2023.

And whether most El Pasoans are on board with the rapid buildout of another data center here is not a question that Army leadership is asking at this point.

“What we’re trying to do is find where are the common interests, common ground that we can solve for?” Fitzgerald said, referring to coordinating with El Paso city leaders on the data center project.

“The state of modern warfare and future warfare is largely going to depend on the ability to capture, process and utilize massive amounts of data,” he said. “So, the reality is, this is a strategic priority, not just for the Army, but for the entire Department of War. So, we need these capabilities, and we need to put them somewhere.”

Combined-cycle natural gas turbines are the “most likely” source of electricity generation for the facility, said Jeff Waksman, an assistant secretary of the Army and former member of Trump’s first administration.

Waksman said the facility would undergo environmental review before construction starts.

Still, there are far more outstanding questions than answers about the proposed Fort Bliss data center.

It’s unclear if the facility would connect to El Paso Water’s water system. The city-owned water utility pointed out that Fort Bliss Water provides water service for the installation. However, El Paso Water can provide “backup” service to the base, according to the project solicitation documents.

“EPWater was just recently brought into the discussion, and we only have preliminary information,” El Paso Water said in a statement. “The construction and water use would be entirely on federal property.”

El Paso Electric said it’s also uncertain whether the data center will connect to the utility’s power grid and will figure that out in the future. To date, the Army hasn’t made a formal request for service from El Paso Electric.

Officials from the U.S. Army “confirmed that questions regarding the power source and whether it will be connected to the regional grid remain under review and have plans to establish a data center with a projected demand of 3 gigawatts,” El Paso Electric said in a statement. “Ultimately, decisions about these matters will be made by Fort Bliss leadership, and we defer to them for further comment.”

A representative with Carlyle Group at a recent community meeting didn’t answer questions or provide details about the proposed data center facility and the related power generation source.

Carlyle Group did not respond to a request for comment.

Army officials said they don’t yet have a definitive agreement in place with Carlyle, which was conditionally selected to enter into exclusive negotiations, so few details are finalized.

However, the Army has set a short timeline to start operating by late 2027. That means construction will have to start soon, Fitzgerald said.

“The ideal endstate is that we would be at least (operational) by the end of ’27, which is moving pretty quick,” Fitzgerald said. “That would mean construction would need to begin in the not-so-distant future.”

Water, electricity concerns

Meeting three gigawatts of electricity demand with natural gas-fired turbines – cited by Army officials as the most likely power source – would likely produce huge amounts of greenhouse gases in a central area of El Paso, such as carbon dioxide, as well as other harmful pollutants including particulate matter.

And even if the data center doesn’t take service from El Paso Water and instead receives water from wells managed by Fort Bliss, it would rely on groundwater pumped out of the Hueco Bolson aquifer, the city’s main source of water.

The solicitation issued by the Army cites water risk for El Paso as “extremely high” and notes that most of Fort Bliss’ water supply comes from wells within the installation.

Fitzgerald said the Army is aware of the public’s concern that the data center could unsustainably guzzle El Paso’s groundwater to cool the data center’s computer servers. He said the facility will be “water neutral.”

It’s also not clear how the project could replace the same amount of water that it consumes.

It’s possible the Kay Bailey Hutchison Desalination Plant – co-owned by El Paso Water and the U.S. Army – could play a role in making the data center water neutral. But El Paso Water said it has no details about how the data center facility could achieve water neutrality.

El Paso Water is “more than willing to continue to share ideas for best practices in sustainability to help protect our regional water resources,” the utility said in its statement.

As far as electricity generation, Army officials said they don’t know if El Paso Electric would build a new power plant to serve the data center. It’s also possible that Carlyle Group or another private company could build its own power generation source for the data center that’s isolated from the power grid El Pasoans use every day.

“We have to decide whether El Paso Electric is going to be the ones building whatever is coming, or if this is going to be some independent power producer,” Waksman said.

El Paso Electric is planning to develop a 366 megawatt power plant made up of over 800 small gas generators to power Meta’s data center. The utility will build more generation in the coming years to meet 1 gigawatt of total demand from Meta’s facility. Meanwhile, as the technology giant Oracle develops Project Jupiter, the company said Monday it is seeking to power the campus using 2.45 gigawatts of fuel cell power systems provided by the company Bloom Energy.

For perspective, 3.45 gigawatts – the combined projected demand of those two major data centers – is enough electricity to power as many as a million homes, depending on the time of day and weather.

The Fort Bliss project would have to meet environmental regulatory requirements, and the developer needs to include a plan for providing utilities and infrastructure needs such as access to the facility, according to a request for proposals issued by the Army in December 2025. Army officials emphasized the project would not impact El Pasoans’ water or electric bills.

Who is Carlyle Group?

Carlyle Group is a global investment management firm that oversees $477 billion of assets from entities such as pension funds.

The company invests that money by buying businesses ranging from wine producers to Asian telecommunications companies, or by developing infrastructure projects such as renewable energy generation and data centers. The company in 2025 posted distributable earnings of nearly $1.7 billion on $4.8 billion in revenue.

The Army wants to build the facility at Fort Bliss in partnership with Carlyle because the installation has a large amount of available, unused land and because of the water and electricity infrastructure already in place in El Paso, Fitzgerald said.

The Carlyle data center planned for El Paso is part of a wider U.S. military effort to quickly build infrastructure that supports the use of artificial intelligence — both on the battlefield and in running its day-to-day operations, according to government documents.

Army officials nodded to the use of AI in drone warfare and targeting systems. And a hyperscale data center facility can also securely house information such as the military’s cloud database that details pay and entitlements for every U.S. soldier, said Maj. Gen. Curtis Taylor, commanding general of the 1st Armored Division and Fort Bliss.

Data centers are “essential parts of power projection,” Taylor said. “But we have to protect those servers. And that’s why there’s great utility in building that infrastructure on military installations.”

The Fort Bliss facility would be located on a plot of land near the intersection of Loop 375 and Montana Avenue. The site is just east of the Camp East Montana immigrant detention facility, and near El Paso Electric’s gas-fired Montana power station.

The plan is for Carlyle to utilize the majority of the data center’s capacity for its business needs, and the military would have access to a more secure portion of the data center for its own uses.

The Army is developing another similar data center project in Dugway, Utah. Other Army bases identified as potential sites include Fort Hood in Texas and Fort Bragg in North Carolina.

The U.S. Air Force in October issued a solicitation saying it is “accepting proposals for the development of Artificial Intelligence data centers,” on unused land at different bases, including in California, Georgia, Arizona and Tennessee. The push was enabled by executive orders signed by Trump that seek to speed up permitting and development timelines for AI data centers.

Would the Fort Bliss data center pay taxes?

A privately-financed data center on Fort Bliss would likely have to pay some taxes – unlike on-base government facilities – but there’s a lot of uncertainty.

Carlyle Group is leasing the land for the data center under an “enhanced use lease” that allows branches of the military to rent under-used land on bases.

Land on federal installations is not subject to state or local taxes. However, the statute that authorizes the U.S. military to lease excess land to private entities says that “the interest of a lessee of property leased under this section may be taxed by State or local governments.”

So, while the land the data center is built on would not be subject to taxation, the structures housing the data center could be subject to local property taxes.

But it depends on how the deal is structured, including factors such as whether Carlyle or the Army ultimately takes ownership of the buildings.

The Army in January awarded a contract to Korean-owned Hanwha Defense USA, which will invest $1.3 billion to develop a munitions factory at a base in Pine Bluff, Arkansas, using an enhanced use lease.

Fitzgerald, the Army undersecretary, acknowledged the public pushback to other data centers such as Meta and Project Jupiter. But he said the Army wants to ensure the project is developed “the right way.”

“There are always elements that will kind of make this an ‘us versus them’ sort of a construct, but I don’t think we view it that way from the Army,” he said. “I think there’s a path here that will benefit not just the installation, but the community as well.”

CenterPoint launches real-time tracker to map Houston’s power grid upgrades

resiliency plan

Houstonians can now track electronic infrastructure improvements via CenterPoint’s new Community Progress Tracker, part of the company’s ongoing Greater Houston Resiliency Initiative.

The tracker allows users to search by zip code and see completed work in real time, as well as updates on upcoming projects that highlight infrastructure improvements and efforts to strengthen the power grid in the face of extreme weather. Users can view icons on a map that track automation and intelligence projects, storm-resilient pole and equipment installations, undergrounding work and tree trimmings.

CenterPoint had installed 10,000 storm-resilient poles, cleared 1,600 miles of higher-risk vegetation, completed 99 miles of power line undergrounding and hardened 220 miles of power lines by the end of Q1 2026, according to the company.

For the rest of 2026, CenterPoint aims to install 35,000 stronger, storm-resilient poles, clear high-risk vegetation from 8,000 miles of power lines and harden 500 transmission structures against storms.

Via centerpointenergy.com

“We are proud of the progress made in 2025, which helped deliver more than 100 million fewer outage minutes when compared to 2024, and we are determined to make even more progress in 2026 as we work toward our defining goal: building the nation's most resilient coastal grid,” Nathan Brownell, CenterPoint's vice president of resilience and capital delivery, said in a news release. “To date, we are ahead of schedule in making critical 2026 GHRI improvements, and we will continue to build the stronger, smarter infrastructure necessary to further improve systemwide reliability and strengthen resiliency, reducing the likelihood and impact of outages for our customers.”