ADVERTISEABOUT USSUBMIT A STORYSUBSCRIBETERMS OF USEPRIVACY POLICY
Visit our family of Brands

Houston energy startup names former Cheniere execs to C-suite

new leaders

Michael Wortley, Joulent's new CFO, and Corey Grindal, the company's new COO. Photos courtesy Joulent

Houston-based energy infrastructure startup Joulent has brought aboard a new chief financial officer and new chief operating officer—both former executives at Houston-based Cheniere Energy.

The C-suite moves come three months after Joulent raised $1.75 billion from National Grid Ventures.

Michael Wortley joins Joulent as co-president and CFO. Wortley most recently was executive vice president and CFO at Cheniere, an LNG producer and exporter.

In conjunction with Wortley’s hiring, Brian Boland, who was Joulent’s interim CFO, has been named executive vice president, chief investment officer, and head of strategy.

Corey Grindal comes to Joulent as co-president and COO. Grindal most recently was executive vice president and COO at Cheniere.

“As Joulent evolves to meet the growing demand for power infrastructure, our expanded leadership team will help ensure we continue delivering the execution certainty our customers, partners, and investors expect,” Chris James, Joulent’s founder and CEO, said in a press release.

“Corey and Michael are accomplished operators with exceptional records of building and leading world-class energy infrastructure businesses, where they have embedded a culture defined by operational excellence and disciplined execution,” James added.

Joulet builds dedicated power-generating facilities that feed directly into data centers and other power-dependent facilities. This eliminates the need for companies to draw power from grids.

“With an initial multi-gigawatt development portfolio and strategic partnerships across the energy, infrastructure, and data center ecosystem, Joulent is helping remove power constraints to enable the next chapter of American innovation and U.S. reindustrialization,” the company says.

The $1.75 billion minority investment from National Grid Ventures complements Joulent’s existing partnerships.

Joulent, founded in 2023, emerged from stealth mode this summer. The company was founded by investment firm Engine No. 1.

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 50/50 joint venture between Chevron and Joulent.

From Your Site Articles
Naheed Malik joins Greentown Labs as CFO. Photo courtesy Greentown Labs

Houston climatech incubator names new CFO

onboarding

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

Property Showcase

TotalEnergies expands solar joint venture with $1.2B portfolio in Texas, Ohio

solar expansion

TotalEnergies, a French company whose U.S. headquarters is in Houston, announced this month that it is expanding its renewable energy joint venture with New York-based investment firm KKR by adding 700 megawatts of utility-scale solar projects.

The deal will add three utility-scale solar assets in Texas and Ohio, which are expected to reach commercial operation by Q1 2027, according to a news release from the company. The portfolio is valued at $1.2 billion.

The 50/50 joint venture between TotalEnergies and KKR currently holds 1.4 gigawatts of renewable energy and will grow to 2.1 gigawatts.

The new deal is expected to close this year. Once completed, TotalEnergies will operate the assets. The electricity generated from the solar projects will be sold to third parties, the company reports.

The companies originally formed the joint venture about a year ago when TotalEnergies sold KKR a 50 percent stake in a North American solar portfolio valued at $1.25 billion. The deal originally included six utility-scale solar assets, primarily located in the U.S.

“TotalEnergies is a renewable energy industry leader globally, and we are thrilled to establish this joint venture with the TotalEnergies team to support their renewables business," Cecilio Velasco, managing director KKR, said in a release last year. “We have long been investors in renewables through our infrastructure platform, having committed more than $23 billion to date in energy transition investments. TotalEnergies’ North American solar portfolio is a great fit for us, representing high-quality renewable energy assets with long term contracts.”

TotalEnergies reports that by June 2026 it held more than 37 gigawatts of gross renewable power generation capacity. It aims to achieve over 100 terawatt-hours of net electricity production by 2030.

The company signed a major power purchase agreement with Google earlier this year. Through the deal, TotalEnergies will supply the tech giant with 1 gigawatt of solar power for its data centers in Texas over a 15-year span.

However, the company also recently redirected nearly $1 billion in capital away from wind energy projects and "decided to renounce offshore wind development in the United States." Read more here.

Houston researchers develop compact carbon capture tech for data centers

AI emissions

Two scientists from the University of Houston have been experimenting with new carbon capture systems that fit inside a standard shipping container, which have the potential to make eliminating carbon output from industrial sites much easier.

The capture of industrial carbon is an important complement to the fight against climate change, as well as winning tax credits for businesses that use carbon capture technology.

The problem is that such systems are often measured in acres, making them expensive to build and extremely power-hungry to actually use. UH Engineering Professor Mim Rahimi and former UH Ph.D. student Ahmad Hassan (now a postdoctoral associate at Harvard) have managed to fit their new system, the Small Modular Electrochemical Container (SMECs), inside a standard 40-foot shipping crate, making them compact and modular enough to be installed almost anywhere for operations of all sizes. Their research was recently published in the journal Environmental Science & Technology.

“With a conventional system, you’re building a 130-foot-tall structure designed for a specific power plant. With our technology, we can adjust the capacity by simply turning containers on or off,” Rahimi said in a news release. “That flexibility is particularly important for data centers, where electricity can come from a combination of natural gas and renewable sources.”

Rahimi and Hassan used simulated gas models to show that under optimal conditions, the SMEC used electrochemically mediated amine regeneration (EMAR) cells developed in Rahimi’s lab to capture 90 percent of carbon under optimal conditions through 300 cycles over 50 hours.

Encouraged, the team then modeled a 360-megawatt natural gas power plant associated with OpenAI’s Stargate AI data center project in Abilene, Texas. In addition to the savings on infrastructure costs, 20 of the researchers’ shipping container systems were able to capture 98 percent of carbon from Stargate’s 875-acre campus based on the model.

The looming energy costs and subsequent carbon emissions from data centers are a real concern. Estimates from the U.S. Department of Energy hypothesize that 12 percent of America’s energy needs could be gobbled up by the centers as soon as 2028. That is a massive new source of carbon. The flexibility of the SMEC means they can be deployed wherever the centers spring up.

“We’re taking a technology that traditionally requires enormous infrastructure and finding a way to fit it inside a shipping container,” Rahimi added in the release. “That opens up entirely new possibilities for how and where carbon capture systems can be used.”

In the future, the researchers say they plan to look at ways to adapt the technology to capture carbon dioxide directly from the atmosphere.

Hertha Metals breaks ground on $100M high-purity iron factory in Conroe

coming soon

Shortly after announcing a $133.65 Series A funding round, Conroe-based Hertha Metals broke ground Oct. 8 on a $100 million factory that will produce steel-grade and magnet-grade high-purity iron.

Hertha’s Chalyx plant, located in Conroe, will manufacture a total of about 10,000 metric tons per year of magnet-grade and steel-grade high-purity iron. The factory will use Hertha’s single-step process to generate high-purity iron for rare-earth-magnet and steel manufacturers in the U.S.

Hertha says Chalyx will be the first U.S. commercial plant for production of magnet-grade high-purity iron.

Chalyx is being built next to Hertha’s headquarters and its Pi100 pilot plant, which will remain in operation. Chalyx and Pi100 will form the first modern-day iron and steel “innovation complex” in the U.S., the company says.

“I founded Hertha Metals because I believed we could significantly improve how the world makes iron and steel from ore, and that an industry so fundamental to our future still had enormous room for invention,” Laureen Meroueh, founder and CEO of Hertha, said in a press release.

The 4-year-old startup says the Chalyx complex will lay the foundation for its first 500,000-ton-per-year steel mill.

Chalyx’s first priority is making high-purity iron for U.S. manufacturers of rare-earth magnets, Hertha says. These magnets are critical components for electric vehicles, data centers, wind turbines and defense systems.

China produces an estimated 94 percent of high-purity iron for rare-earth magnets, according to Hertha.

Aside from iron for rare-earth magnets, Chalyx will make iron and steel for pilot projects in the steel industry.

The plant is expected to come online in late 2027, with production of magnet-grade high-purity iron starting in early 2028.

Today, Hertha employs 32 people, the company says. Once it’s fully operating, the Chalyx plant will employ about 50 people.

Just ahead of the groundbreaking, Hertha announced the $133.65 million Series A round, co-led by Khosla Ventures and Doerr Capital. The round included a $65 million equity investment from the Pentagon.

“Iron and steel have shaped human progress for thousands of years. And I believe there is still an enormous amount left to invent,” Meroueh said at the groundbreaking ceremony.

View All Listings