Houston climatech company signs on to massive carbon capture project in Malaysia

big deal

HYCO1 has signed an agreement to convert 1 million tons per year of raw CO2 into industrial-grade syngas at a new carbon capture project in Malaysia. Photo via Getty Images.

Houston-based CO2 utilization company HYCO1 has signed a memorandum of understanding with Malaysia LNG Sdn. Bhd., a subsidiary of Petronas, for a carbon capture project in Malaysia, which includes potential utilization and conversion of 1 million tons of carbon dioxide per year.

The project will be located in Bintulu in Sarawak, Malaysia, where Malaysia LNG is based, according to a news release. Malaysia LNG will supply HYCO1 with an initial 1 million tons per year of raw CO2 for 20 years starting no later than 2030. The CCU plant is expected to be completed by 2029.

"This is very exciting for all stakeholders, including HYCO1, MLNG, and Petronas, and will benefit all Malaysians," HYCO1 CEO Gregory Carr said in the release. "We approached Petronas and MLNG in the hopes of helping them solve their decarbonization needs, and we feel honored to collaborate with MLNG to meet their Net Zero Carbon Emissions by 2050.”

The project will convert CO2 into industrial-grade syngas (a versatile mixture of carbon monoxide and hydrogen) using HYCO1’s proprietary CUBE Technology. According to the company, its CUBE technology converts nearly 100 percent of CO2 feed at commercial scale.

“Our revolutionary process and catalyst are game changers in decarbonization because not only do we prevent CO2 from being emitted into the atmosphere, but we transform it into highly valuable and usable downstream products,” Carr added in the release.

As part of the MoU, the companies will conduct a feasibility study evaluating design alternatives to produce low-carbon syngas.

The companies say the project is expected to “become one of the largest CO2 utilization projects in history.”

HYCO1 also recently announced that it is providing syngas technology to UBE Corp.'s new EV electrolyte plant in New Orleans. Read more here.

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Pickering Energy Partners entered into a collaborative partnership with Rick Mauro to support clients in carbon sequestration and methane mitigation efforts. Photo courtesy of Pickering Energy Partners

Houston financial services firm brings onboard energy veteran

who's who

A Houston-based energy-focused financial services platform has brought onboard an industry veteran to offer a unique insight to its clients.

Pickering Energy Partners announced a collaborative partnership with energy veteran Rick Mauro to further support clients in carbon sequestration and methane mitigation efforts.

PEP ESG Consulting team’s clients will have access to comprehensive strategic and technical consulting services, which will cover a broader spectrum of environmental and sustainability needs according to the company.

Mauro brings energy transition and oil and gas expertise through his career at Halliburton and Mobil Oil. He has hands-on experience in various operational settings like onshore and offshore assets in North America, Australia, Asia Pacific, and Kuwait with his geology background. He also advises client teams at Halliburton subsidiary Landmark Services Line and consulting firm Decision Strategies.

“Rick’s extensive work with constituents across multiple organizational levels, from operations to executive management, brings a versatile and well-informed viewpoint to our projects,” Dan Romito, head of PEP ESG Consulting, says in a news release. “Our goal is to offer energy-focused clients a well-rounded and technically proficient approach to ESG benchmarking and reporting.”

Lisa Bromiley has joined Cemvita as CFO. Photo courtesy of Cemvita

Houston sustainable biotech company names new CFO

new hire

A growing Houston carbon utilization company has named its newest C-suite member.

Lisa Bromiley has joined Cemvita as CFO. Bromiley will work on spearheading capital markets, strategic positioning, and financial management of the company.

"We are thrilled to welcome Lisa Bromiley to Cemvita as our CFO,” Moji Karimi, CEO of Cemvita, says in a news release. “She joins us at an inflection point in our growth trajectory and I’m confident that Lisa's strategic financial acumen will play a pivotal role in driving Cemvita's continued success.”

Bromiley brings over two decades of experience in energy and commodity-related finance. She previously played a key role in the development of Flotek Industries Inc. and assisted Northern Oil and Gas, Inc. to achieve a market capitalization of $4 billion. Bromiley holds a Master of Professional Accounting and a Bachelor of Business Administration from the University of Texas. She is also a certified public accountant.

"As the new CFO of Cemvita, I'm very excited to lead the company through a crucial expansion in 2024,” Bromiley says in the news release. “We're moving swiftly from development to commercialization, using our patented microbes to produce sustainable feedstocks from carbon waste. I believe our core mission to recycle carbon waste, including CO2, for profitable industrial feedstock production is vital for a more sustainable world."

Cemvita’s eCO2 recently helped garner the Houston company its spot in the Sustainable Aviation Challenge. The eCO2™ takes waste streams and carbon dioxide and uses them to produce valuable materials like plastics,proteins, and fuel feedstock through microbiology. Cemvita also plans to remove 250 million tons per year from the atmosphere by 2050.

Gautam Phanse of Chevron Technology Ventures answers questions about this unique program. Photo courtesy

Q&A: Chevron's unique clean energy studio role in Houston entrepreneur community

matchmaking innovation

A new program from Houston-based Chevron Technology Ventures is rethinking how best to commercialize research-based technology.

This spring, Chevron Studio announced its second cohort of its program that matches entrepreneurs with promising technologies coming out of universities and labs. The overall goal of the studio — a collaboration between Chevron and the National Renewable Energy Laboratory, or NREL — is to scale up and commercialize early-stage technologies that have the potential to impact the future of energy.

Once selected, there are three phases of the program. After the entrepreneur applications closed in March, the first step was matching the selected entrepreneurs with the inventors of the selected intellectual properties, which will occurs over three to four months. The next phase includes scaling up the product — something that will take one to two years, depending on the tech. The last step would be a trial or a pilot program that includes rolling out a minimum viable product at commercial scale at Chevron or an affiliate. The next cohort application period will open next month.

Gautam Phanse is the strategic relationship manager for Chevron Technology Ventures. He joins InnovationMap for a Q&A to explain more about the opportunity.

What types of technologies is Chevron looking to bring into commercialization through this program? How is the program different from existing accelerators/incubators/etc.?

Gautam Phanse: Chevron Technology Ventures brings external innovation to Chevron. Key focus areas for CTV are industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy. Chevron Studio is one of the tools to achieve this goal. The current focus areas for Chevron Studio are: carbon utilization, hydrogen and renewable energy, energy storage systems, and solutions for circular economy. These focus areas will be reviewed every year and additional areas could be brought into the mix.

The goal of Chevron Studio is to scale up and commercialize technology developed in the Universities and National Labs. We curate the intellectual property developed at universities and national labs and provide a platform to match entrepreneurs with the IP. The program provides seed funding and a pathway through incubation, pilot and field trials to scale up the technologies. The uniqueness of this program is its target and the breadth of its scope — all the way from incubation to field trials.

How does Chevron Technology Ventures and the National Renewable Energy Laboratory collaborate on this project? What role does each entity play?

GP: CTV has a long history of supporting innovation and the startup community. And over the years we’ve seen the consistent gaps and the struggles that the startup companies have in scaling up technologies. We also have a long history of working with national labs and universities and have seen the challenges in getting these technologies out of the labs. The idea for Chevron Studio grew out of these challenges.

NREL’s Innovation and Entrepreneurship Center manages Chevron Studio, working closing with entrepreneurs and guiding them through the program while leveraging capabilities at the lab and activating the IEC’s network of cleantech startups, investors, foundations, and industry partners.

What are you looking for from the entrepreneur applicants? Who should apply?

GP: We are looking for entrepreneurs who are seeking their next opportunity. They should have a passion in lower carbon solutions and the patience to work on early-stage technologies to see them through scale up and commercialization. Aspiring entrepreneurs with demonstrated passion are also welcome to apply. The entrepreneurs are expected to build a team, raise funds and grow the business providing competitive solutions to the industry.

Tell me about cohort 1. How did it go and what were the participants able to accomplish?

GP: We were really excited about the response we got from both the entrepreneur community and the universities and national labs. We had a strong pool of entrepreneurs and a great mix of IP and frankly had a tough time making the selection. The first cohort had four entrepreneurs in the initial discovery phase. Some of them have now graduated, and we will be announcing the participants in the next phase — for scaling up — shortly.

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This conversation has been edited for brevity and clarity. This article originally ran on InnovationMap.

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New study shows Houston is still feeling effects of 2014-16 oil crash

lasting impact

A new study from Rice’s Kinder Institute shows that Houston is still feeling the economic effects of the 2014-2016 oil crash, more than a decade later.

Though Houston, nicknamed the Energy Capital of the World, has continued to grow over the time period, the city has still fallen behind other comparable metropolitan areas in earnings and job creation, according to the research. The report is one part of a three-part series that will take a look at regional economic mobility and suggest ideas to expand opportunity.

“When you look at what’s happened in other locations, we’re losing ground,” Flávio Cunha, director of the Center for Economic Mobility at Rice’s Kinder Institute for Urban Research, said in a release. “Our economy is growing, but it’s no longer growing at the rate it used to.”

Global oil prices fell 70 percent between 2014 and 2016, the report said, marking one of the three largest declines since World War II and the longest-lasting downturn since 1986. The report excluded pandemic-related gaps, and it mentions 2017’s Hurricane Harvey as a possible indicator that economic growth stalled after the 2014-2016 oil price crash recovery.

To understand the long-term impact of the crash, researchers compared Houston’s economic performance with 54 metropolitan areas like San Antonio, Pittsburgh and others with less dependence on the energy industry.

Some of the key findings in the report included:

Job creation: In 2019, Houston had approximately 240,000 fewer private-sector jobs than similar cities. Employment was 15 percent lower in goods-producing industries and 4 percent lower in the services industries than the control group.
Income shifts: Income per resident was 13 percent lower compared to the peer group. Workers who remained employed earned 10 percent less between 2015 and 2019 than in other metros. The 13 percent drop in income equates to roughly $76 billion a year in forgone income, or $10,700 per resident per year in 2025 dollars. The decline was a trend across every age group, education level and sex.
Population changes: The rate of people moving to Houston slowed, rather than a surge of people leaving.
Hiring changes: Hiring fell sharply for young workers ages 19-24.

Cunha says the most surprising finding was that these trends persisted a decade later. According to the report, by 2024, Houston’s wages and income per resident remained about a fifth and a sixth below those in peer cities, and jobs per resident had continued to lose ground.

“What really surprises me is not that there was this change. It’s that this change has been long-lasting,” he added. “We followed it up to 2024, and we still don’t detect that the economy has recovered from that one shock.”

Read the full report here.

2 fast-growing energy cos. are finalists for Houston Scaleup of the Year

Meet the finalists

From IPOs to groundbreakings, some of Houston's most innovative companies reached major milestones this year.

As part of InnovationMap's 2026 Houston Innovation Awards, the Scaleup of the Year category honors innovative later-stage startups that have recently reached a significant milestone in company growth. Three scaleups have been named finalists for the 2026 award, two of which are in the energy transition sector.

Read more about these businesses, their founders and their breakthrough technologies below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Erock

Energy infrastructure company Erock, previously known as Enchanted Rock, develops dual-purpose microgrids that rely on natural gas and renewable natural gas to produce lower carbon emissions and air pollutants than diesel generators. Its products can provide bridge power before grid interconnection, backup power during outages and dispatchable capacity that supports long-term grid reliability. The company has more than 1,100 megawatts of installed capacity and over 20 years of experience serving commercial, municipal and large-scale technology customers.

Erock completed its initial public offering this year, raising approximately $600 million in gross proceeds. It also grew its contracted power system sales backlog to approximately $1.7 billion, up tenfold year-over-year, with production sold out through 2028, according to the company's application. The company secured a major equipment order from Anthropic, began construction of the 366-megawatt El Paso Electric project supporting Meta's data center campus, and started assembly operations at its Hyperion facility in Cypress, Texas.

Hertha Metals

Hertha Metals produces lower-cost, lower-emission steel and high-purity iron. The company has developed a single-step process that uses natural gas as a direct reductant instead of metallurgical coal, which cuts production costs by more than 25 percent and emissions by up to 50 percent, according to the company. The same process produces high-purity iron needed for high-purity steels and rare earth magnets. The company says it aims to "re-industrialize America’s production of critical materials."

Hertha Metals was founded by CEO Laureen Meroueh in 2022 and emerged from stealth last year with more than $17 million in venture capital funding. The company closed a $133.65 million Series A last month and also broke ground on its $100M high-purity iron factory known as Chalyx in Conroe.

Venus Aerospace

Spacetech company Venus Aerospace is developing a high-thrust rotating detonation rocket engine (RDRE) that replaces the subsonic combustion used in conventional rocket engines. The RDRE is a compact, simpler engine that can deliver up to 15 percent greater efficiency for defense and space applications. It completed its first U.S. flight test of the engine last summer.

Venus Aerospace was founded in 2020 by CEO Cassie Duggleby and CTO Andrew Duggleby. It raised a $20 million Series A in 2022 and $42 million Series A2 in 2025. It closed a $91 million Series B earlier this year and expanded its leadership team. The company is working toward longer-duration and higher-thrust testing and advancing its flight program.

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This article first appeared on InnovationMap.com.

Oxy inks long-term agreements for 2M tons of CO2 capture, transport

carbon contracts

Houston-based Occidental has made two long-term agreements that will expand its carbon management business in the Delaware Basin and the Permian Basin.

Oxy announced Nov. 9 that it has signed agreements with two unnamed project developers to capture and transport approximately 2 million metric tons of CO2 from their existing and new natural gas processing facilities in the Delaware Basin in West Texas annually. The CO2 will be transported for use in Oxy's enhanced oil recovery (EOR) operations in the Permian Basin.

“Securing reliable, long-term sources of CO2 supports Occidental’s advanced recovery strategy to extend the productive life of existing fields and enhance recovery across our conventional and unconventional resource base,” Vishal Gupta, president and general manager of EOR Ventures at Occidental, said in a news release. “The projects, once operational, will help diversify our CO2 supply, improve access to cost-effective resources and create infrastructure that can connect additional carbon capture projects over time. Federal 45Q incentives are an important support for these investments.”

According to the release, the projects have the potential to expand to handle up to 4 million metric tons of C02 per year combined. The first shipments to Oxy are expected in 2029. The unnamed developers will fund and build the infrastructure to capture, transport and deliver the CO2 to Oxy, the company shared in the release.

Additionally, the agreement stipulates that the projects will also include the build-out of nearly 100 miles of new CO2 pipeline infrastructure. The new pipeline is planned to connect with the existing CO2 pipeline network in the Permian Basin. Oxy adds that the pipelines are being designed to handle additional future capacity to "support future conventional and unconventional recovery opportunities" of CO2.

Oxy uses the EOR process to inject stored CO2 back into a producing oil fields to boost the site's performance. The recycled CO2 displaces trapped oil and gas and is then secured in the reservoir. Oxy says that EOR combined with Direct Air Capture (DAC) technology "remove[s] an amount of CO2 equivalent to that emitted during the production and consumption of [its] products."

Oxy subsidiary 1PointFive is developing a $1.3 billion DAC project in the Midland-Odessa area that is slated to be the largest facility of its kind in the world. Known as STRATOS, it's designed to capture up to 500,000 metric tons of CO2 per year. After a component delay, 1PointFive shared in May that it would ramp up operations at the project throughout 2026.

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