New Houston company launches to turn recycled materials into fuel

renewables

Tired of slow tire decomposition? This Houston company has a solution. Photo via InnoVentRenewables.com

Every year, over a billion tires are disposed of globally, and, while in use, tires are used to reach maximum speed on the road, their decomposition times are inordinately slow.

Houston-based InnoVent Renewables has a solution. The company launched this week to drive renewable energy forward with its proprietary continuous pyrolysis technology that is able to convert waste tires, plastics, and biomass into fuels and chemicals.

“We are thrilled to formally launch InnoVent Renewables and plan to ramp-up operations into early 2024," InnoVent Renewables CEO Vibhu Sharma says in a news release. “Our investors, strategic advisors, and management team are all fully committed to our success as we address the global challenge of waste tires. We firmly believe our proven process, deployed at scale globally, will have a huge positive impact on our climate and fill a clear environment need.”

While InnoVent Renewables has only just launched, Sharma has worked in the space for years with his company InnoVent Technology, a technology and consulting company working with clients on turnkey process technology and asset management solutions within the process and manufacturing industries.

During InnoVent's unique material breakdown process, its pyrolysis technology recovers chemicals from the products, and produces high-quality fuels — in in a net-zero capacity. The company's products include renewable pyrolysis oil, or PyOil; aromatics; recovered carbon black, or rCB; and steel wire. PyOil, according to InnoVent's website, can be sold as fuel oil, off-road diesel, or used as a feedstock to crude blending.

"The InnoVent team conducted product quality analysis in conjunction with a world renowned research facility and results were further validated and scaled up in 2022, using comprehensive process simulation software and pre-engineering design work for scale-up," reads the InnoVent website.

Headquartered in Houston, the company has operations in Pune, India, and Monterrey, Mexico, with plans for aggressive growth across North America and Latin America. Specifically, InnoVent is planning to open a commercial production plant in Monterrey next year. Down the road, the company's team hopes to expand in Europe, the Middle East, and Asia-Pacific.

This autonomous freight delivery provider has entered the Texas market. Photo via VAS

Companies in Transition: June 13

ENERGY FOR ALL, BY ALL

As explained at the launch event for EnergyCapitalHTX.com on 1 June by David Gow, CEO of Gow Media, “…we plan to provide informative, unbiased coverage of the Houston-based initiatives, spanning big corporations and startups. We hope that a site dedicated to the transition will bring visibility to the city’s substantive progress and to the path forward.”

This series, Companies in Transition, highlights the latest energy transition activity happening here in the world’s Capital of Energy for companies of all sizes and stages. Natalie Harms, editor of our sister site, Innovation Map, caught up with a couple of such companies making strides last week.

Volvo Group announces new self-driving freight routes across Texas

A global car brand has expanded its autonomous transport-as-a-service company to Texas.

Volvo Autonomous Solutions, or VAS, announced it has established an office in Fort Worth to set up its first self-driving freight corridors between Dallas-Fort Worth and El Paso, as well as from Dallas to Houston. Ahead of commercial launch, VAS has started hauling freight for key customers like DHL and Uber Freight for testing purposes.

"At Volvo Autonomous Solutions, we believe the path to autonomy at scale is through reducing the friction and complications around ownership and operations for customers," says Nils Jaeger, president of VAS, in a news release. "This is why we have taken the decision to be the single interface to our customers and take full ownership of the elements required for commercial autonomous transport. With the opening of our office in Texas and start of operational activities, we are building the foundations for a transport solution that will change the way we move goods on highways."

As a part of the Volvo Group, VAS provides its Autonomous Transport Solutions — a combination of hardware, software, and services — to its customers. The company has a partnership with Aurora, which includes the integration of the Aurora Driver with Volvo's on-highway truck offering.

To learn more about how Volvo is building efficiency for the entire supply chain, head on over to InnovationMap to read more.

Multinational manufacturer partners with Greentown for new startup accelerator

A climatetech incubator with locations in Houston and Somerville, Massachusetts, has announced an accelerator program with a corporate partner.

Greentown Labs and Saint-Gobain, a multinational manufacturer and distributor of high-performance materials, have opened applications for Greentown Go Build 2023. The program intends to support and accelerate startup-corporate partnerships to advance climatetech, specifically focused on circularity and decarbonizing the built environment per a news release from Greentown.

“The Greentown Go Build program is an opportunity for innovative startups to share how they are disrupting the construction market with innovative and sustainable solutions that address the need for circularity and sustainability and that align with our mission of making the world a better home,” says Minas Apelian, vice president of external and internal venturing at Saint-Gobain. “Through this program, we are eager to identify companies dedicated to reducing our reliance on raw materials and associated supply chain risk to ensure circular solutions result in profitable, sustainable growth for business and sustainable construction solutions for our industries.”

Find out if your company is a fit for this prestigious opportunity over at InnovationMap.

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Houston companies win big at Elon Musk-backed carbon removal competition

xprize winners

Houston-based Mati Carbon has won the $50 million grand prize in the XPRIZE Carbon Removal competition, backed by Elon Musk’s charitable organization, The Musk Foundation.

Mati was selected in 2024 as one of 20 global finalists. The company removes carbon through its Enhanced Rock Weathering (ERW) program that works with agricultural farms in Africa and India.

The 3-year-old startup accelerates the natural process of rock weathering (ERW) by applying pulverized basalt to croplands of partnered smallholder farmers, free of charge. Mati says the farmers it partners with are some of the most vulnerable to the impacts of climate change.

“Winning this XPRIZE competition is an incredible honor and a definitive validation of our research and development, and building out the infrastructure needed to impact millions of farmers while delivering verifiable carbon dioxide removal at a gigaton scale,” Mati Carbon Founder and CEO Shantanu Agarwal, said in a news release. “I couldn’t be prouder, not just of the Mati team, but of our collaborators, research partners and the thousands of smallholder farmers who let us be part of their lives. This XPRIZE recognition will allow us to collaborate with local partners to accelerate the use of enhanced rock weathering across the Global South.”

Mati reports that it plans to use the award to “scale its efforts working with smallholder farmers worldwide.” Apart from the XPRIZE funding, Mati plans to grow its model through the sale of CDR credits. According to the company, it counts Shopify, Stripe, and H&M among its early carbon credit buyers.

“Mati Carbon’s deployments bolster farmers’ livelihoods through improved soil health, reduced agricultural inputs, and increased income at zero cost to them. Mati Carbon’s team has developed a scientifically rigorous approach to monitoring and verification, and excelled across each of XPRIZE’s prize evaluation criteria – operational, sustainability, and cost metrics – giving the XPRIZE judges the highest confidence in Mati Carbon’s solution’s long-term scalability,” the XPRIZE judges wrote.

Houston-based Vaulted Deep took home the second-runner-up prize in the competition and $8 million for its organic waste storage process. The company provides permanent carbon storage by injecting nonhazardous organic waste deep underground. It spun off with $8 million in seed funding from Advantek Waste Management Services in 2023.

"Our approach is grounded in geomechanical injection techniques that have been safely deployed globally for decades by our team and predecessors," Omar Abou-Sayed, co-founder and executive chairman of Vaulted, said in a separate release. "XPRIZE recognized that this is a proven approach—already in use, delivering impact, and built on the kind of reliability the industry needs to scale responsibly."

Launched in 2021, the four-year XPRIZE Carbon Removal competition challenged global innovators to deploy scalable solutions for removing carbon dioxide from the atmosphere and oceans. More than 1,300 teams from 88 countries competed. XPRIZE finalists were required to remove at least 1,000 tonnes of CO2 over a one-year demonstration period.

French company NetZero took home the first-runner-up prize of $15 million, and London-based UNDO came in as third-runner-up with a $5 million prize.

Since the announcement of the XPRIZE Carbon Removal competition, the Musk-led Department of Government Efficiency has cut climate funding for agencies, projects and research. While the Musk Foundation sponsored the XPRIZE event, it is not affiliated with the California-based organization, according to the Associated Press.

Houston Energy Transition Initiative announces new members for 2025

The view from heti

The Greater Houston Partnership’s Houston Energy Transition Initiative (HETI) has welcomed three new member companies who aim to accelerate global solutions for an energy-abundant, low-carbon future.

HETI members are champions in their fields, each with their distinctive advantage to help region lead the energy transition with innovative solutions. New members include:

Kanin Energy

A purpose-built, turnkey developer that focuses on transforming industrial waste heat into emission-free power, providing bundled solutions to industrial facilities that include the design, construction, operation, and financing of waste heat to power and other decarbonization projects.

TerraPower

A developer of advanced technologies that deliver safe, affordable, and abundant carbon-free energy. Their work supports industrial decarbonization and economic growth by harnessing heat and electricity in innovative ways. Additionally, they are advancing processes to extract radioisotopes for use in lifesaving cancer treatments.

TotalEnergies

A global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

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This article originally appeared on the Greater Houston Partnership's Houston Energy Transition Initiative blog. HETI exists to support Houston's future as an energy leader. For more information about the Houston Energy Transition Initiative, EnergyCapitalHTX's presenting sponsor, visit htxenergytransition.org.

Houston renewables developer lands $85M for nationwide solar projects

fresh funding

Houston-based Catalyze, a developer of independent power systems, announced it has secured an $85 million tax equity investment from RBC Community Investments.

“RBC’s investment in this portfolio demonstrates our commitment to advancing clean energy solutions within local communities,” Jonathan Cheng, managing director at RBC, said in a news release. “We are excited to partner with Catalyze on the strategic deployment of these and future projects.”

The financing will go toward the construction and completion of 75 megawatts of commercial and industrial solar projects nationwide in 2025. Catalyze’s current generation portfolio now totals 300 megawatts of projects in operations and construction.

The transaction will help Catalyze’s existing relationship with RBC, which demonstrates a commitment to advancing renewable energy solutions at scale.

“RBC is a valued financing partner, and we are pleased to further expand our relationship with this latest investment,” Jared Haines, CEO of Catalyze, said in a news release. “This financing enables us to further our mission to bring scalable distributed generation projects to businesses and communities nationwide.”

Catalyze also has other private equity sponsors in EnCap Investments and Actis.

Last May, Catalyze announced that it secured $100 million in financing from NY Green Bank to support a 79-megawatt portfolio of community distributed generation solar projects across New York state.

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