Report: Texas scores significant chunk of federal clean energy investment

by the numbers

For the 2023 budget year, Texas’ total pot of federal money ranked second behind California’s. Photo via Getty Images

On a per-person basis, Texas grabbed the third-highest share of federal investment in clean energy and transportation during the government’s 2023 budget year, according to a new report.

Texas’ haul — $6.2 billion in federal investments, such as tax credits and grants — from October 1, 2022, to September 30, 2023, worked out to $204 per person, bested only by Wyoming ($369) and New Mexico ($259). That’s according to the latest Clean Investment Monitor report shows. Rhodium Group and MIT’s Center for Energy and Environmental Policy Research produced the report.

For the 2023 budget year, Texas’ total pot of federal money ranked second behind California’s ($7.5 billion), says the report. Nationwide, the federal government’s overall investment in clean energy and transportation reached $34 billion.

Other highlights of the report include:

Public and private investment in clean energy and transportation soared to $239 billion in 2023, up 37 percent from the previous year.
Overall investment in utility-scale solar power and storage systems climbed to $53 billion in 2023, up more than 50 percent from the previous year.
Overall investment in emerging climate technologies (clean energy, sustainable aviation fuel, and carbon capture) during 2023 surpassed investment in wind energy for the first time. This pool of money expanded from $900 million in 2022 to $9.1 billion in 2023.

The Lone Star arm of the pro-environment Sierra Club says the federal Inflation Reduction Act, which took effect in 2022, “includes a dizzying number of programs and tax incentives” for renewable energy.

“While it will take several years for all the programs to be implemented, billions in tax incentives and tax breaks, along with specific programs focused on clean energy development, energy efficiency, onsite solar, and transmission upgrades, means that Texas could help lower costs and transform our electric grid,” says the Sierra Club.

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Chevron, TotalEnergies back energy storage startup's $15.8M series A

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A California startup that's revolutionizing polymer cathode battery technology has announced its series A round of funding with support from Houston-based energy transition leaders.

LiNova Energy Inc. closed a $15.8 million series A round led by Catalus Capital. Saft, a subsidiary of TotalEnergies, which has its US HQ in Houston, and Houston-based Chevron Technology Ventures, also participated in the round with a coalition of other investors.

LiNova will use the funds with its polymer cathode battery to advance the energy storage landscape, according to the company. The company uses a high-energy polymer battery technology that is designed to allow material replacement of the traditional cathode that is made up of cobalt, nickel, and other materials.

The joint development agreement with Saft will have them collaborate to develop the battery technology for commercialization in Saft's key markets.

“We are proud to collaborate with LiNova in scaling up its technology, leveraging the extensive experience of Saft's research teams, our newest prototype lines, and our industrial expertise in battery cell production," Cedric Duclos, CEO of Saft, says in a news release.

CTV recently announced its $500 million Future Energy Fund III, which aims to lead on emerging mobility, energy decentralization, industrial decarbonization, and the growing circular economy. Chevron has promised to spend $10 billion on lower carbon energy investments and projects by 2028.

Houston innovation leaders secure SBA funding to start equitability-focused energy lab

trying for DEI

A group of Houston's innovation and energy leaders teamed up to establish an initiative supporting equitability in the energy transition.

Impact Hub Houston, a nonprofit incubator and ecosystem builder, partnered with Energy Tech Nexus to establish the Equitable Energy Transition Alliance and Lab to accelerate startup pilots for underserved communities. The initiative announced that it's won the 2024 U.S. Small Business Administration Growth Accelerator Fund Competition, or GAFC, Stage One award.

"We are incredibly honored to be recognized by the SBA alongside our esteemed partners at Energy Tech Nexus," Grace Rodriguez, co-founder and executive director of Impact Hub Houston, says in a news release. "This award validates our shared commitment to building a robust innovation ecosystem in Houston, especially for solutions that advance the Sustainable Development Goals at the critical intersections of industry, innovation, sustainability, and reducing inequality."

The GAFC award, which honors and supports small business research and development, provides $50,000 prize to its winners. The Houston collaboration aligns with the program's theme area of Sustainability and Biotechnology.

“This award offers us a great opportunity to amplify the innovations of Houston’s clean energy and decarbonization pioneers,” adds Juliana Garaizar, founding partner of the Energy Tech Nexus. “By combining Impact Hub Houston’s entrepreneurial resources with Energy Tech Nexus’ deep industry expertise, we can create a truly transformative force for positive change.”

Per the release, Impact Hub Houston and Energy Tech Nexus will use the funding to recruit new partners, strengthen existing alliances, and host impactful events and programs to help sustainable startups access pilots, contracts, and capital to grow.

"SBA’s Growth Accelerator Fund Competition Stage One winners join the SBA’s incredible network of entrepreneurial support organizations contributing to America’s innovative startup ecosystem, ensuring the next generation of science and technology-based innovations scale into thriving businesses," says U.S. SBA Administrator Isabel Casillas Guzman.

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This article originally ran on InnovationMap.

Texas-based Tesla gets China's initial approval of self-driving software

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Shares of Tesla stock rallied Monday after the electric vehicle maker's CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software.

Musk met with a senior government official in the Chinese capital Sunday, just as the nation’s carmakers are showing off their latest electric vehicle models at the Beijing auto show.

According to The Wall Street Journal, which cited anonymous sources familiar with the matter, Chinese officials told Tesla that Beijing has tentatively approved the automaker's plan to launch its “Full Self-Driving,” or FSD, software feature in the country.

Although it's called FSD, the software still requires human supervision. On Friday the U.S. government’s auto safety agency said it is investigating whether last year’s recall of Tesla’s Autopilot driving system did enough to make sure drivers pay attention to the road. Tesla has reported 20 more crashes involving Autopilot since the recall, according to the National Highway Traffic Safety Administration.

In afternoon trading, shares in Tesla Inc., which is based in Austin, Texas, surged to end Monday up more than 15% — its biggest one-day jump since February 2020. For the year to date, shares are still down 22%.

Tesla has been contending with its stock slide and slowing production. Last week, the company said its first-quarter net income plunged by more than half, but it touted a newer, cheaper car and a fully autonomous robotaxi as catalysts for future growth.

Wedbush analyst Dan Ives called the news about the Chinese approval a “home run” for Tesla and maintained his “Outperform” rating on the stock.

“We note Tesla has stored all data collected by its Chinese fleet in Shanghai since 2021 as required by regulators in Beijing,” Ives wrote in a note to investors. “If Musk is able to obtain approval from Beijing to transfer data collected in China abroad this would be pivotal around the acceleration of training its algorithms for its autonomous technology globally.”

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