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

Election results buoy stock at Texas-based Tesla

seeing dollar signs

Texan Elon Musk stands to benefit from the next president. Photo via cdn.britannica.com

Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its Texas-based CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The grant, funded by the federal Inflation Reduction Act, will help promote cleaner air, reduced emissions, and green jobs. Photo via Getty Images

Port Houston secures $3M from EPA program to fund green initiatives, clean tech

money moves

Port Houston’s PORT SHIFT program is receiving nearly $3 million from the U.S. Environmental Protection Agency’s Clean Ports Program.

The grant, funded by the federal Inflation Reduction Act, will help promote cleaner air, reduced emissions, and green jobs.

“With its ambitious PORT SHIFT program, Houston is taking a bold step toward a cleaner, more sustainable future, and I’m proud to have helped make this possible by voting for the Inflation Reduction Act,” U.S. Rep. Sylvia Garcia says in a news release.

“PORT SHIFT is about more than moving cargo — it’s about building a port that’s prepared for the future and a community that’s healthier and stronger,” Garcia adds. “With investments in zero-emission trucks, cleaner cargo handling, workforce training, and community engagement, Port Houston is setting the standard for what ports across America can accomplish.”

Joaquin Martinez, a member of the Houston City Council, says one of the benefits of the grant will be ensuring power readiness for all seven wharves at the Bayport Container Terminal.

The Inflation Reduction Act allocated $3 billion to the EPA’s Clean Ports Program to fund zero-emission equipment and climate planning at U.S. ports.

A report Wednesday by the Carbon Removal Alliance, a nonprofit representing the industry, outlined recommendations to improve monitoring, reporting, and verification. Photo via Getty Images

Carbon removal industry calls on U.S. government for regulation in new industry report

by the numbers

The unregulated carbon dioxide removal industry is calling on the U.S. government to implement standards and regulations to boost transparency and confidence in the sector that's been flooded with billions of dollars in federal funding and private investment.

A report Wednesday by the Carbon Removal Alliance, a nonprofit representing the industry, outlined recommendations to improve monitoring, reporting, and verification. Currently the only regulations in the U.S. are related to safety of these projects. Some of the biggest industry players, including Heirloom and Climeworks, are alliance members.

“I think it’s rare for an industry to call for regulation of itself and I think that is a signal of why this is so important,” said Giana Amador, executive director of the alliance. Amador said monitoring, reporting and verification are like “climate receipts” that confirm the amount of carbon removed as well as how long it can actually be stored underground.

Without federal regulation, she said “it really hurts competition and it forces these companies into sort of a marketing arms race instead of being able to focus their efforts on making sure that there really is a demonstrable climate impact.”

The nonprofit defines carbon removal as any solution that captures carbon dioxide from the atmosphere and stores it permanently. One of the most popular technologies is direct air capture, which filters air, extracts carbon dioxide and puts it underground.

The Inflation Reduction Act and the Bipartisan Infrastructure Law have provided around $12 billion for carbon management projects in the U.S. Some of this funding supports the development of four Regional Direct Air Capture Hubs at commercial scale that will capture at least 1 million tons of carbon dioxide annually. Two hubs are slated to be built in Texas and Louisiana.

Some climate scientists say direct air capture is too expensive, far from being scaled and can be used as an excuse by the oil and gas industry to keep polluting.

Gernot Wagner, a climate economist at Columbia Business School at Columbia University, said this is the “moral hazard” of direct air capture — removing carbon from the atmosphere could be utilized by the oil and gas industry to continue polluting.

“It does not mean that the underlying technology is not a good thing,” said Wagner. Direct air capture “decreases emissions, but in the long run also extends the life of any one particular coal plant or gas plant.”

In 2023, Occidental Petroleum Corporation purchased the direct air capture company, Carbon Engineering Ltd, for $1.1 billion. In a news release, Occidental CEO Vicki Hollub said, “Together, Occidental and Carbon Engineering can accelerate plans to globally deploy (the) technology at a climate-relevant scale and make (it) the preferred solution for businesses seeking to remove their hard-to-abate emissions.”

Jonathan Foley, executive director of Project Drawdown, doesn't consider carbon dioxide removal technologies to be a true climate solution.

“I do welcome at least some interventions from the federal government to monitor and verify and evaluate the performance of these proposed carbon removal schemes, because it’s kind of the Wild West out there,” said Foley.

“But considering it can cost ten to 100 times more to try to remove a ton of carbon rather than prevent it, how is that even remotely conscionable to spend public dollars on this kind of stuff?” he said.

Katharine Hayhoe, chief scientist of The Nature Conservancy and a distinguished professor at Texas Tech University, said standards for the direct carbon capture industry “are very badly needed” because of the level of government subsidies and private investment. She said there's no single fix for the climate crisis, and many strategies are needed.

Hayhoe said these include improving the efficiency of energy systems, transitioning to clean energy, weaning the world off fossil fuels and maintaining healthy ecosystems to trap carbon dioxide. On the other hand, she said, carbon removal technologies are “very high hanging fruit.”

"It takes a lot of money and a lot of energy to get to the top of the tree. That’s the carbon capture solution,” said Hayhoe. “Of course we need every fruit on the tree. But doesn’t it make sense to pick up the fruit on the ground, to prioritize that?”

Other climate scientists are entirely opposed to this technology.

“It should be banned,” said Mark Z. Jacobson, professor of civil and environmental engineering at Stanford University.

Carbon removal technologies indirectly increase the amount of carbon dioxide in the atmosphere, Jacobson said. The reason, he said, is that even in cases where direct air capture facilities are powered by renewable energy, the clean energy is being used for carbon removal instead of replacing a fossil fuel source.

“When you just look at the capture equipment, you get a (carbon) reduction," Jacobson said. "But when you look at the bigger system, you’re increasing.”

Empact’s goal is to help energy companies maximize the tax credits for their clean energy projects. Photo courtesy of Empact

Houston software company equips green project developers with IRA compliance tools

Tax credits, anyone?

A Houston company has an update to its first-of-its-kind software to assist emerging technology and energy companies with Inflation Reduction Act Energy Community Bonus Credit compliance management and reporting requirements for renewable energy projects.

Empact Technologies has released a software update that incorporates support for the latest IRA Energy Community Bonus management and reporting requirements. The new software is provided at no additional cost to existing Empact clients, and is available to qualified communities through a free trial via Empact’s website.

Empact’s goal is to help energy companies maximize the tax credits for their clean energy projects.

“Empact is the first (and only) company that provides technology and services to help the project developers qualify for and ensure compliance with all of those IRA tax incentive compliance requirements,“ CEO Charles Dauber tells EnergyCapital. “We work with project developers of solar, energy storage, carbon capture and sequestration, and other projects in ERCOT and around the country to manage compliance for the PWA, domestic content, and energy community compliance requirements and make sure they have all of the documentation required to prove to the IRS that these tax credits are valid.”

The software is the first in the industry to incorporate the most recent energy community guidelines released by the U.S. Department of the Treasury and the Internal Revenue Service, known as Notice 2024-48. These guidelines outline Energy Community Bonus qualification requirements for the “Statistical Area Category” and the “Coal Closure Category” in Notice 2023-29.

Empact’s platform will provide tax incentive compliance management for all three types of credits, which will be covered in the IRA’s estimated $1.2 trillion in tax incentives. The credits include a base energy project tax incentive (30 percent) for projects that meet prevailing wage and apprenticeship requirements, a domestic content tax adder (10 percent), and an energy community tax adder (10 percent). Notice 2024-48 is able to be used by developers to confirm project qualification for Energy Community Bonus opportunities.

Empact will support clients on eligibility requirements, manage compliance documentation and verification requirements.

“The IRA is considered the greatest and biggest accelerator for clean energy in the U.S.,” Dauber says. “The IRA provides significant tax incentives for developers of solar, energy storage, wind and other clean power technologies, as well as energy transition projects such as carbon capture and sequestration, hydrogen, biofuels and more.”

According to Empact, the way the IRA works is that developers of projects can “generate” tax credits based on meeting certain project requirements. There are three main factors in play:

  1. The foundational element of the tax credits provides a 30 percent tax credit of the project cost if the project meets requirements related to ensuring a fair wage for construction workers and utilizing a certain amount of apprentices on the project (called Prevailing Wage and Apprenticeship). The project developer (all the EPC and all contractors) must provide documentation that every worker has been paid correctly and that all apprenticeship requirements have been met. Some projects have hundreds of workers from 10-plus contractors every week.
  2. The second tax credit relates to the project utilizing steel and iron and other “manufactured products” such as solar modules, that are made in the U.S. If the project meets the “domestic content” requirements, it is eligible for another 10 percent tax credit. Project developers have to prove the products they use are made in the U.S. and there are calculations that must be done to meet the threshold that goes up every year.
  3. The third tax credit is related to the location of the project. The government is trying to incentivize project developers to put projects in locations with high unemployment, or sites that have existing power generation facilities, or are in areas that used to be coal communities. That tax incentive is called “Energy Communities” and provides an additional 10 percent tax credit for the project developers. To qualify for that tax credit, the developer must provide proof that the project is located in an energy community location.

Companies that remain in compliance by using the software will see immediate benefits, and the clean energy industry as a whole will benefit from Empact’s facilitation of tax credit utilization.

“If a developer does this all correctly, they can qualify for tax credits equal to 50 percent of the cost of the project which is an enormous benefit to getting more projects built and encouraging a balanced energy program in the U.S.” Dauber says. “For example, a 100MW solar farm may cost $100 million, and if they meet all of the criteria, they can qualify for $50 million in tax incentives. The same calculations work for carbon capture, hydrogen and other projects as well although there are some slight differences.

Last August, Stella Energy Solutions, a utility-scale solar and storage developer, entered into a multi-year agreement with Empact to use the platform to manage Stella's IRA tax incentives on all its projects for the next five years.

The lighting project is part of a 15-year initiative aimed at boosting Calhoun County’s commitment to solar and other forms of renewable energy. Photo via EnGoPlanet

Houston company nears completion of innovative solar-powered street lights project

light the way

Houston-based EnGoPlanet is nearing completion of what it touts as the largest installation of solar-powered street lights in the U.S.

The project, which relies on EnGoPlanet’s ENGO Utility program, is in Calhoun County. It features 300 solar-powered, motion-activated street lights and 20 camera-equipped power poles at several Calhoun County parks. Port Lavaca, close to 130 miles southwest of Houston, is the county seat of Calhoun County.

Calhoun County Commissioner David Hall calls the project “a game-changer for innovation in the sustainable energy space.”

The solar-powered street lights were made according to DarkSky guidelines designed to reduce nighttime light pollution.

The lighting project is part of a 15-year initiative aimed at boosting Calhoun County’s commitment to solar and other forms of renewable energy.

“Our work in Calhoun County is a prime example of how collaboration and innovative thinking can create not just economic value, but also profound social and environmental impact. Municipalities and counties should explore many available grants through the Inflation Reduction Act to help fund renewable energy initiatives for their communities,” Petar Mirovic, CEO of EnGoPlanet, says in a news release.

Calhoun County is just one of several places where EnGoPlanet, founded in 2019, has installed solar-powered street lights. Others include Houston, Dallas, Montenegro, Qatar, and Serbia.

The Texas projects are set to come online in 2024. Photo via Schneider Electric

Schneider Electric to invest in Texas clean energy projects with IRA tax credit transfer

shining on solar

Energy management and automation company Schneider Electric is investing in a Texas portfolio of solar and battery storage systems developed, built, and operated by Houston-based ENGIE North America.

The Texas projects are set to come online in 2024. France-based Schneider says the projects will put the company closer to reaching its goal of 100 percent renewable energy in the U.S. and Canada by 2030.

The Schneider investment comes in the form of tax credit transfers enabled by the federal Inflation Reduction Act. A Schneider news release didn’t put a price tag on the investment and didn’t name the Texas projects.

Schneider explains that the federal law enables the transfer of certain federal tax credits from renewable energy, clean energy manufacturing, battery storage and other clean energy projects. These transfers are an alternative to traditional tax equity deals.

“This collaboration with Schneider signals a real step forward in accelerating the net-zero transition,” Dave Carroll, chief renewables officer and senior vice president at ENGIE North America, says in the news release.

Carroll adds that the solar-and-storage portfolio and the tax credit transfers “support the continued growth of renewable energy and storage options in the U.S., which brings economic opportunities to an expanding set of communities alongside the transition to a lower-carbon grid.”

Last month, ENGIE said it had recently wrapped up more than $1 billion in tax equity financing from banking heavyweights BNP Paribas, Goldman Sachs, and J.P. Morgan Chase. The financing went toward 1.3 gigawatts’ worth of clean energy projects.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Houston organization proposes Gulf Coast index for hydrogen market

hydrogen index

The Clean Hydrogen Buyers Alliance has proposed an index aimed at bringing transparency to pricing in the emerging hydrogen market.

The Houston-based alliance said the Gulf Coast Hydrogen Index, based on real-time data, would provide more clarity to pricing in the global market for hydrogen. The benchmarking effort is being designed to benefit clean hydrogen buyers, sellers and investors. The index would help position the U.S. “as the trading anchor for hydrogen’s next chapter as a globally traded commodity,” the alliance said.

According to ResearchAndMarkets.com, the global market for clean hydrogen was valued at $200 billion in 2024 and is projected to reach $700 billion by 2040.

John Flory, president of the alliance, said the lack of a pricing index has relegated hydrogen to niche-market status.

“Capital is waiting. Buyers are ready. But until now, there’s been no credible, transparent pricing signal to guide clean hydrogen investing or contracting,” Edward Morse, co-chairman of the Clean Hydrogen Transaction Advisory Committee, said in a news release.

The index would treat the Gulf Coast as the primary delivery hub for pipeline-grade hydrogen in three categories: basic, low-carbon and ultra-low-carbon. It would be similar to the Henry Hub index for pricing of natural gas.

Roger Ballentine, co-chairman of the clean energy advisory committee, said the hydrogen index would build confidence in this energy source among government agencies, companies and investors. A Henry Hub-style benchmark for hydrogen “provides clarity, reduces risk, and lays the foundation for clean energy to become a globally traded commodity critical to decarbonization,” he said.

The Gulf Coast, with Texas as the focal point, is key to the evolution of the U.S. clean hydrogen economy, according to the Fuel Cell and Hydrogen Energy Association.

At the core of the Gulf Coast’s role is the U.S. Department of Energy's selection of the Gulf Coast as one of the country’s seven regional hubs for clean hydrogen. However, the DOE has proposed cutting funding for the HyVelocity Gulf Coast Hydrogen Hub, a $1.2 billion development in Texas and Louisiana by AES, Air Liquide, Chevron, ExxonMobil, MHI Hydrogen Infrastructure and Ørsted, according to a new list of proposed DOE funding cancellations.

2 Houston energy giants appear on Fortune’s inaugural AI ranking

AI Leaders

Two Houston-area energy leaders appear on Fortune’s inaugural list of the top adopters of AI among Fortune 500 companies.

They are:

  • No. 7 energy company ExxonMobil, based in Spring
  • No. 47 energy company Chevron, based in Houston

They are joined by Spring-based tech company Hewlett Packard Enterprise, No. `9.

All three companies have taken a big dive into the AI pool.

In 2024, ExxonMobil’s executive chairman and CEO, Darren Woods, explained that AI would play a key role in achieving a $15 billion reduction in operating costs by 2027.

“There is a concerted effort to make sure that we're really working hard to apply that new technology to the opportunity set within the company to drive effectiveness and efficiency,” Woods told Wall Street analysts.

At Chevron, AI tools are being used to quickly analyze data and extract insights from it, according to tech news website VentureBeat. Also, Chevron employs advanced AI systems known as large language models (LLMs) to create engineering standards, specifications and safety alerts. AI is even being put to work in Chevron’s exploration initiatives.

Bill Braun, Chevron’s chief information officer, said at a VentureBeat-sponsored event in 2024 that AI-savvy data scientists, or “digital scholars,” are always embedded within workplace teams “to act as a catalyst for working differently.”

The Fortune AIQ 50 ranking is based on ServiceNow’s Enterprise AI Maturity Index, an annual measurement of how prepared organizations are to adopt and scale AI. To evaluate how Fortune 500 companies are rolling out AI and how much they value AI investments, Fortune teamed up with Enterprise Technology Research. The results went into computing an AIQ score for each company.

At the top of the ranking is Alphabet (owner of Google and YouTube), followed by Visa, JPMorgan Chase, Nvidia and Mastercard. Aside from ExxonMobil, Hewlett Packard Enterprise, and Chevron, two other Texas companies made the list: Arlington-based homebuilder D.R. Horton (No. 29) and Austin-based software company Oracle (No. 37).

“The Fortune AIQ 50 demonstrates how companies across industry sectors are beginning to find real value from the deployment of AI technology,” Jeremy Kahn, Fortune’s AI editor, said in a news release. “Clearly, some sectors, such as tech and finance, are pulling ahead of others, but even in so-called 'old economy' industries like mining and transport, there are a few companies that are pulling away from their peers in the successful use of AI.

---

This article originally appeared on InnovationMap.com.

Energy Tech Nexus names 8 startup winners from Pilotathon pitch event

winner, winners

Energy Tech Nexus held its Pilotathon and Showcase during the second annual Houston Energy & Climate Startup Week last month and granted awards to eight startups.

This year's event, focused on the theme "Energy Access and Resilience," offered 24 startups an opportunity to pitch their pilot projects.

"At Energy Tech Nexus, we recognize that scaling breakthrough energy technologies requires more than just capital—it demands strategic pilot partnerships," Nada Ahmed, founding Partner of Energy Tech Nexus, said in a release. "The Pilotathon serves as that critical bridge, creating a dynamic platform where established industry leaders and emerging startups collaborate to accelerate the deployment of solutions that will define our energy future."

Companies selected to participate in the Pilotathon and others from Energy Tech Nexus' COPILOT accelerator pitched at the event.

The Pilotathon winners included:

  • Best Overall Pilot Pitch: New Jersey-based Metal Light Inc., which is building a circular, solid metal fuel that will serve as a replacement for diesel fuel
  • Best Commercial Readiness Award: Oregon-based Espiku Inc. and Calgary-based Serenity Power. Espiku designs and develops water treatment and mineral extraction technologies that rely on low-pressure evaporative cycles. Serenity Power has developed a cutting-edge solid oxide fuel cell (SOFC) technology.
  • Corporate Partners Choice Award: California-based Rushnu, which has developed its modular CarbonCatalyze™ units that generate carbon-negative feedstock and is producing valuable chemicals from CO2 and salt at wastewater treatment sites.
  • People’s Choice Award for Best Startup Showcase: Houston-based Resin8, an AI-powered marketplace for industrial assets and heavy equipment

The COPILOT winners included:

  • Best Overall Pilot Pitch: Wisconsin-based V-Glass, which has developed a next-generation, vacuum-insulated glass
  • Energy Resilience Champion Award: Phoenix-based EnKoat, which is creating advanced material solutions to decarbonize buildings
  • Energy Access Award: Dallas-based Janta Power, which is developing 3D solar towers
  • Most Impactful Pilot: Houston-based PolyQor, which converts plastic waste into high-performing construction materials
COPILOT partners with Browning the Green Space, a nonprofit that promotes diversity, equity and inclusion (DEI) in the clean energy and climatetech sectors. The Wells Fargo Innovation Incubator (IN²) at the National Renewable Energy Laboratory backs the COPILOT accelerator, where companies are tasked with developing pilot projects for their innovations. Read more about the inaugural cohort here.
View All Listings