Investor on Texas as a climatetech hub, disruption opportunities with the grid, and more

Q&A

Tyler Lancaster, a Chicago-based investor with Energize Capital, shares his investment thesis and why Houston-based Amperon caught his eye. Photo courtesy of Energize Capital

One of the biggest challenges to the energy transition is finding the funds to fuel it. Tyler Lancaster, partner at Energize Capital, is playing a role in that.

Energize Capital, based in Chicago, is focused on disruptive software technology key to decarbonization. One of the firm's portfolio companies is Amperon, which raised $20 million last fall.

In an interview with EnergyCapital, Lancaster shares what he's focused on and why Amperon caught Energize Capital's attention.

EnergyCapital: Energize Capital has been investing in climate tech for the better part of a decade now. What types of companies are you looking for and how are these companies’ technologies affecting the greater energy transition?

Tyler Lancaster: We partner with best-in-class innovators to accelerate the sustainability transition. This means identifying climate technology companies at various stages of maturity — from early commercialization to approaching the public markets — that we can help scale and realize their full potential. We invest in software-first climate technology businesses, with a focus on asset-light digital solutions that can help scale sustainable innovation and enable the new energy economy. Our portfolio currently drives software applications across renewable energy, industrial operations, electrification & mobility, infrastructure resilience, and decarbonization. We primarily focus on proven, commercially available and economically viable energy transition solutions (solar, wind, batteries, heat pumps, etc.). These solutions suffer from challenges related to efficient deployment or operations, where enabling digital platforms can play a key role in optimizing costs.

EC: Amperon is one of Energize Capital's portfolio companies. What made the company a great investment opportunity for Energize Capital?

TL: Accelerating the energy transition will require critical forecasting tools like what Amperon provides. This is underscored by the escalating impact of extreme weather events, increasing penetration of variable energy resources, like wind and solar, on the supply side, and surging demand growth driven by flexible loads and rapid electrification. We believe the need for Amperon’s platform will only continue to grow, and their increased raise from Series A to Series B showed they are scaling smartly. We’ve also known Sean Kelly, Abe Stanway, and the entire Amperon team for a long time, and building strong relationships with founders is how we like to do business. Amperon has built a blue-chip customer base in the energy sector in a very capital efficient manner, which is more important than ever for startups operating in the current equity market environment.

EC: One of the energy transition’s biggest problems is sourcing and storing reliable and affordable energy. What have you observed are the biggest problems with Texas’ electricity grid and what types of new tech can help improve these issues?

TL: Today’s electricity grid and the demands we’re putting on it look very different than they ever have. Major changes in climate and extreme weather show how perilous and unreliable the power grids in this country are, particularly in regions like Texas that don’t have the right infrastructure to shield grids from unusual temperatures — just look at the damage done by 2021’s historic Winter Storm Uri. And consumer demand for electricity is increasing as electrification accelerates globally. The makeup of the grid itself is shifting from centralized power plants to distributed clean energy assets like solar arrays and wind turbines, which brings issues of intermittent electricity production and no traditional way to forecast that.

Tech solutions like Amperon are the only way to navigate the nuances of the energy transition. With global net-zero goals and impending Scope II accounting, Amperon’s expertise in granular data management further enables companies to build accurate, dynamic forecasting models with smart meter data and get more visibility into anticipated market shifts so they can optimize their energy use — all of which helps to create a more resilient and reliable power grid.

EC: You are also on the board of the company, which recently announced a collaboration with Microsoft’s tech. What doors does this open for Amperon?

TL: Partnering with Microsoft and offering its energy demand forecasting solution on the Azure platform enables Amperon to better serve more companies that are navigating the energy transition and a rapidly evolving grid. Many power sector companies are also undergoing cloud migrations with Microsoft Azure having high market share. This partnership will specifically accelerate Amperon’s reach with utility customers, who typically have slower sales cycles but can greatly benefit from improved accuracy in energy demand forecasting and adoption of AI technologies.

EC: As a non-Texas investor, how do you see Houston and Texas-based companies’ investability? Has it changed over the years?

TL: While most tech startups are concentrated on the coasts and in Europe, we see Texas emerging as a hub for energy and climate focused startups due to its vicinity to energy giants, which represent potential customers. Texas leads the country in renewable energy production and sits at the forefront of the transition. Energy companies based in this region are relying on technology innovation and software tools to modernize operations and meet the evolving demands of their customers.

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This conversation has been edited for brevity and clarity.

A Houston investor is looking to target high-potential hardtech startups within the energy transition with his new venture studio. Photo via Getty Images

Houston investor launches energy transition venture studio to help elevate early-stage hardtech startups

money moves

The way Doug Lee looks at it, there are two areas within the energy transition attracting capital. With his new venture studio, he hopes to target an often overlooked area that's critical for driving forward net-zero goals.

Lee describes investment activity taking place in the digital and software world — early stage technology that's looking to make the industry smarter. But, on the other end of the spectrum, investment activity can be found on massive infrastructure projects.

While both areas need funding, Lee has started his new venture studio, Flathead Forge, to target early-stage hardtech technologies.

“We are really getting at the early stage companies that are trying to develop technologies at the intersection of legacy industries that we believe can become more sustainable and the energy transition — where we are going. It’s not an ‘if’ or ‘or’ — we believe these things intersect,” he tells EnergyCapital.

Specifically, Lee's expertise is within the water and industrial gas space. For around 15 years, he's made investments in this area, which he describes as crucial to the energy transition.

“Almost every energy transition technology that you can point to has some critical dependency on water or gas,” he says. “We believe that if we don’t solve for those things, the other projects won’t survive.”

Lee, and his brother, Dave, are evolving their family office to adopt a venture studio model. They also sold off Azoto Energy, a Canadian oilfield nitrogen cryogenic services business, in December.

“We ourselves are going through a transition like our energy is going through a transition,” he says. “We are transitioning into a single family office into a venture studio. By doing so, we want to focus all of our access and resources into this focus.”

At this point, Flathead Forge has seven portfolio companies and around 15 corporations they are working with to identify their needs and potential opportunities. Lee says he's gearing up to secure a $100 million fund.

Flathead also has 40 advisers and mentors, which Lee calls sherpas — a nod to the Flathead Valley region in Montana, which inspired the firm's name.

“We’re going to help you carry up, we’re going to tie ourselves to the same rope as you, and if you fall off the mountain, we’re falling off with you,” Lee says of his hands-on approach, which he says sets Flathead apart from other studios.

Another thing that's differentiating Flathead Forge from its competition — it's dedication to giving back.

“We’ve set aside a quarter of our carried interest for scholarships and grants,” Lee says.

The funds will go to scholarships for future engineers interested in the energy transition, as well as grants for researchers studying high-potential technologies.

“We’re putting our own money where our mouth is,” Lee says of his thesis for Flathead Forge.

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Greentown names 5 climatech startups to manufacturing accelerator

Catalyst Cohort

Greentown Labs has named five climatech startups to its Go Make 2026 cohort, including one from Houston.

Greentown Go Make 2026 is in partnership with Shell Catalysts & Technologies and Technip Energies. Startups will be able to collaborate with leadership from Shell and Technip and have opportunities to work directly with their process engineering teams and develop potential partnerships, pilots and demonstrations, according to Greentown.

This year's manufacturing cohort focuses specifically on process technology and catalytic innovations, which, according to Greentown, have the potential to be a "critical enabler of the global energy transition." Greentown shares that 90 percent of chemical processes depend on catalysis, but traditional methods rely on fossil fuels and consume significant amounts of energy.

“Catalysis underpins the majority of industrial chemical processes, which together account for a significant share of global emissions, making it a critical lever for reducing carbon intensity while improving performance,” Georgina Campbell Flatter, CEO of Greentown, said in a news release. “Greentown Go Make 2026 is designed to close the gap between breakthrough innovation and industrial deployment. By connecting startups with Shell and Technip Energies’ technical expertise and global scale, we’re helping accelerate solutions that improve efficiency and drive industrial decarbonization.”

The five Greentown Go Make 2026 companies include:

Houston-based Biosimo, which makes scalable biochemicals from ethanol
Missouri-based Catalyxx, which transforms bioethanol into drop-in, cost-competitive, carbon-negative chemicals
Sydney, Australia-based HydGene Renewables, which produces low-carbon hydrogen and industrial chemicals from waste biomass
Switzerland-based TreaTech, which turns waste into renewable gas, water and minerals through catalytic hydrothermal gasification
California-based Unifuel, which has developed a chemical technology platform to make sustainable aviation fuel, renewable gasoline and other renewable chemicals

The cohort will be celebrated at a kickoff event in Houston at The Ion on June 9.

In addition to Greentown Go Make, Greentown also runs its Go Move (transportation), Go Energize (energy and electricity), Go Build (buildings), and Go Grow (food and agriculture) cohort-based programs. The climatech incubator announced its Go Build 2026 cohort in March. Read more here.

Houston developer launches AI-powered water platform to boost efficiency

eyes on AI

Houston real estate company McCord Development has launched an artificial-Intelligence-run water management platform, MizuWatch.

MizuWatch aims to help operators, districts, and municipalities detect leaks faster, reduce water loss and improve efficiency, according to the company. MizuWatch pulls data from supply sources, smart meters, historical usage and maintenance records, and combines them into a single platform. The AI system also uses visual mapping and digital twin technology to deliver near-real-time system insights.

“MizuWatch brings the right data together daily, so teams can see what’s happening now, intervene earlier and focus their resources where they have the greatest impact,” Jerzy Wielgus, chief product officer for MizuWatch, said in a news release.

MizuWatch was built to “scale across geographies and system sizes to help assist with water scarcity, aging infrastructure, and operational complexity,” according to the company. It was developed at Houston’s Generation Park, McCord’s 4,300-acre master planned commercial district. McCord was able to pilot the platform onsite to help manage its complex, real-world water systems at scale.

“Resilient infrastructure is a key factor for the companies choosing Generation Park,” Ryan McCord, CEO of McCord Development and Founder & CEO of MizuWatch, added in the release. “We made the decision to deploy smart meters, but no one knew how to use the data they generate. This is an opportunity across all infrastructure where sensors are deployed. What started as an internal solution has become a platform we believe can help stakeholders everywhere be more efficient in their operations, investment, and compliance.”

Last fall, Eli Lilly and Co. selected Generation Park for its $6.5 billion manufacturing plant. More than 300 locations in the U.S. competed for the factory. Bristol Myers Squibb Co., another pharmaceutical giant, also announced it is considering Generation Park for a new manufacturing hub earlier this month.

Oil giant BP ousts new chairman over serious conduct concerns

Sudden Exit

BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.”

The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position late last year.

“Albert has helped bring a welcome focus and pace to BP’s transformation," Amanda Blanc, senior independent director, said in a statement Tuesday, May 26. "However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”

BP's board named Ian Tyler as interim chair, effective immediately.

BP, based in London and with North American headquarters in Houston, is a “supermajor,” one of the five largest oil production and exploration companies in the world when measured by revenue and profit.

Manifold, who had been the top executive at Dublin-based global building materials company CRH for 10 years, became the chair at BP in October. BP was looking for someone to revamp the oil giant and went with an industry outsider in Manifold, who had made major strategic changes at CRH.

After a new focus on renewable energy at BP in 2020, by 2025 the company was seeking a return to its roots. BP's hard reset was criticized by environmentalists, as well as some shareholders.

CEO Murray Auchincloss said last year that optimism over opportunities in renewable energy was misplaced, with the company moving “too far and too fast.”

Changes in leadership at BP in recent years has been tumultuous.

CEO Bernard Looney resigned in late 2023 after BP determined that he had misled the company over his past relationships with colleagues.

Auchincloss stepped down in December, and the company named Meg O'Neill as his successor.

Manifold’s was challenged almost immediately when shareholders defeated company resolutions this spring that would have allowed BP to reduce climate reporting requirements and move its annual meetings fully online. Some 18% of shareholders voted against Manifold’s election as chairman, a high level of opposition for an appointment that is generally rubber stamped by investors.

Legal & General, one of Britain’s largest insurers and investment companies, said at the time that Manifold was responsible for resolutions that would have had “a negative impact on shareholders’ insight into how the company is addressing financially material long-term risks, and seizing long-term value creation opportunities, associated with the energy transition,” the Times of London reported on April 23.

Glass Lewis, an influential shareholder advisor, urged investors to vote against Manifold’s election. It held that BP took “unprecedented action” by refusing to consider a resolution from a group of climate activists and pension funds hoping to force the board to create an alternative strategy should demand for fossil fuels decline, the Times reported.

Like other big oil companies, BP has struggled with falling demand in recent years.

BP’s 2025 earnings fell 16% from a year earlier to $7.49 billion as the price of Brent crude, a benchmark for international oil prices, dropped 16.9%. The company’s preferred measure of earnings is underlying replacement cost profit, which adjusts for one-time items and fluctuations in the market value of inventories. Net income plunged 86% to $55 million.

Last year there were media reports that British oil giant Shell was in talks to buy rival BP. Shell denied the reports at the time.

The search for a new chair is underway, BP said Tuesday. Shares of BP Plc slid nearly 5% in midday trading on the NYSE.

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