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Chevron supports 2 carbon emissions tech startups

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Two startups have recently announced support from Houston-based Chevron Technology Ventures. Photo via Getty Images

Chevron Technology Ventures has added two startups to its portfolio — one to its startup accelerator and one via an investment.

Delaware-based Compact Membrane Systems closed an oversubscribed series A funding round of $16.5 million led by Pangaea Ventures. CTV also contributed to the round, along with GC Ventures, Solvay Ventures, and Technip Energies.

CMS's technology is targeting carbon capture in traditionally hard-to-abate sectors, such as steel, cement, etc., which represent more than a tenth of worldwide emissions. The CMS platform, which operates in a 10,000-square-foot lab and manufacturing facility in Delaware, is a fully electrified and low-cost solution.

“We are delighted to have secured such a strong group of investors who share our vision for delivering a revolutionary carbon capture technology for industrial applications,” says Erica Nemser, CEO of Compact Membrane Systems, in a news release. “This oversubscribed funding round catalyzes our ability to deliver large projects. Deployment of our commercial systems by 2026 will have measurable environmental and economic benefits to our customers and society.”

It's the latest investment from CTV's $300 million Future Energy Fund II, which specifically "focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy," says Jim Gable, vice president of innovation at Chevron and president of CTV.

“The technology that CMS has developed has the potential to drive further efficiencies and cost reduction along the CCUS value chain, supporting decarbonization of hard-to-abate sectors and complementing our existing portfolio of investments in this space,” Gable says in the release.

The company is planning to use its new funding to further develop and commercialize its product by 2026.

Another startup has announced support from Chevron last month. Calgary, Alberta-based Arolytics Inc. announced last month that its been accepted into CTV's Catalyst Program. The company has an emissions software and data analytics platform for the oil and gas sector, and the program will help it further develop and deploy its technology.

"Being selected for the Catalyst Program is an amazing opportunity for Arolytics," says Liz O'Connell, CEO of Arolytics, in a news release. "The interest from Chevron demonstrates the oil and gas industry's desire to reduce emissions. It aligns closely with Arolytics' mission to build and execute efficient emissions management programs that enable industry to become leaders in emissions management."

Arolytics' technology, which includes AroViz, an emissions management software, and AroFEMP, an emissions forecasting model, targets methane emissions specifically, per the release.

Launched in 2017, the CTV Catalyst Program accelerates early-stage companies that are working on innovations within the energy industry. Arolytics will use the program to make key connections, identify important use cases, and expand into the U.S. Market.

Jim Gable, vice president of innovation at Chevron and president of Chevron Technology Ventures, joins the Houston Innovators Podcast. Photo courtesy

Houston energy innovator on why now's the right time for energy transition innovation

HOUSTON INNOVATORS PODCAST EPISODE 190

The cleantech innovation space has momentum, and Chevron strives to be one of the incumbent energy companies playing a role in that movement, Jim Gable, vice president of innovation at Chevron and president of Chevron Technology Ventures, shares on the Houston Innovators Podcast.

"People call it cleantech 2.0, but it's really cleantech 3.0," Gable says, explaining how he's been there for each wave of cleantech. "The people are better now — the entrepreneurs are better, the investors are better. Exits are here in the cleantech space."

"It's all driven by policy-enabled markets, and the policy is here now too. Twenty years ago, you didn't have nearly the same level of policy influence that you do now," he continues. "Things are coming together to help us really create and deliver that affordable, reliable, ever cleaner energy that's going to be needed for a long time."

Both CTV and Gable have been operating with this vision of cleaner, more reliable and affordable energy for over two decades. Gable, who's worked in various leadership roles across the company, returned to a job in the venture side of the business in 2021. He's officially relocated to Houston to lead CTV, which is based in the Ion.

CTV acts as Chevron's external innovation bridge, evaluating pitches from around 1,000 companies a year, funding and accelerating startups, working with internal teams to implement new tech, and more, as Gable explains. Under CTV's umbrella is the venture fund, the Catalyst Program, and the Chevron Studio, a newer initiative that matches entrepreneurs with technology research in order to take that tech to market.

"We say we open doors to the future within Chevron," he says on the show. "We're the onramp for early stage technology to get into the company."

Now that he's firmly planted in the Houston innovation ecosystem, Gable says is optimistic about the incumbents and the innovators coming together in Houston to forge the future of energy.

"I would just encourage Houston to not try to be something that we're not. Houston's got to be Houston, and I don't think we should try, necessarily, to follow the same path as Palo Alto or Boston," Gable says, adding that Houston's large and specialized energy sector is not a disadvantage. "We may not have the same breadth of primary research that other ecosystems have, and that's perfectly OK."

Gable shares more on his perspective of Houston's ecosystem and the energy transition as a whole on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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This article originally ran on InnovationMap.

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4 Houston energy companies pledge financial support in wake of Hurricane Beryl

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Four major energy companies in the Houston area have chipped in more than $400,000 to support relief efforts for Hurricane Beryl in Southeast Texas. Nationwide, it’s estimated that the storm caused at least $28 billion in damage and economic losses.

Here’s a breakdown of contributions announced by the four energy companies.

Baker Hughes Foundation

The Baker Hughes Foundation, the philanthropic arm of Houston-based energy technology company Baker Hughes, gave a $75,000 grant to the Houston chapter of the American Red Cross for Hurricane Beryl relief efforts.

“We understand recovery and rebuilding can take weeks or months, and we support the American Red Cross’ mission of providing people with clean water, safe shelter, and food when they need them most,” says Lorenzo Simonelli, chairman and CEO of Baker Hughes.

CenterPoint Energy

Houston-based CenterPoint Energy, which at one point had more than 2 million customers without power due to Hurricane Beryl, says its foundation has donated to several disaster relief organizations in the region. These include the American Red Cross of Coastal Bend, Catholic Charities of the Archdiocese of Galveston-Houston, Combined Arms, and the 4B Disaster Response Network in Brazoria and Galveston counties.

As of July 11, the company had also provided:

  • More than 30,000 bottles of water to cooling centers and distribution centers in the Houston area.
  • Meals to local first responders.
  • Mobile power generation at cooling centers, hospitals, senior living centers, and water treatment plants.

CenterPoint didn’t assign a dollar value to its contributions.

“Our first priority is getting the lights back on. At the same time, we have seen firsthand the devastation our neighbors are facing, and our commitment to the community goes beyond restoration efforts,” says Lynnae Wilson, senior vice president of CenterPoint’s electric business.

ConocoPhillips

Houston-based ConocoPhillips contributed $200,000 to relief efforts for Hurricane Beryl. The company also is matching donations from U.S. employees of ConocoPhillips.

The money is being split among the Houston Food Bank, Salvation Army and American Red Cross.

“Houston is our hometown, and many of our employees and neighbors have been impacted by Hurricane Beryl,” says Ryan Lance, chairman and CEO of ConocoPhillip.

Entergy Texas

Entergy Texas, based in The Woodlands, donated $125,000 to the American Red Cross for Hurricane Beryl relief efforts. The money will go toward emergency needs such as food, shelter, and medical care.

“Our commitment to helping communities in distress remains unwavering, and we are hopeful that our contribution will offer relief and comfort to those facing hardships in the storm’s aftermath,” says Eliecer Viamontes, president and CEO of Entergy Texas.

Entergy Texas supplies electricity to about 512,000 customers in 27 counties. It’s a subsidiary of New Orleans-based Entergy Corp.

Houston energy data SaaS co. expands to new platform

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In an effort to consolidate and improve energy data and forecasting, a Houston software company has expanded to a new platform.

Amperon announced that it has expanded its AI-powered energy forecaststoSnowflake Marketplace, an AI data cloud company. With the collaboration, joint customers can seamlessly integrate accurate energy forecasts into power market trading. The technology that Amperon provides its customers — a comprehensive, AI-backed data analytics platform — is key to the energy industry and the transition of the sector.

“As Amperon continues to modernize energy data and AI infrastructure, we’re excited to partner with Snowflake to bring the most accurate energy forecasts into a single data experience that spans multiple clouds and geographies," Alex Robart, chief revenue officer at Amperon, says in a news release. "By doing so, we’re bringing energy forecasts to where they will be accessible to more energy companies looking to increase performance and reliability."

Together, the combined technology can move the needle on enhanced accuracy in forecasting that strengthens grid reliability, manages monetary risk, and advances decarbonization.

“This partnership signifies Amperon’s commitment to deliver world-class data-driven energy management solutions," Titiaan Palazzi, head of power and Utilities at Snowflake, adds. "Together, we are helping organizations to easily and securely access the necessary insights to manage risk and maximize profitability in the energy transition."

With Amperon's integrated short-term demand and renewables forecasts, Snowflake users can optimize power markets trading activity and manage load risk.

"Amperon on Snowflake enables us to easily integrate our different data streams into a single unified view," Jack Wang, senior power trader and head of US Power Analysis at Axpo, says. "We value having complete access and control over our analytics and visualization tools. Snowflake allows us to quickly track and analyze the evolution of every forecast Amperon generates, which ultimately leads to better insights into our trading strategy."

Amperon, which recently expanded operations to Europe, closed a $20 million series B round last fall led by Energize Capital and tripled its team in the past year and a half.

In March, Amperon announced that it replatformed its AI-powered energy analytics technology onto Microsoft Azure.

Learn more about the company on the Houston Innovators Podcast episode with Sean Kelly, co-founder and CEO of Amperon.

Houston logistics company works toward software solutions to energy transition challenges

offshore shipping

For several years now, Matthew Costello has been navigating the maritime shipping industry looking for problems to solve for customers with his company, Voyager Portal.

Initially, that meant designing a software platform to enhance communications and organization of the many massive and intricate global shipments happening every day. Founded in 2018 by Costello and COO Bret Smart, Voyager Portal became a integral tool for the industry that helps users manage the full lifecycle of their voyages — from planning to delivery.

"The software landscape has changed tremendously in the maritime space. Back in 2018, we were one of a small handful of technology startups in this space," Costello, who serves as CEO of Voyager, says on the Houston Innovators Podcast. "Now that's changed. ... There's really a huge wave of innovation happening in maritime right now."

And, predictably, some of those waves are caused by new momentum within the energy transition.

"The energy transition has thrown up a lot of questions for everyone in the maritime industry," Costello says. "The regulations create a lot of questions around cost primarily. ... And that has created a huge number of opportunities for technology."

Fuel as a primary cost for the maritime industry. These cargo ships are traversing the world 24/7 and burning fuel at all times. Costello says there's an increased focus on the fuel process — "all with a goal of essentially reducing carbon intensity usage."

One of the ways to move the needle on reducing the carbon footprint of these ships is optimizing the time spent in port, and specifically the delays associated. Demurrage are charges associated with delays in loading and unloading cargo within maritime shipping, and Costello estimates that the total paid globally in demurrage fees is around $10 billion to $20 billion a year.

"These fees can be huge," Costello says. "What technology has really enabled with this problem of demurrage is helping companies drill down to the true root cause of what something is happening."

All this progress is thanks to the enhancement — and wider range of acceptance — of data analysis and artificial intelligence.

Costello, who says Voyager has been improving its profitability every quarter for the last year, has grown the business to around 40 employees in its headquarters of Houston and three remote offices in Brazil, London, and Singapore. The company's last round of funding was a series A in 2021. Costello says the next round, if needed, would be next year.

In the meantime, Voyager is laser focused on providing optimized, cost-saving, and sustainable solutions for its customers — around half of which are headquartered or have a significant presence in Houston. For Costello, that's all about putting the control back into the hands of his customers.

"If we think back to the real problems the industry faces, a lot of them are controlled by different groups and parties. The fact that a ship cannot get in and out of a port quickly is not necessarily a function of one party's issue — it's a multitude of issues, and there's no one factor," Costello says on the show. "To really make the whole process efficient end-to-end you need to provide the customer to access and options for different means of getting cargo from A to B — and you need to have a sense of control in that process."

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This article originally ran on InnovationMap.

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