Equinor buys into CCS project, Rice Alliance names energy startup participants, and more trending news

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Who will be presenting at the 20th annual Rice Alliance Energy Tech Venture Forum — and more trending news from the week. Photo via rice.edu

Editor's note: It's been a busy news week for energy transition in Houston, and some of this week's headlines resonated with EnergyCapital readers on social media and daily newsletter. Trending news included Rice Alliance naming its Energy Tech Venture Day participants, Equinor opting in to a CCS project on the Gulf Coast, and more.

Exclusive: Rice Alliance announces participants ahead of 20th annual energy symposium

Next month, 96 startups will pitch at an annual event focused on the future of energy. Here's who will be there. Photo via rice.edu

Dozens of companies will be a part of an upcoming energy-focused conference at Rice University — from climate tech startups to must-see keynote speakers.

The 20th annual Rice Alliance Energy Tech Venture Forum will take place on September 21 at Rice University’s Jones Graduate School of Business. Anyone who's interested in learning more about the major players in the low-carbon future in Houston and beyond should join the industry leaders, investors, and promising energy and cleantech startups in attendance.

This year's keynote speakers include Christina Karapataki, partner at Breakthrough Energy Ventures, the venture capital fund backed by Bill Gates; Scott Nyquist, vice chairman at Houston Energy Transition Initiative, founded by the Greater Houston Partnership; and Jeff Tillery, COO at Veriten. Read more.

Equinor buys into massive CCS joint venture project near Houston

Through an acquisition, Equinor has joined a joint venture carbon capture and storage project in southeast Texas. Image via Getty Images

A Norwegian energy company with its United States headquarters in Houston has announced it has acquired a significant chunk of a carbon capture and storage joint venture.

Equinor now owns a 25 percent interest in Bayou Bend CCS LLC, which is reported to be one of the largest domestic carbon capture and storage projects. The project — a JV between Chevron, Talos Energy Inc., and now Equinor, is located along the Gulf Coast in southeast Texas. The terms of the deal were not disclosed

“Commercial CCS solutions are critical for hard-to-abate industries to meet their climate ambitions while maintaining their activity," Grete Tveit, senior vice president for Low Carbon Solutions in Equinor, says in a news release. "Entering Bayou Bend strengthens our low carbon solutions portfolio and supports our ambition to mature and develop 15-30 million tonnes of equity CO2 transport and storage capacity per year by 2035. Our experience from developing carbon storage projects can help advance decarbonization efforts in one of the largest industrial corridors in the US." Read more.

New Houston company launches to turn recycled materials into fuel

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.” Read more.

French company to acquire Houston-based battery storage startup in $1B deal

Broad Reach Power's battery storage assets piqued a French company's interest. Photo via broadreachpower.com

A French utility company is buying the bulk of Houston-based Broad Reach Power’s battery energy storage business in a deal carrying an equity value of more than $1 billion.

Engie, has agreed to purchase the majority of the startup’s battery storage business from EnCap Energy Transition Fund I and three investment partners — New York City-based Yorktown Partners, Switzerland-based Mercuria Energy, and New York City-based Apollo Infrastructure Funds.

“This acquisition is fully in line with Engie’s strategy: It will contribute to the development of a low-carbon, affordable, and resilient energy system where flexible assets will play a critical role alongside renewables,” says Catherine MacGregor, the utility’s CEO. Read more.

How this 78-year-old Houston chemical company is evolving as an energy tech leader

“When we were founded, we were a chemical company. Today, we have morphed into a technology company,” says Kendra Lee, CEO of Merichem. Photo via LinkedIn

Kendra Lee had no designs on running the family business.

“In fact, I never planned on being a part of Merichem,” Lee recalls.

In 1945, Lee’s grandfather, John T. Files, and a pair of business partners founded the company in Houston. Their goal was to take a potential waste product and turn it into something that would benefit the oil and gas industry — an early attempt at sustainability.

What started as a soap and industrial cleaning company began procuring cresylate, which is a waste from the refineries treating gasoline, to recover spent cresylic acids, which are highly caustic, and refine them so they could be sold into the industrial chemicals market. Read more.

“When we were founded, we were a chemical company. Today, we have morphed into a technology company,” says Kendra Lee, CEO of Merichem. Photo via LinkedIn

How this 78-year-old Houston chemical company is evolving as an energy tech leader

at the helm

Kendra Lee had no designs on running the family business.

“In fact, I never planned on being a part of Merichem,” Lee recalls.

“When we were founded, we were a chemical company,” says Lee. “Today, we have morphed into a technology company.”

That transformation began in the 1970s. By 1997, when Merichem put the chemical end of their business into a joint venture with Sasol, the focus had transferred to Merichem Process Technology and Merichem Caustic Services, while Sasol took over the chemical branch.

Merichem Process Technology designs and fabricates equipment for sulfur removal, while Merichem Caustic Services works with companies to handle spent caustic for beneficial reuse rather than waste. The innovative company has more than 1,200 units licensed globally for operation in a myriad of applications. Those allow the 78-year-old company to further push sustainability as a priority.

Lee began her career with Merichem more than 20 years ago as an entry-level laboratory technician.

“I’ve never left, and I kept getting opportunities — now here I am,” she says.

Where she is is at the top of the ladder. Lee became chairman of the board in 2012 and CEO in 2014. But doesn’t think of Merichem as a family business. Lee is only the third member of the family to work at the company, including Files and the cousin who followed him as CEO.

Lee says that she seldom spoke to her grandfather about the business. He worked at Merichem until the day he died in 2002, but Lee recalls that, as a low-level employee, she didn’t have a single meeting with him before that time.

“Our interactions were very normal family dinners,” she explains.

Since her transition into leadership, Lee says, “My focus has really been on continuing the legacy my grandfather and cousin created. We’re very employee-focused and community-focused. Part of our role as part of our industry is to provide livelihoods and be good stewards in communities in which we operate.”

She adds that she’s also focused on innovation.

“That was a big part of who my grandfather was. That’s how we transitioned from being a chemical company to a technology company” she says. That means looking for new methods not only in the research facility, but in every segment of the company.

That eye toward the next big discovery will likely see a significant payoff in one to three years, when a new product, designed to improve on hydrogen sulfide removal — with a new catalyst that is regnerable — will be commercially available. But right now, customers can take advantage of the company’s new Standard LO-CAT® system. The product is the result of continuous improvements from the previous system and boasts low operating costs, no liquid waste streams, and significant turndown capability.

And what will follow for the Houston born-and-based company? Merichem has plans to push further into the renewables field, says Lee, adding that there is a continued need for Merichem’s technology as we transition into other types of energy, including geothermal. More than three quarters of a century after its founding, Merichem is still a company on the forefront.

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8 Houston companies earn CleanTech Breakthrough Awards

winner, winners

Eight cleantech companies with Houston headquarters were recognized in this year’s CleanTech Breakthrough Awards program.

CleanTech Breakthrough, part of market intelligence platform Tech Breakthrough, honors innovative and influential energy, climate, and cleantech companies, products and services.

This year’s winners from Houston are:

CleanTech Analytics Company of the Year: Amperon, a provider of AI-powered energy forecasting software
Overall Hydrogen Solution of the Year: Eclipse Energy, which converts maxed-out oilfields into low-cost sources of hydrogen
Energy Production Company of the Year: Fervo Energy, a provider of geothermal power
Production Solution of the Year: Quaise Energy, a developer of a drilling system for converting traditional power stations into geothermal energy plants
Green Materials Solution of the Year: Solidec, which uses air, water, and electricity to produce chemicals
Hydrogen Production Solution of the Year: VEMA Hydrogen, a producer of renewable hydrogen
CleanTech Analytics Innovation Award: Finland-based Wärtsilä, a provider of advanced energy storage systems and services, which maintains its U.S. headquarters in Houston
Energy Production Platform of the Year: France-based energy giant TotalEnergies, which maintains its U.S. headquarters in Houston

Other Texas companies made the list, including Austin-headquartered Base Power, founded by Justin Lopas and Zach Dell. Zach Dell is the son of Austin billionaire and Houston native Michael Dell, chairman and CEO of Dell Technologies. The company recently started servicing Houston and established an office in Katy.

CleanTech Breakthrough says its annual awards program honors “the visionaries and leaders accelerating the transition to a cleaner, more sustainable future.”

“In a world increasingly focused on sustainability and environmental responsibility, innovation in clean technology has never been more critical,” said Bryan Vaughn, managing director of CleanTech Breakthrough. “This year’s winners represent the very best in ingenuity and execution, delivering solutions that not only reduce environmental impact but also drive efficiency, scalability and real-world results.”

See the full list of the 2026 winners here.

HETI's new executive director takes the helm

new leader

The Houston Energy Transition Initiative has a new executive director.

Sophia Cunningham assumed the position this month, succeeding the organization's founding executive director, Jane Stricker.

"Four years ago, I could never have imagined the opportunities, experiences and relationships this role has enabled," Strickler wrote in an address earlier this year. "I am truly grateful for the support and engagement of Houston’s business and community leaders, the visionary leadership of Bobby Tudor, Scott Nyquist, HETI Members, and the Greater Houston Partnership in creating this initiative at exactly the right moment in time. I am incredibly proud of the HETI and the Partnership team members who have delivered with purpose and passion, and I greatly appreciate Houston’s energy and climate leaders and champions who have supported my agenda, challenged my thinking, broadened my perspectives, and worked with HETI to demonstrate the power of partnership in developing, innovating and advancing the ideas and technologies needed to meet this challenge for our region and the world."

Stricker shared on LinkedIn that she has joined the advisory board of FluxPoint Energy, which launched last month during CERAWeek, in addition to her other roles at Greentown Labs, Prana Low Carbon Economy Investments and UNC Kenan-Flagler Energy Center.

Cunningham previously served as vice president at HETI, where she was responsible for efforts related to carbon capture, use and storage; methane management; community engagement and stakeholder activation. Before joining HETI, she was director of public policy at The Greater Houston Partnership.

She earned her master's in Energy Management and Systems Technology from Texas A&M University and holds a bachelor's degree from Davidson College.

“I’m honored to step into the role of Executive Director of the Houston Energy Transition Initiative at such a pivotal moment for our industry," Cunningham said over email. "Houston has the talent, infrastructure, and leadership to meet growing global energy demand while reducing emissions, and I’m excited to work alongside our members and partners to accelerate solutions that are reliable, affordable, and scalable.”

The Greater Houston Partnership launched HETI in June 2021 to "meet a Dual Challenge of producing more energy that the world needs with less emissions," according to its website.

Pattern Energy expands clean energy portfolio with acquisition of Canadian producer

acquisition closed

Clean energy and transmission infrastructure company Pattern Energy completed the acquisition of Canadian independent power producer Cordelio Power this month.

Pattern Energy, which is headquartered in San Francisco and has major operations in Houston, will now own one of the largest independent clean energy infrastructure platforms in North America, according to a release.

Pattern Energy will add approximately 1,550 megawatts of operating and in-construction assets, including 16 wind, solar and energy storage projects across the United States and Canada, as part of the deal. In addition, they have also acquired the majority of Cordelio’s development pipeline in key U.S. markets and members of Cordelio’s team.

“Closing this transaction marks a significant milestone for Pattern Energy as we continue to scale our platform to meet North America’s growing energy needs,” Hunter Armistead, CEO of Pattern Energy, said in the release. “Cordelio brings a highly complementary portfolio of quality assets and a talented team. Together, we are even better positioned to power the future.”

Currently, Pattern Energy’s portfolio includes wind, solar and energy storage projects in over 40 facilities in North America. Pattern Energy had 12,000 megawatts of operating and in-construction capacity before the deal.

The acquisition was first announced Jan. 6, 2025.

“Pattern and Cordelio share a commitment to responsible development and the communities in which we work,” Chris Hind, CEO of Cordelio Power, said in a news release. “We look forward to joining with Pattern Energy to deliver high-quality projects with expanded product offerings to support customers across more markets.”

Pattern Energy doubled down on its Houston commercial space in 2023, moving the company's development, meteorological, transmission and energy trading teams to a new office in the Montrose Collective. The company's Operations Control Center is also based in Houston.

Its Houston-based development team was assigned to work on Pattern's SunZia Transmission and Wind project in New Mexico and Arizona, expected to be one of the largest clean energy infrastructure projects in U.S. The project is targeting commercial operations this year, according to Pattern Energy's website.

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