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Innovative Houston-based CO2 capture company gets acquired

M&A moves

Milestone Carbon has leased more that 22,000 acres of land in the Permian Basin for the permanent geologic sequestration of CO2. Photo via milestone-es.com

Houston-based Milestone Environmental Services announced this month that it has been acquired by affiliates of SK Capital Partners for an undisclosed amount.

The New York-based private investment firm, which specializes in the materials, ingredients, and life sciences sectors, now has a controlling stake of Milestone, which will continue to be led by its president and CEO Gabriel Rio.

Rio founded Milestone in 2014. The company is one of the largest independent providers of waste management services for the U.S. energy and industrial sectors. It focuses on permanent carbon sequestration services through its proprietary slurry injection process, which stores hydrocarbon waste over a mile underground.

The company's subsidiary, Milestone Carbon, is developing injection sites that permanently and securely sequester CO2. Earlier this month, Milestone Carbon announced that it has leased more that 22,000 acres of land in the Permian Basin for the permanent geologic sequestration of CO2 as part of the "sequestration hub" it is developing.

According to the company, once operating, the hub will help reduce emission related to natural gas processing, electricity generation and other industries. It's slated to be one of the first sequestration hubs in the basin.

"We founded Milestone to boldly advance sustainability in the energy industry and beyond," Rios says in a statement. "Our offerings enable companies to reduce their carbon footprint and enhance their ability to meet sustainability goals. Permanent, safe sequestration of carbon is an essential part of combating climate change, and Milestone has the strategy and capabilities to play a leading role in delivering solutions to multiple industries.”

According to a statement, Milestone has sequestered more than 2 million tons of CO2e through its injection process. The company has stated that it believes its sequestration hub will help attract new industries and technologies, hydrogen, low-carbon ammonia, and low-carbon power, to West Texas.

"We are highly impressed with the market-leading, sustainability-driven business that Gabriel and the Milestone management team have built," Jack Norris, a managing director of SK Capital, said in a statement. "It is well-positioned to further grow its core business in difficult-to-abate industries as environmental regulations become more stringent and Milestone’s customers are increasingly focused on meeting ambitious decarbonization targets. We are excited to partner with management to capture this growth opportunity as well as support its further progress towards becoming a leader in CCS and other related markets.”

Earlier this summer, Houston-based Occidental also got in on a carbon capture acquisition. Occidental says its all-cash acquisition of Carbon Engineering is set to close by the end of 2023. The Canada-based company focuses on direct carbon capture (DAC), which vacuums about 50 percent to 60 percent of the carbon dioxide from the air that passes through the system’s fans.

Oxy was granted $600 million from the U.S. Department of Energy to develop South Texas Direct Air Capture (DAC) Hub earlier this year. It’ll be located on about 106,000 leased acres within a Kleberg County site at the iconic King Ranch. The hub will comprise 30 individual DAC projects.

The U.S. Department of Energy also recently invested more than $10 million in funding for four DAC projects with Houston ties.

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Houston launches Google-backed tool to address urban tree cover disparities

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The oldest national nonprofit conservation organization in the U.S American Forests has launched the Houston Tree Equity Score Analyzer, which was developed through local nonprofit Trees For Houston and local stakeholders from local government, environmental groups and the public health sector, and supported by Google’s philanthropic arm Google.org with a $450,000 grant.

To mark the launch, Trees For Houston and American Forest celebrated the partnership and worked to plant 50 trees at Shadydale Elementary in Northeast Houston on December 6.

“This marks a significant milestone for Houston's urban forestry efforts,” says Texas State Representative Senfronia Thompson at the December 6 event. “This effort goes beyond simply planting trees—it’s about creating the foundation for a greener, more inclusive future for our community. By uniting diverse resources and partners, including American Forests, Google.org and Trees For Houston, we’re showcasing a powerful dedication to enhancing the environmental well-being and quality of life in our urban areas.”

How the analyzer works is it provides auto-generated data on the impact of tree cover alongside demographic data, land use, poverty and other socioeconomic factors to assist with guide planning and investments to grow tree cover. The Houston Tree Equity Analyzer found that Shadydale Elementary has just 9 percent tree canopy coverage, which falls short of the 30 percent canopy goal for the area. The planting will increase the canopy by 6 percent according to a news release. According to American Forests, nearly 80 percent of urban neighborhoods in the United States have inadequate tree cover.

“The Tree Equity Score Analyzer enables communities to take a human-centered, data-driven approach to developing actionable tree planting and protection plans, ensuring they are focusing on areas that need them most, like Shadydale Elementary School,” said Vice President of GIS and Data Science at American Forests Chris David said in a news release.

American Forests is aiming to assist with at least 100 cities to make progress on Tree Equity by 2030. American Forests helped to unlock $1.5 billion, which was the nation’s largest federal investment in urban forestry in the Inflation Reduction Act of 2022.

“We look forward to working with our partners in Houston to continue to grow equitable tree cover in the community with data-driven approaches and action,” David says in a news release.

Photo by Thomas Koenig/Big Pineapple Productions

Houston researches snag fresh funding, SLB's new tech, and more trending energy transition news

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Editor's note: From DOE funding for underground power line research to Zeta Energy's big deal with, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Houston researchers earn $3.3M in DOE funding to develop safer underground power line installation

Researchers have secured $3.3 million in funding to develop an AI-powered subsurface sensing system aimed at improving the safety and efficiency of underground power line installation. Photo via Getty Images

Researchers from the University of Houston — along with a Hawaiian company — have received $3.3 million in funding to explore artificial intelligence-backed subsurface sensing system for safe and efficient underground power line installation.

Houston's power lines are above ground, but studies show underground power is more reliable. Installing underground power lines is costly and disruptive, but the U.S. Department of Energy, in an effort to find a solution, has put $34 million into its new GOPHURRS program, which stands for Grid Overhaul with Proactive, High-speed Undergrounding for Reliability, Resilience, and Security. The funding has been distributed across 12 projects in 11 states.

“Modernizing our nation’s power grid is essential to building a clean energy future that lowers energy costs for working Americans and strengthens our national security,” U.S. Secretary of Energy Jennifer M. Granholm says in a DOE press release. Continue reading.

Houston company to develop game-changing lithium-sulfur EV batteries for automaker

Zeta Energy's batteries are targeted to power Stellantis electric vehicles by 2030. Image via Zeta Energy

Houston-based Zeta Energy Corp. has teamed up with an automaker to develop new battery technology.

Zeta Energy and Stellantis N.V. announced a joint development deal to advance battery cell technology for electric vehicle applications that will develop lithium-sulfur EV batteries with gravimetric energy density that can achieve a volumetric energy density comparable to today’s lithium-ion technology. The batteries are targeted to power Stellantis electric vehicles by 2030.

“The combination of Zeta Energy’s lithium-sulfur battery technology with Stellantis’ unrivaled expertise in innovation, global manufacturing and distribution can dramatically improve the performance and cost profile of electric vehicles while increasing the supply chain resiliency for batteries and EVs,” Tom Pilette, CEO of Zeta Energy, says in a news release. Continue reading.

SLB unveils AI-powered tech to enhance drilling efficiency and reduce emissions

SLB has introduced Neuro, an AI-driven autonomous geosteering system that optimizes well drilling by responding to complex subsurfaces, enhancing efficiency, and reducing carbon emissions. Photo courtesy of SLB

Houston energy technology company SLB introduced a new autonomous geosteering system called Neuro, which can reduce the carbon footprint of the drilling operations. Neuro can respond to complex subsurfaces to drill more efficiently with higher-performing wells.

Neuro, which is an AI-based platform,expands the technological foundation of SLB’s Neuro autonomous directional drilling, which drills wells to a specific target. Now, the Neuro autonomous geosteering incorporates high-fidelity downhole measurements that ensure certainty of well placement in the best part of the reservoir.

“Neuro autonomous geosteering is a remarkable industry-first achievement that is for drillers what the autonomous vehicle is for drivers,” Jesus Lamas, president of Well Construction at SLB, says in a news release. Continue reading.

Aramco partners to demonstrate compact carbon capture technology for gas turbines

The technology demonstration will be used to deploy Carbon Clean’s novel CycloneCC technology to capture CO2 from natural gas turbine exhaust streams. Photo via Carbon Clean

Integrated energy and chemicals company Aramco has signed a collaboration agreement with Carbon Clean and SAMSUNG E&A in an effort to showcase new carbon capture technology.

The technology demonstration will be used to deploy Carbon Clean’s novel CycloneCC technology to capture CO2 from natural gas turbine exhaust streams containing approximately 4 percent CO2, according to Aramco.

Carbon Clean, which U.S. headquarters are located in Houston at the Ion, boasts technology that has captured nearly two million tons of carbon dioxide at almost 50 sites around the world. Aramco’s U.S. headquarters is also in Houston. Continue reading.

Houston energy tech company scores spot on Deloitte's list of fast-growing businesses

A Houston energy tech company makes the list of fast-growing businesses. Photo via Getty Images

Deloitte’s annual North America Technology Fast 500 list includes a Houston energy tech company boasting 407 percent growth.

NatGas Hub LLC landed at No. 286 on the list, which is an annual ranking of the fastest-growing North American companies in technology, energy tech sectors, telecommunications, life sciences, media, and fintech. It marks an improvement for the company, which provides an automation software for natural gas nominations and scheduling services. In 2023, the company ranked No. 356 with 364 percent growth.

Direct Digital Holdings Inc. took the highest-ranking spot for Houston companies, coming in at No. 101 (up from 108 previous year) with 1,184 percent growth. Additional Houston companies on the list include Liongard (No. 437, 246 percent growth) and Stratus Medical LLC (No. 483, 212 percent growth). Continue reading.

This Houston innovator's innovative corrosion detection tech is vital to the future of energy

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Houston-based Corrolytics approach is to help revolutionize and digitize microbial corrosion detection — both to improves efficiency and operational cost for industrial companies, but also to move the needle on a cleaner future for the energy industry.

"We are having an energy transition — that is a given. As we are bringing new energy, there will be growth of infrastructure to them. Every single path for the energy transition, corrosion will play a primary role as well," Anwar Sadek, co-founder and CEO of Corrolytics, says on the Houston Innovators Podcast.

The technology Sadek and his team have created is a tool to detect microbial corrosion — a major problem for industrial businesses, especially within the energy sector. Sadek describes the product as being similar to a testing hit a patient would use at home or in a clinic setting to decipher their current ailments.



Users of the Corrolytics test kit can input their pipeline sample in the field and receive results via Corrolytics software platform.

"This technology, most importantly, is noninvasive. It does not have to be installed into any pipelines or assets that the company currently has," Sadek explains. "To actually use it, you don't have to introduce new techniques or new processes in the current operations. It's a stand-alone, portable device."

Corrolytics hopes to work with new energies from the beginning to used the data they've collected to prevent corrosion in new facilities. However, the company's technology is already making an impact.

"Every year, there is about 1.2 gigaton of carbon footprint a year that is released into the environment that is associated with replacing corroded steel in general industries," Sadek says. "With Corrolytics, (industrial companies) have the ability to extend the life of their current infrastructure."

Despite having success in taking his technology from lab to commercialization, Sadek made the strategic decision to move his company, Corrolytics, from where it was founded in Ohio to Houston.

"Houston is the energy capital of the world. For the technology we are developing, it is the most strategic move for us to be in this ecosystem and in this city where all the energy companies are, where all the investors in the energy space are — and things are moving really fast in Houston in terms of energy transition and developing the current infrastructure," Sadek says.

And as big as a move as it was, it was worth it, Sadek says.

"It's been only a year that we've been here, but we've made the most developments, the most outreach to clients in this one last year."

Sadek says his move to Houston has already paid off, and he cites one of the company's big wins was at the 2024 Houston Innovation Awards, where Corrolytics won two awards.

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This article originally ran on InnovationMap.

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