PitchBook attributes $634 million in fourth-quarter VC to Fervo. Photo via Getty Images

The venture capital haul for Houston-area startups jumped 23 percent from 2023 to 2024, according to the latest PitchBook-NVCA Venture Monitor.

The fundraising total for startups in the region climbed from $1.49 billion in 2023 to $1.83 billion in 2024, PitchBook-NVCA Venture Monitor data shows.

Roughly half of the 2024 sum, $914.3 million, came in the fourth quarter. By comparison, Houston-area startups collected $291.3 million in VC during the fourth quarter of 2023.

Among the Houston-area startups contributing to the impressive VC total in the fourth quarter of 2024 was geothermal energy startup Fervo Energy. PitchBook attributes $634 million in fourth-quarter VC to Fervo, with fulfillment services company Cart.com at $50 million, and chemical manufacturing platform Mstack and superconducting wire manufacturer MetOx International at $40 million each.

Across the country, VC deals total $209 billion in 2024, compared with $162.2 billion in 2023. Nearly half (46 percent) of all VC funding in North America last year went to AI startups, PitchBook says. PitchBook’s lead VC analyst for the U.S., Kyle Stanford, says that AI “continues to be the story of the market.”

PitchBook forecasts a “moderately positive” 2025 for venture capital in the U.S.

“That does not mean that challenges are gone. Flat and down rounds will likely continue at higher paces than the market is accustomed to. More companies will likely shut down or fall out of the venture funding cycle,” says PitchBook. “However, both of those expectations are holdovers from 2021.”

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This story originally appeared on our sister site, InnovationMap.com.

Shreyans Chopra, founder of Mstack, is celebrating the close of his company's $40 million series A. Photo courtesy of Mstack

Innovative Houston chemicals manufacturing platform provider raises $40M series A

Money moves

Houston-based Mstack, whose platform helps manufacturers source specialty chemicals, has raised $40 million in a series A funding round.

Lightspeed Venture Partners and Alpha Wave Incubation led the round, which includes a debt facility from HSBC Innovation Banking and money from several angel investors.

In a news release, Mstack says the infusion of cash will enable it to “double down on its mission to disrupt a historically flawed supply chain for specialty chemicals.”

This “doubling down” will include expansion of Mstack’s footprint in the U.S., Middle East, Latin America, and Asia.

“Geopolitical dynamics pose risks for supply chain disruptions in the global specialty chemicals market,” Bejul Somaia, a partner at Lightspeed, says in a news release.

“With demand for these chemicals growing rapidly, there is a need to increase R&D investments and unlock new pockets of supply,” he adds. “As the first institutional investor in Mstack, we believe that the company has tremendous potential to lead this transformation.”

Mstack, founded in 2022, currently serves four business sectors: oil and gas, coatings, water treatment, and home and personal care. The funding will enable it to move into industry segments such as agrochemicals and pharmaceuticals.

The Mstack platform gives buyers a one-stop shop for sourcing, testing, shipping, delivering, and tracking specialty chemicals.

“This new funding affirms investor confidence in our vision and technology to transform global markets. It enables us to expand geographically and intensify our R&D efforts,” Mstack founder Shreyans Chopra says.

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This article originally ran on InnovationMap.

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Houston Methodist leader on the push for sustainable health care and new local event

Q&A

Every industry can play a role in the energy transition, and Houston Methodist is leading the charge in the health care sector.

Culminating at this week’s inaugural Green ICU Conference, part of Houston Energy and Climate Startup Week, the health care system has spent the last three years taking a closer look at its environmental footprint—and showing other hospital systems and medical organizations how they too can make simple changes to reduce emissions.

The event, held tomorrow, Sept. 17, at TMC Helix Park, will bring together health care professionals, industry leaders, policymakers and innovators to explore solutions for building a more sustainable healthcare system.

In an interview with EnergyCapital, Dr. Faisal N. Masud, medical director of critical care at Houston Methodist and a champion for sustainability efforts across the system, shares the inspiration behind the event and what attendees can expect to take away.

Tell us about how the Green ICU Conference came to be.

Houston Methodist’s inaugural Green ICU conference is about three years in the making. It originated because Houston Methodist recognized the significant impact health care has on sustainability and the lack of similar initiatives in the U.S.

The Center for Critical Care at Houston Methodist launched a sustainability-focused ICU initiative, published a roadmap and became involved in international efforts to develop guidelines that many other organizations now use. Our work led to the creation of the first Green ICU Collaborative in the country, and the Green ICU Conference was established to share best practices and address the global impact of critical care on the environment.

What were some of the biggest takeaways from the collaborative, and how are they represented in this new event?

Through the Green ICU Collaborative, we’ve seen that health care professionals can make a significant impact on sustainability through simple, practical changes, and many solutions can be implemented without major costs or compromising patient care. Additionally, there’s a strong link between environmental stewardship and patient safety and quality. These lessons will be represented in the new Green ICU Conference by showcasing easy-to-adopt best practices, emphasizing the importance of sustainability in daily health care operations, and fostering a sense of shared responsibility among attendees to improve both patient outcomes and environmental impact.

Why are ICUs considered to be such carbon hot spots?

ICUs are considered carbon hot spots because they care for the sickest patients, requiring intensive therapies, numerous medications and a large amount of equipment, such as ventilators and pumps. This makes them the most resource- and energy-intensive areas in a hospital. A single day in the ICU can have a greenhouse gas impact equivalent to driving a car 1,000 kilometers.

The U.S. health care sector is responsible for approximately 8.5 percent of greenhouse gas emissions, and hospitals are the second-most energy-intensive commercial buildings in the country. With the Texas Medical Center being in the heart of Houston, it’s critical that health care organizations play a role in this area.

That’s why the Center for Critical Care launched a system-wide Green ICU Initiative with the Houston Methodist Office of Sustainability to help reduce our carbon impact and waste while continuing to provide unparalleled patient care. Innovation is part of our culture, and that extends into our sustainability efforts. Houston Methodist’s Green ICU initiative is the first-of-its-kind in the U.S.

What efforts has Houston Methodist taken to cut emissions?

The first step to cutting emissions is measuring an organization’s carbon footprint to determine the best path forward. Houston Methodist’s Office of Sustainability has aggregated two years of baseline emissions data pending third-party validation. The hospital has taken several steps to cut emissions, including implementing composting programs, installing solar panels, improving energy utilization and participating in global plastic recycling initiatives. These efforts are part of a broader commitment led by our Office of Sustainability to reduce the hospital’s environmental footprint.

Tell us a little more about the event. Who should attend? What do you expect to be some of the highlights?

The Green ICU Conference, taking place during Houston Energy and Climate Week, is focused on health care sustainability, bringing together health care professionals, engineers, experts and anyone interested in reducing health care’s environmental impact. With participants and speakers from six countries, the conference brings together leading experts who aim to raise awareness, share best practices and offer practical, easy-to-adopt solutions for making health care more sustainable.

Highlights include perspectives from leading voices in health care sustainability, real-world examples of successful sustainability initiatives and opportunities for networking and collaboration. Anyone interested in health care, sustainability,or making a positive impact in their community should consider attending.

And, because of increasing interest, we’ve opened up the opportunity for attendees to join virtually at no cost or in person.

What do you hope attendees take away? What are your major goals for the event?

The main goals of hosting the Green ICU Conference for the first time are to raise awareness about the environmental impact of health care; engage and empower attendees to implement easy, practical sustainability solutions; and foster a sense of shared community and responsibility.

I hope attendees leave the event feeling motivated and equipped to make meaningful changes in their own practices, whether that’s improving patient care, supporting their colleagues, or leaving their organization and environment in a better place for future generations.

Texas House Democrats urge Trump administration to restore $250M solar grant

solar grants

Eight Democratic members of the U.S. House from Texas, including two from Houston, are calling on the Trump administration to restore a nearly $250 million solar energy grant for Texas that’s being slashed by the U.S. Environmental Protection Agency (EPA).

In a letter to Lee Zeldin, head of the EPA, and Russell Vought, director of the federal Office of Management and Budget (OMB), the House members urged the two officials to reinstate the nearly $250 million grant, which was awarded to Texas under the $7 billion Biden-era Solar for All program. The Texas grant was designed to assist 28,000 low-income households in installing solar panels, aiming to reduce their energy bills.

“This administration has improperly withheld billions in congressionally appropriated funding that was intended to benefit everyday Americans,” the letter stated.

The letter claimed that numerous court rulings have determined the EPA cannot repeal already allocated funding.

“Congress made a commitment to families, small businesses, and communities across this country to lower their utility bills and reduce harmful pollution through investments in clean energy. The Solar for All program was part of that commitment, and the EPA’s actions to rescind this funding effectively undermine that congressional intent,” the House members wrote.

The six House members who signed the letter are:

  • U.S. Rep. Sylvia Garcia of Houston
  • U.S. Rep. Al Green of Houston
  • U.S. Rep. Greg Casar of Austin
  • U.S. Rep. Jasmine Crockett of Dallas
  • U.S. Rep. Lloyd Doggett of Austin
  • U.S. Rep. Julie Johnson of Dallas
  • U.S. Rep. Marc Veasey of Fort Worth

The nearly $250 million grant was awarded last year to the Harris County-led Texas Solar for All Coalition.

In a post on the X social media platform, Zeldin said the recently passed “One Big Beautiful Bill” killed the Greenhouse Gas Reduction Fund, which would have financed the $7 billion Solar for All program.

“The bottom line is this: EPA no longer has the statutory authority to administer the program or the appropriated funds to keep this boondoggle alive,” Zeldin said.