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Houston-based Solugen named among annual top disruptors

on the rise

Solugen claims a spot on CNBC’s annual Disruptor 50 list, which highlights private companies that are “upending the classic definition of disruption.” Photo via solugen.com

Houston-based biotech startup Solugen is making waves among innovative companies.

Solugen appears at No. 36 on CNBC’s annual Disruptor 50 list, which highlights private companies that are “upending the classic definition of disruption.” Privately owned startups founded after January 1, 2009, were eligible for the Disruptor 50 list.

Founded in 2016, Solugen replaces petroleum-based products with plant-derived substitutes through its Bioforge manufacturing platform. For example, it uses engineered enzymes and metal catalysts to convert feedstocks like sugar into chemicals that have traditionally been made from fossil fuels, such as petroleum and natural gas.

Solugen has raised $643 million in funding and now boasts a valuation of $2.2 billion.

“Sparked by a chance medical school poker game conversation in 2016, Solugen evolved from prototype to physical asset in five years, and production hit commercial scale shortly thereafter,” says CNBC.

Solugen co-founders Gaurab Chakrabarti and Sean Hunt received the Entrepreneur of The Year 2023 National Award, presented by professional services giant EY.

“Solugen is a textbook startup launched by two partners with $10,000 in seed money that is revolutionizing the chemical refining industry. The innovation-driven company is tackling impactful, life-changing issues important to the planet,” Entrepreneur of The Year judges wrote.

In April 2024, Solugen broke ground on a Bioforge biomanufacturing plant in Marshall, Minnesota. The 500,000-square-foot, 34-acre facility arose through a Solugen partnership with ADM. Chicago-based ADM produces agricultural products, commodities, and ingredients. The plant is expected to open in the fall of 2025.

“Solugen’s … technology is a transformative force in sustainable chemical manufacturing,” says Hunt. “The new facility will significantly increase our existing capabilities, enabling us to expand the market share of low-carbon chemistries.”

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This article originally ran on InnovationMap.

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Gaurab Chakrabarti and Sean Hunt were originally named regional winners in this year's competition this summer along with nine other Houston entrepreneurs. Photos via solugen.com

Houston sustainability startup founders named winners for 2023 Entrepreneur of the Year awards

winner, winner

Houston’s Gaurab Chakrabarti and Sean Hunt, the founders of the transformative chemical manufacturing company Solugen, have been named EY’s US National Award winners for Entrepreneur of the Year.

Solugen, also recently named a finalist in the 2023 Houston Innovation Awards, is an environmentally friendly approach that relies on smaller chemical refineries that helps in reducing costs and transportation-related emissions.

Some of their noted accomplishments includes innovations like the proprietary reactor, dubbed the Bioforge, which is a carbon-negative molecule factory and manufacturing process produces zero wastewater or emissions compared with traditional petrochemical refineries.The Bioforge uses a chemienzymatic process in converting plant-sourced substances into essential materials that can be used instead of fossil fuels.

Chakrabarti and Hunt were originally named regional winners in this year's competition this summer along with nine other Houston entrepreneurs.

Founded in 2016 by Hunt and Gaurab Chakrabarti, Solugen has raised over $600 million from investors like Sasol that believe in the technology's potential. The company is valued at reportedly over $2 billion. Solugen is headquartered in Houston, not because it is the hometown of Chakrabarti, but for what Houston brings to the company.

“There’s no way our business could succeed in the Bay Area," Chakrabarti said in a 2023 interview at SXSW where he detailed the offers Hunt and he received to move the business out of state. “For our business, if you look at the density of chemical engineers, the density of our potential customers, and the density of people who know how to do enzyme engineering, Houston happened to be that perfect trifecta for us.”

Even though they are headquartered in Houston, Solugen recently secured plans to expand to the Midwest, as in November they announced its newest strategic partnership with sustainable solutions company ADM (NYSE:ADM) in Marshall, Minnesota. The partnership includes plans for Solugen to build a 500,000-square-foot biomanufacturing facility next to an existing ADM facility , with the two companies working together on producing biomaterials to replace fossil fuel products.

“The strategic partnership with ADM will allow Solugen to bring our chemienzymatic process to a commercial scale and meet existing customer demand for our high-performance, cost-competitive, sustainable products,” Chakrabarti said in a news release. “As one of the few scaled-up and de-risked biomanufacturing assets in the country, Solugen’s Bioforge platform is helping bolster domestic capabilities and supply chains that are critical in ensuring the U.S. reaches its ambitious climate targets.”

For Chakrabarti and Hunt, Solugen was born out of a 12-year friendship, and the journey began after a friendly card game. After an entrepreneurship contest at MIT, which earned them second place and a $10,000 prize, they invested the winnings to work on what would become Solugen, a proof-of-concept reactor with materials bought from a local home improvement store.

"We had a conviction that we were building something that could be impactful to the rest of the world,” Chakrabarti said at SXSW in 2023.

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This article originally ran on InnovationMap.

Houston-based Solugen will build a 500,000-square-foot biomanufacturing facility in the Midwest thanks to a new strategic partnership.

Houston-based sustainable chemicals co. to build ​Midwest biomanufacturing facility

it's corn

Solugen has scored a partnership with a global company to build a biomanufacturing facility adjacent to an existing corn complex in Marshall, Minnesota.

Solugen, a Houston company that's designed a process that converts plant-derived substances into essential materials, has announced its newest strategic partnership with sustainable solutions company ADM (NYSE:ADM). The partnership includes plans for Solugen to build a 500,000-square-foot biomanufacturing facility next to an existing ADM facility in the Midwest. The two companies will collaborate on producing biomaterials to replace fossil fuel-based products.

“The strategic partnership with ADM will allow Solugen to bring our chemienzymatic process to a commercial scale and meet existing customer demand for our high-performance, cost-competitive, sustainable products,” Gaurab Chakrabarti, co-founder and CEO of Solugen, says in a news release. “As one of the few scaled-up and de-risked biomanufacturing assets in the country, Solugen’s Bioforge platform is helping bolster domestic capabilities and supply chains that are critical in ensuring the U.S. reaches its ambitious climate targets.”

The company plans to begin on-site construction early next year, with plans to startup in the first half of 2025. The project should create at least 40 permanent jobs and 100 temporary construction positions.

“Sustainability is one of the enduring global trends powering ADM’s growth and underpinning the strategic evolution of our Carbohydrate Solutions business,” Chris Cuddy, president of ADM’s Carbohydrate Solutions business, says in the release. “ADM is one of the largest dextrose producers in the world, and this strategic partnership will allow us to further diversify our product stream as we continue to support plant-based solutions spanning sustainable packaging, pharma, plant health, construction, fermentation, and home and personal care.”

Founded in 2016 by Chakrabarti and Sean Hunt, Solugen's carbon-negative molecule factory, named the Bioforge, uses its chemienzymatic process in converting plant-sourced substances into essential materials that can be used instead of fossil fuels. The manufacturing process is carbon neutral, and Solugen has raised over $600 million from investors that believe in the technology's potential.

“The initial phase of the project will significantly increase Solugen’s manufacturing capacity, which is critical for commercializing our existing line of molecules and kicks off plans for a multi-phase large-scale U.S. Bioforge buildout,” Hunt, CTO of Solugen, says in the release. “The increase in capacity will also free up our Houston operation for research and development efforts into additional molecules and market applications.”

The project should create at least 40 permanent jobs and 100 temporary construction positions.

"As a community with a strong foundation of agriculture and innovation, we look forward to welcoming Solugen to Marshall. This industry-leading facility will serve as a powerful economic driver for the city, creating new jobs and diversifying our industry,” City of Marshall Mayor Bob Byrnes says in the statement. "We are thankful for ADM’s longstanding commitment and impact to Marshall, which has paved the way for this remarkable partnership and continues to further economic growth to our region."

It's the second major company partnership announcement Solugen has made this month, with a new arrangement with Sasol being secured last week.

Solugen and Sasol have entered into a strategic partnership. Photo via Solugen

Houston-based sustainable chemicals company secures major partnership with Sasol

cleaner chemicals

A Houston company that's creating cleaner chemicals with little to no impact on the environment has scored a partnership with a major chemicals producer.

Solugen and Sasol Chemicals, a business unit of Saslo Ltd., revealed that they are working together to explore commercialization of sustainably-made home and personal care products.

“This agreement is an example of our approach of partnering to find innovative solutions for our customers,” Jonathan Ward, senior manager of Strategy and Sustainable Growth for Sasol’s Essential Care Chemicals business division, says in a news release. “Our focus is delivering high-performing products with lower carbon footprints at competitive prices, and we are eager to see how Solugen’s products might help us do that.”

Founded in 2016 by Sean Hunt and Gaurab Chakrabarti, Solugen's carbon-negative molecule factory, named the Bioforge, uses a chemienzymatic process in converting plant-sourced substances into essential materials that can be used instead of fossil fuels. The manufacturing process is carbon neutral, and Solugen has raised over $600 million from investors that believe in the technology's potential.

"We are thrilled to partner with Sasol Chemicals, one of the world’s largest producers of surfactants, to drive positive impact in the home and personal care market,” Chakrabarti, CEO of Solugen, says in the release. “Sasol’s commitment to sustainability makes it an ideal partner for Solugen. We look forward to leveraging our combined strengths in technology, production, and market development to meet increasing consumer demand for our high-performance, bio-based solutions.”

Chakrabarti shared some of the secrets to Solugen's success and early partnerships at a SXSW panel earlier this year. The company was also recently named a finalist in the 2023 Houston Innovation Awards.

These Houston-area executives were recognized by EY's annual regional awards. Photos courtesy

Houston energy leaders score wins at annual regional entrepreneur competition

eyes on EY

You might say that four Houston executives with ties to the energy sector are energized about an award they just received.

The four executives recently were named winners in the Gulf South division of the Entrepreneur Of The Year awards program. They’ll now compete at the national level.

The one winner who works directly in the energy industry is Roger Jenkins, president and CEO of Houston-based Murphy Oil. Jenkins rose to the company’s top positions in 2013. He joined Murphy Oil in 2001 as a drilling manager in Malaysia.

Jenkins earned a bachelor’s degree in petroleum engineering from Louisiana State University and an MBA from Harvard University’s business school.

Murphy Oil is an oil and natural gas exploration and production company that operates primarily onshore in the U.S. and Canada, and offshore in the Gulf of Mexico.

A Fortune 1000 company founded in 1944, Murphy Oil generated revenue of nearly $4 billion in 2022.

In 2020, the company announced it was shuttering its headquarters in El Dorado, Arkansas, as well as its location in Calgary, Canada, and consolidating its operations into a new main office in Houston. About 190 Murphy Oil employees worked in El Dorado and Calgary.

“Our ongoing execution excellence across our significant offshore backlog and over 1,000 oil-weighted onshore locations will ensure that we will remain a long-term sustainable company,” Jenkins told Wall Street analysts in May 2023.

While not exactly an energy company, Solugen's co-founders — Gaurab Chakrabarti, CEO, and Sean Hunt, CTO — are representing the clean chemicals space within the energy transition.

Solugen, founded in 2016, makes and distributes specialty chemicals derived from feedstock. The startup is reportedly valued at more than $2 billion. To date, Solugen has raised $642.2 million, according to Crunchbase.

In naming Solugen one of the most innovative companies of 2022, Fast Company noted that the carbon-negative process embraced by Solugen and the startup’s “ability to sell flexible amounts of chemicals to companies looking to lower their own footprint have helped the company make inroads in a traditionally slow-moving industry.”

Another Houston executive with connections to the energy sector also is regional Entrepreneur Of The Year winners.

Ludmila Golovine is president and CEO of Houston-based MasterWord Services. The company provides translation and interpretation services in more than 400 languages for clients in sectors like energy, health care, and tech. The woman-owned business launched in 1993.

“It is a great honor for me and for MasterWord to be recognized alongside the other EY Entrepreneur Of The Year winners,” Golovine says in a news release about the Entrepreneur Of The Year honor.

In all, 10 executives from Houston-based companies were hailed as 2023 regional winners in the Entrepreneur Of The Year program, run by professional services firm EY. Aside from Jenkins, Golovine, Walker, and Smith, they are:

  • Steve Altemus, president and CEO of space exploration company Intuitive Machines.
  • Mark Walker, co-founder, chairman and CEO of Houston-based Direct Digital Holdings, and Keith Smith, co-founder and president. Direct Digital Holdings operates advertising platforms for clients in sectors such as energy, health care, travel and financial services.
  • Daryl Dudum and Matthew Hadda, founders and co-CEOs of Specialty1 Partners. The company provides business services to dental surgery practices.
  • Mohammad Millwala, founder and CEO of DM Clinical Research. The company operates 13 sites for clinical trials.

Also grabbing a regional award is Omair Tariq, co-founder and CEO of Austin-based Cart.com. The company, which provides software and services to online merchants, relocated its headquarters from Houston to Austin in 2021. Tariq remains in Houston, though.

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Houston climatech incubator names new CFO

onboarding

Greentown Labs, a climatech incubator with locations in Houston and Somerville, Massachusetts, has hired Naheed Malik as its chief financial officer. In her new role, she oversees finance, accounting and human resources.

Malik previously worked at American Tower Corp., an owner of wireless communication towers. During her 12-year tenure there, she was vice president of financial planning and analysis, and vice president of corporate finance.

Before American Tower, Malik led financial planning and analysis at Wolters Kluwer Health, and was a management consultant at Kearney and an audit CPA at EY.

Kevin Dutt, Greentown’s interim CEO, says in a news release that Malik’s “deep expertise will be a boon for Greentown as we seek to serve even more climatech startups in our home states of Massachusetts and Texas, and beyond.”

“I am delighted to join Greentown at such an exciting time in its organizational growth,” Malik says. “As a nonprofit that’s deeply dedicated to its mission of supporting climatech innovation, Greentown is poised to build on its impressive track record and expand its impact in the years to come.”

Greentown bills itself as North America’s largest incubator for climatech startups. Today, it’s home to more than 200 startups. Since its founding in 2011, Greentown has nurtured more than 575 startups that have raised over $8.2 billion in funding.

Last year, Greentown’s CEO and president Kevin Knobloch announced that he would be stepping down in July 2024, after less than a year in the role. The incubator. About a month before the announcement, Knobloch reported that Greentown would reduce its staff by 30 percent, eliminating roles in Boston and Houston. He noted changes in leadership, growth of the team and adjustments following the pandemic.

Greentown plans to announce its new permanent CEO by the end of the month.

Being prepared: Has the Texas grid been adequately winterized?

Winter in Texas

Houstonians may feel anxious as the city and state brace for additional freezing temperatures this winter. Every year since 2021’s Winter Storm Uri, Texans wonder whether the grid will keep them safe in the face of another winter weather event. The record-breaking cold temperatures of Uri exposed a crucial vulnerability in the state’s power and water infrastructure.

According to ERCOT’s 6-day supply and demand forecast from January 3, 2025, it expected plenty of generation capacity to meet the needs of Texans during the most recent period of colder weather. So why did the grid fail so spectacularly in 2021?

  1. Demand for electricity surged as millions of people tried to heat their homes.
  2. ERCOT was simply not prepared despite previous winter storms of similar intensity to offer lessons in similarities.
  3. The state was highly dependent on un-winterized natural gas power plants for electricity.
  4. The Texas grid is isolated from other states.
  5. Failures of communication and coordination between ERCOT, state officials, utility companies, gas suppliers, electricity providers, and power plants contributed to the devastating outages.

The domino effect resulted in power outages for millions of Texans, the deaths of hundreds of Texans, billions of dollars in damages, with some households going nearly a week without heat, power, and water. This catastrophe highlighted the need for swift and sweeping upgrades and protections against future extreme weather events.

Texas State Legislature Responds

Texas lawmakers proactively introduced and passed legislation aimed at upgrading the state’s power infrastructure and preventing repeated failures within weeks of the storm. Senate Bill 3 (SB3) measures included:

  • Requirements to weatherize gas supply chain and pipeline facilities that sell electric energy within ERCOT.
  • The ability to impose penalties of up to $1 million for violation of these requirements.
  • Requirement for ERCOT to procure new power sources to ensure grid reliability during extreme heat and extreme cold.
  • Designation of specific natural gas facilities that are critical for power delivery during energy emergencies.
  • Development of an alert system that is to be activated when supply may not be able to meet demand.
  • Requirement for the Public Utility Commission of Texas, or PUCT, to establish an emergency wholesale electricity pricing program.

Texas Weatherization by Natural Gas Plants

In a Railroad Commission of Texas document published May 2024 and geared to gas supply chain and pipeline facilities, dozens of solutions were outlined with weatherization best practices and approaches in an effort to prevent another climate-affected crisis from severe winter weather.

Some solutions included:

  • Installation of insulation on critical components of a facility.
  • Construction of permanent or temporary windbreaks, housing, or barriers around critical equipment to reduce the impact of windchill.
  • Guidelines for the removal of ice and snow from critical equipment.
  • Instructions for the use of temporary heat systems on localized freezing problems like heating blankets, catalytic heaters, or fuel line heaters.

According to Daniel Cohan, professor of environmental engineering at Rice University, power plants across Texas have installed hundreds of millions of dollars worth of weatherization upgrades to their facilities. In ERCOT’s January 2022 winterization report, it stated that 321 out of 324 electricity generation units and transmission facilities fully passed the new regulations.

Is the Texas Grid Adequately Winterized?

Utilities, power generators, ERCOT, and the PUCT have all made changes to their operations and facilities since 2021 to be better prepared for extreme winter weather. Are these changes enough? Has the Texas grid officially been winterized?

This season, as winter weather tests Texans, residents may potentially experience localized outages. When tree branches cannot support the weight of the ice, they can snap and knock out power lines to neighborhoods across the state. In the instance of a downed power line, we must rely on regional utilities to act quickly to restore power.

The specific legislation enacted by the Texas state government in response to the 2021 disaster addressed to the relevant parties ensures that they have done their part to winterize the Texas grid.

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Sam Luna is director at BKV Energy, where he oversees brand and go-to-market strategy, customer experience, marketing execution, and more.

This article first appeared on our sister site, InnovationMap.com.

Halliburton names 5 clean energy startups to latest incubator cohort

clean team

Halliburton Labs has named five companies to its latest cohort, including one from Texas.

All of the companies are working to help accelerate the future of the energy industry in different ways. The incubator aims to advance the companies’ commercialization with support from Halliburton's network, facilities and financing opportunities.

The five new members include:

  • 360 Energy, an Austin-based in-field computing company with technology that is able to capture flared or stranded gas and monetize it through modular data centers
  • Cella, a New York-based mineral storage company that provides end-to-end services, from resource assessment to proprietary injection technology, and monitoring techniques to provide geologic carbon storage solutions
  • Espiku, an engineering services company based in Bend, Oregon, that finds solutions that advance water and minerals recovery from brines and industrial-produced water streams
  • Mitico, based in Los Angeles, that offers technology services to capture carbon dioxide by using its patent-pending granulated metal carbonate sorption technology (GMC) that captures more than 95% of the CO2 emitted from post-combustion point sources
  • NuCube, a Pasadena, California-based company with a nuclear fission reactor under development

“We welcome these innovative energy startups,” Dale Winger, managing director of Halliburton Labs, said in a news release. “We are eager to help these participant companies use their time and capital efficiently to progress new solutions that meet industry requirements for cost, reliability, and sustainability.”

Halliburton Labs also announced that it will host the Finalists Pitch Day on March 26, 2025, in Denver for energy and decarbonization industry innovators, startups and investors ahead of the National Renewable Energy Laboratory (NREL) Industry Growth Forum. The pitch event will precede registration and the opening reception of the NREL forum. Find more information here.

Adena Power, an Ohio-based clean energy startup, was the latest to join Halliburton Labs prior to the new cohort. The company used three patented materials to produce a sodium-based battery that delivers clean, safe and long-lasting energy storage.

The incubator also named San Francisco-based venture capital investor Pulakesh Mukherjee, partner at Imperative Ventures, which specializes in hard tech decarbonization startups, to its advisory board last spring.

Read more about the incubator's 2023 cohort here.

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