Energy data platform with Houston HQ raises over $50M series C to scale US presence

going beyond

The company, which has its U.S. headquarters in Houston, reported closing the raise at €52 million, or around $55 million. Image via gridbeyond.com

Dublin-based GridBeyond raised its series C to support its growth in the the United States.

The company, which has its U.S. headquarters in Houston, reported closing the raise at €52 million, or around $55 million. The round was led by Alantra’s Energy Transition Fund, Klima, with participation from new investors Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation as well as investment from existing investor, Act Venture Capital.

Founded in 2010, GridBeyond's AI platform allows businesses to unlock the full potential of energy assets and prioritize sustainability, resilience, and affordability of energy.

"This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space," Michael Phelan, co-founder and CEO of GridBeyond, says in a news release. “The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leading AI and powerful automation capabilities to smart grid and energy markets across the world."

Specifically, the company reportedly will use the funding to expand in the United States, as well as continuing its investment in research and development to facilitate the delivery of a global zero-carbon future.

GridBeyond opened its Houston office, which is located at 2101 CityWest Blvd, four years ago. Last year, the business acquired Denver, Colorado-founded Veritone Business Energy.

Syzygy Plasmonics has raised a series C round of funding. Photo courtesy of Syzygy

Houston company closes $76M series C round to fuel its mission of reducing carbon emissions

MONEY + MATTER

A Houston-based company that is electrifying chemical manufacturing has closed its largest round of funding to date.

Syzygy Plasmonics closed a $76 million series C financing round led by New York-based Carbon Direct Capital. The round included participation from Aramco Ventures, Chevron Technology Ventures, LOTTE CHEMICAL, and Toyota Ventures. The company's existing investors joining the round included EVOK Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy, and Sumitomo Corporation of Americas. According to a news release, Carbon Direct Capital will join Syzygy's board and serve as the series C director.

"We were very attracted to the multiple use cases for the Syzygy reactor and the lifetime-value of each Syzygy customer," says Jonathan Goldberg, Carbon Direct Capital's CEO, in the release. "Emissions from hydrogen production total more than 900 million metric tons of carbon dioxide per year. Syzygy's photocatalysis technology is a key solution to decarbonize hydrogen production as well as other critical industries."

Syzygy Plasmonics has a technology that harnesses the power of light to energize chemical reactions — rather than the traditional process that is fueled by heat. The Syzygy approach reduces feedstock waste and produces fewer emissions when powered by renewable electricity. According to the release, some series C participants have also formed commercial agreements to deploy Syzygy's technology to meet their decarbonization goals.

The investment funding raised will help the company to "further development and delivery of all-electric reactor systems that eliminate fossil-based combustion from chemical manufacturing and reduce the carbon intensity of hydrogen, methanol, and fuel," per the release.

"Our mission is to decarbonize chemical and fuel production," says Syzygy Plasmonics CEO and Co-Founder Trevor Best in the release. "Syzygy's aim is to achieve 1 gigaton of carbon emissions reductions by 2040, and the series C financing is a key milestone in building towards that goal.

"Closing this fundraising round with such strong support from financial and strategic investors and with commercial agreements in hand is a signal to the market," he continues. "Forward-thinking companies have moved beyond setting decarbonization goals to executing on them. Syzygy is unique in that we are developing low-cost, low-carbon solutions to offer across multiple industries."

Syzygy was founded based off a breakthrough discover out of Rice University from co-founders and professors Naomi Halas and Peter Nordlander, who invented high-performance photocatalysts. The company's collaborators then engineered a novel reactor that uses easy-to-find low-cost materials like glass, aluminum, and LEDs instead of high-cost metal alloys. After several field trials of the scalable, universal chemical reactor platform, Syzygy expects commercial units scheduled to ship in 2023.

"Syzygy is hyper-focused on aligning energy, technology, and sustainability," says Suman Khatiwada, CTO and co-founder of Syzygy, in the release. "The projects we are delivering are targeting zero-emissions hydrogen from green ammonia, low-emissions hydrogen from combustion-free steam methane reforming, and sustainable fuels made from carbon dioxide and methane. This technology is the future of chemical manufacturing."

Syzygy has raised a $23 million series B round last year following its $5.8 series A in 2019.

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This article originally ran on InnovationMap.

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ExxonMobil revs up EV pilot in Permian Basin

seeing green

ExxonMobil has upgraded its Permian Basin fleet of trucks with sustainability in mind.

The Houston-headquartered company announced a new pilot program last week, rolling out 10 new all-electric pickup trucks at its Cowboy Central Delivery Point in southeast New Mexico. It's the first time the company has used EVs in any of its upstream sites, including the Permian Basin.

“We expect these EV trucks will require less maintenance, which will help reduce cost, while also contributing to our plan to achieve net zero Scope 1 and 2 emissions in our Permian operations by 2030," Kartik Garg, ExxonMobil's New Mexico production manager, says in a news release.

ExxonMobil has already deployed EV trucks at its facilities in Baytown, Beaumont, and Baton Rouge, but the Permian Basin, which accounts for about half of ExxonMobil's total U.S. oil production, is a larger site. The company reports that "a typical vehicle there can log 30,000 miles a year."

The EV rollout comes after the company announced last year that it plans to be a major supplier of lithium for EV battery technology.

At the end of last year, ExxonMobil increased its financial commitment to implementing more sustainable solutions. The company reported that it is pursuing more than $20 billion of lower-emissions opportunities through 2027.

Cowboys and the EVs of the Permian Basin | ExxonMobilyoutu.be

Energy industry veteran named CEO of Houston hydrogen co.

GOOD AS GOLD

Cleantech startup Gold H2, a spinout of Houston-based energy biotech company Cemvita, has named oil and gas industry veteran Prabhdeep Singh Sekhon as its CEO.

Sekhon previously held roles at companies such as NextEra Energy Resources and Hess. Most recently, he was a leader on NextEra’s strategy and business development team.

Gold H2 uses microbes to convert oil and gas in old, uneconomical wells into clean hydrogen. The approach to generating clean hydrogen is part of a multibillion-dollar market.

Gold H2 spun out of Cemvita last year with Moji Karimi, co-founder of Cemvita, leading the transition. Gold H2 spun out after successfully piloting its microbial hydrogen technology, producing hydrogen below 80 cents per kilogram.

The Gold H2 venture had been a business unit within Cemvita.

“I was drawn to Gold H2 because of its innovative mission to support the U.S. economy in this historical energy transition,” Sekhon says in a news release. “Over the last few years, my team [at NextEra] was heavily focused on the commercialization of clean hydrogen. When I came across Gold H2, it was clear that it was superior to each of its counterparts in both cost and [carbon intensity].”

Gold H2 explains that oil and gas companies have wrestled for decades with what to do with exhausted oil fields. With Gold H2’s first-of-its-kind biotechnology, these companies can find productive uses for oil wells by producing clean hydrogen at a low cost, the startup says.

“There is so much opportunity ahead of Gold H2 as the first company to use microbes in the subsurface to create a clean energy source,” Sekhon says. “Driving this dynamic industry change to empower clean hydrogen fuel production will be extremely rewarding.”

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This article originally ran on InnovationMap.

Q&A: CEO of bp-acquired RNG producer on energy sustainability, stability

the view from heti

bp’s Archaea Energy is the largest renewable natural gas (RNG) producer in the U.S., with an industry leading RNG platform and expertise in developing, constructing and operating RNG facilities to capture waste emissions and convert them into low carbon fuel.

Archaea partners with landfill owners, farmers and other facilities to help them transform their feedstock sources into RNG and convert these facilities into renewable energy centers.

Starlee Sykes, Archaea Energy’s CEO, shared more about bp’s acquisition of the company and their vision for the future.

HETI: bp completed its acquisition of Archaea in December 2022. What is the significance of this acquisition for bp, and how does it bolster Archaea’s mission to create sustainability and stability for future generations?

Starlee Sykes: The acquisition was an important move to accelerate and grow our plans for bp’s bioenergy transition growth engine, one of five strategic transition growth engines. Archaea will not only play a pivotal role in bp’s transition and ambition to reach net zero by 2050 or sooner but is a key part of bp’s plan to increase biogas supply volumes.

HETI: Tell us more about how renewable natural gas is used and why it’s an important component of the energy transition?

SS: Renewable natural gas (RNG) is a type of biogas generated by decomposing organic material at landfill sites, anaerobic digesters and other waste facilities – and demand for it is growing. Our facilities convert waste emissions into renewable natural gas. RNG is a lower carbon fuel, which according to the EPA can help reduce emissions, improve local air quality, and provide fuel for homes, businesses and transportation. Our process creates a productive use for methane which would otherwise be burned or vented to the atmosphere. And in doing so, we displace traditional fossil fuels from the energy system.

HETI: Archaea recently brought online a first-of-its-kind RNG plant in Medora, Indiana. Can you tell us more about the launch and why it’s such a significant milestone for the company?

SS:Archaea’s Medora plant came online in October 2023 – it was the first Archaea RNG plant to come online since bp’s acquisition. At Medora, we deployed the Archaea Modular Design (AMD) which streamlines and accelerates the time it takes to build our plants. Traditionally, RNG plants have been custom-built, but AMD allows plants to be built on skids with interchangeable components for faster builds.

HETI: Now that the Medora plant is online, what does the future hold? What are some of Archaea’s priorities over the next 12 months and beyond?

SS: We plan to bring online around 15 RNG plants in each of 2024 and 2025. Archaea has a development pipeline of more than 80 projects that underpin the potential for around five-fold growth in RNG production by 2030.

We will continue to operate around 50 sites across the US – including RNG plants, digesters and landfill gas-to-electric facilities.

And we are looking to the future. For example, at our Assai plant in Pennsylvania, the largest RNG plant in the US, we are in the planning stages to drill a carbon capture sequestration (CCS) appraisal well to determine if carbon dioxide sequestration could be feasible at this site, really demonstrating our commitment to decarbonization and the optionality in value we have across our portfolio.

HETI: bp has had an office in Washington, DC for many years. Can you tell us more about the role that legislation has to play in the energy transition?

SS: Policy can play a critical role in advancing the energy transition, providing the necessary support to accelerate reductions in greenhouse gas emissions. We actively advocate for such policies through direct lobbying, formal comments and testimony, communications activities and advertising. We also advocate with regulators to help inform their rulemakings, as with the US Environmental Protection Agency to support the finalization of a well-designed electric Renewable Identification Number (eRIN) program.

HETI: Science and innovation are key drivers of the energy transition. In your view, what are some of most exciting innovations supporting the goal to reach net-zero emissions?

SS: We don’t just talk about innovation in bp, we do it – and have been for many years. This track record gives us confidence in continuing to transform, change and innovate at pace and scale. The Archaea Modular Design is a great example of the type of innovation that bp supports which enables us to pursue our goal of net-zero emissions.

Beyond Archaea, we have engineers and scientists across bp who are working on innovative solutions with the goal of lowering emissions. We believe that we need to invest in lower carbon energy to meet the world’s climate objectives, but we also need to invest in today’s energy system, which is primarily hydrocarbon focused. It’s an ‘and’ not ‘or’ approach, and we need both to be successful.

Learn more about Archaea and the work they are doing in energy transition.

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This article originally ran on the Greater Houston Partnership's Houston Energy Transition Initiative blog. HETI exists to support Houston's future as an energy leader. For more information about the Houston Energy Transition Initiative, EnergyCapitalHTX's presenting sponsor, visit htxenergytransition.org.

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