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Houston energy transition innovators named finalists for annual awards program

best of the rest

Nearly 20 Houston startups and innovators were named finalists for the 2024 Houston Innovation Awards this week. Photo via Getty Images

The Houston Innovation Awards have named its honorees for its 2024 awards event, and several clean energy innovators have made the cut.

The finalists, which were named on EnergyCapital's sister site InnovationMap this week, were decided by this year's judges after they reviewed over 130 applications. More 50 finalists will be recognized in particular for their achievements across 13 categories, which includes the 2024 Trailblazer Legacy Awards that were announced earlier this month.

All of the honorees will be recognized at the event on November 14 and the winners will be named. Registration is open online.

Representing the energy industry, the startup finalists include:

  • Amperon, an AI platform powering the smart grid of the future, was named a finalist in the Energy Transition Business category.
  • ARIXTechnologies, an integrated robotics and data analytics company that delivers inspection services through its robotics platforms, was named a finalist in the Energy Transition Business and the AI/Data Science Business categories.
  • CLS Wind, a self-erection wind turbine tower system provider for the wind energy industry, was named a finalist in the Minority-Founded Business category.
  • Corrolytics, a technology startup founded to solve microbiologically influenced corrosion problems for industrial assets, was named a finalist in the Minority-Founded Business and People's Choice: Startup of the Year categories.
  • Elementium Materials, a battery technology with liquid electrolyte solutions, was named a finalist in the Energy Transition Business category.
  • Enovate Ai, a provider of business and operational process optimization for decarbonization and energy independence, was named a finalist in the AI/Data Science Business category.
  • FluxWorks, developer and manufacturer of magnetic gears and magnetic gear-integrated motors, was named a finalist in the Deep Tech Business category.
  • Gold H2, a startup that's transforming depleted oil fields into hydrogen-producing assets utilizing existing infrastructure, was named a finalist in the Minority-Founded Business and the Deep Tech Business categories.
  • Hertha Metals, developer of a technology that cost-effectively produces steel with fewer carbon emissions, was named a finalist in the Deep Tech Business category.
  • InnoVentRenewables, a startup with proprietary continuous pyrolysis technology that converts waste tires, plastics, and biomass into valuable fuels and chemicals, was named a finalist in the Energy Transition Business and the People's Choice: Startup of the Year categories.
  • NanoTech Materials, a chemical manufacturer that integrates novel heat-control technology with thermal insulation, fireproofing, and cool roof coatings to drastically improve efficiency and safety, was named a finalist in the Scaleup of the Year category.
  • SageGeosystems, an energy company focused on developing and deploying advanced geothermal technologies to provide reliable power and sustainable energy storage solutions regardless of geography, was named a finalist in the Energy Transition Business category.
  • Square Robot, an advanced robotics company serving the energy industry and beyond by providing submersible robots for storage tank inspections, was named a finalist in the Scaleup of the Year category.
  • Syzygy Plasmonics, a company that's decarbonizing chemical production with a light-powered reactor platform that electrifies the production of hydrogen, syngas, and fuel with reliable, low-cost solutions, was named a finalist in the Scaleup of the Year category.
  • TierraClimate, a software provider that helps grid-scale batteries reduce carbon emissions, was named a finalist in the Energy Transition Business category.
  • Voyager Portal, a software platform that helps commodity traders and manufacturers in the O&G, chemicals, agriculture, mining, and project cargo sectors optimize the voyage management lifecycle, was named a finalist in the AI/Data Science Business category.

In addition to the startup finalists, two energy transition-focused organizations were recognized in the Community Champion Organization category, honoring a corporation, nonprofit, university, or other organization that plays a major role in the Houston innovation community. The two finalists in that category are:

  • Energy Tech Nexus, a new global energy and carbon tech hub focusing on hard tech solutions that provides mentor, accelerator and educational programs for entrepreneurs and underserved communities.
  • Greentown Houston, a climatetech incubator and convener for the energy transition community that provides community engagement and programming in partnership with corporations and other organizations.

Lastly, a few energy transition innovators were honored in the individual categories, including Carlos Estrada, growth partner at First Bight Ventures and head of venture acceleration at BioWell; Juliana Garaizar, founding partner of Energy Tech Nexus; and Neal Dikeman, partner at Energy Transition Ventures.

The 12-week program received a record number of applications, that spanned the campus' degree offerings. Photo courtesy of Rice University

2 sustainability-focused student startups named to Houston accelerator

ready to grow

Rice University's Liu Idea Lab for Innovation & Entrepreneurship, or Lilie, has named eight teams to the second cohort of the Lilie Summer Venture Studio, and two have sustainability as a goal.

According to Rice, the 12-week program received a record number of applications, that spanned the campus' degree offerings.

“We are thrilled to see such a high level of interest and excitement from Rice students for a high-growth venture accelerator,” Kyle Judah, executive director of Lilie, said in a statement. “The diversity and creativity in this year's applications were truly inspiring, and we’re excited to support these promising ventures with the resources and mentorship they need to hit escape velocity and create the next generation of pillar companies for Houston, Texas and the world.”

The selected teams will receive $15,000 in non-dilutive funding from the accelerator, along with access to coworking space and personalized mentorship in the Liu Idea Lab.

Coflux Purification, a patent-pending in-stream module that breaks down PFAS using a novel absorbent for chemical-free water, was named to the cohort, as was Solidec, a technology platform that extracts molecules from water and air, transforms them into pure chemicals and fuels without any carbon emissions.

Here are the rest of the teams for the 2024 Lilie Summer Venture Studio:

  • Docflow, focused on streamlining residency shift scheduling
  • JewelVision, building virtual fitting rooms for jewelry e-commerce retailers using generative AI
  • Levytation, using data science and AI to answer critical questions about sales and customers for coffee shop management
  • OnGuard, a marketplace to book off-duty police officers and security professionals
  • Roster, leverages data on athletes in the NCAA Transfer Portal to automatically send updates on players to coaches
  • Veloci, a running shoe venture that addresses common pains through shoe design

Lilie launched the Summer Venture Studio last year. According to Rice, two out of the six teams selected, Helix Earth Technologies and Tierra Climate, which both also tackle sustainability challenges, raised venture capital funds after completing the accelerator program.

Helix Earth Technologies also went on to earn the inaugural TEX-E Prize at CERAWeek in 2023.

“The track record of our Summer Venture Studio Accelerator speaks for itself, despite being early in our second year," Taylor Anne Adams, head of venture acceleration programs at the Liu Idea Lab, said in a statement. "This is the power of entrepreneurship programming that is designed by founders, for founders, that happens at the Liu Idea Lab.”

Last year, Lilie also named 11 successful business leaders with ties to Houston to its first Lilie’s Leadership Council. Each agreed to donate time and money to the university’s entrepreneurship programs.

———

This article originally ran on InnovationMap.

Tierra Climate is technology agnostic, so while the company is seeing activity in the battery space, they can also work with other types of storage. Photo via Getty Images

Houston-based energy storage fintech platform founder targets new market key to transition

ready to grow

If the energy transition is going to be successful, the energy storage space needs to be equipped to support both the increased volume of energy needed and new energies. And Emma Konet and her software company, Tierra Climate, are targeting one part of the equation: the market.

"To me, it's very clear that we need to build a lot of energy storage in order to transition the grid," Konet says on the Houston Innovators Podcast. "The problems that I saw were really on the market side of things."

Konet says she was bullish on the energy storage side of things when she was an early hire at Key Capture Energy, a private equity-backed energy storage project developer. The issue with energy storage projects, as Konet describes, is they aren't being monetized properly and, in some cases, aren't sustainable and increasing emissions.

"The product we're building is solving these problems. It's a financial product, but what it's doing is solving a market deficiency," she says. "We're sending the right signal to the battery to operate in a way that reduces emissions, and then we're paying them for it because there's a demand to decarbonize."

For over a year, Konet, as co-founder and CTO, has worked on the platform, which is essentially a marketplace for corporates to buy carbon offsets, incentifying and monetizing storage projects.

Emma Konet, co-founder and CTO of Tierra Climate, joins the Houston Innovators Podcast. Photo via LinkedIn

Tierra Climate is technology agnostic, so while the company is seeing activity in the battery space, they can also work with other types of storage — like hydrogen, pumped water, and more. Konet says her ideal customers are companies with money and interest in playing a role in the energy transition and looking to offset their scope two and three emissions.

"The ultimate vision for our company is for this to be an accessible product that has a high degree of integrity that small to very large companies can execute on, because it's a pay-per-performance mechanism that doesn't lock companies into a really large contract," she says. "It's really scalable."

This year, she says the company, which won fourth place in the 2023 Rice Business Plan Competition, is focused on securing its first big contract and fundraising for its seed round.

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This article originally ran on InnovationMap.

Houston-based WellWorth was selected as the winner of this year’s Houston Startup Showcase. Photo via LinkedIn

Houston energy SaaS startup wins local pitch competition

no. 1

The Ion hosted its annual startup pitch competition, and one company walked away with a win.

WellWorth, a financial modeling and analysis software-as-a-service company for the upstream energy sector, won the Houston Startup Showcase + Expo and secured a $5,000 prize. The startup's technology introduces a more streamlined approach to NAV modeling or corporate financial modeling for its users.

“Having worked in investment banking, I have seen firsthand how the limitations of Excel models and a lack of bespoke tools have led to inefficient workflows in upstream Oil & Gas finance," says Samra Nawaz, CEO and Co-founder of WellWorth, in a statement. "We decided to solve this problem by building a cloud-based platform that helps energy finance leaders improve decision-making around raising, managing, and deploying capital.”

Nawaz explains how impactful the opportunity to pitch has been on WellWorth, which aims to raise funding early next year accelerate customer acquisition and product development.

“By getting involved in the Ion’s innovation ecosystem, we’ve been able to not only network with many entrepreneurs and innovators in the Houston community, but also find opportunities to scale our growth,” continues Nawaz. “We’re thrilled to have brought a few more customers onboard recently, and are working closely with them to optimize our product pipeline."

The company pitched alongside the other five finalists, which included Tierra Climate, MRG Health, BeOne Sports, Trez, and Mallard Bay. Mallard Bay, a booking platform for hunting and fishing trips, secured the people's choice award, which was decided by the crowd.

“Our flagship event, Houston Startup Showcase, not only connects startups and entrepreneurs with top business leaders but also provides them an opportunity to pitch their innovations to the technology ecosystem,” says Jan Odegard, executive director of the Ion, in a news release. “We extend our congratulations to WellWorth and the company’s innovative SaaS platform for energy industry finance teams, as well as Mallard Bay, the People’s Choice winner. These companies are exemplifying the exciting new technologies being developed in Houston today.”

In addition to the pitches, several companies showcased at the event, including Nanotech, manufacturer of thermal management materials for the built environment; last year's winner Unytag, a universal toll tag that provides drivers the ability to pass through tolls anywhere in the nation; and Softeq, provides early-stage innovation, technology business consulting, and full-stack development solutions to enterprise companies and innovative startups.

The six finalists for the sustainability category for the 2023 Houston Innovation Awards weigh in on their challenges overcome. Photos courtesy

4 biggest challenges of Houston-based sustainability startups

Houston innovation awards

Six Houston-area sustainability startups have been named finalists in the 2023 Houston Innovation Awards, but they didn't achieve this recognition — as well as see success for their businesses — without any obstacles.

The finalists were asked what their biggest challenges have been. From funding to market adoption, the sustainability companies have had to overcome major obstacles to continue to develop their businesses.

The awards program — hosted by EnergyCapital's sister site, InnovationMap, and Houston Exponential — will name its winners on November 8 at the Houston Innovation Awards. The program was established to honor the best and brightest companies and individuals from the city's innovation community. Eighteen energy startups were named as finalists across all categories, but the following responses come from the finalists in the sustainability category specifically.

    Click here to secure your tickets to see who wins.

    1. Securing a commercial pilot

    "As an early-stage clean energy developer, we struggled to convince key suppliers to work on our commercial pilot project. Suppliers were skeptical of our unproven technology and, given limited inventory from COVID, preferred to prioritize larger clients. We overcame this challenge by bringing on our top suppliers as strategic investors. With a long-term equity stake in Fervo, leading oilfield services companies were willing to provide Fervo with needed drilling rigs, frack crews, pumps, and other equipment." — Tim Latimer, founder and CEO of Fervo Energy

    2. Finding funding

    "Securing funding in Houston as a solo cleantech startup founder and an immigrant with no network. Overcome that by adopting a milestone-based fundraising approach and establishing credibility through accelerator/incubator programs." — Anas Al Kassas, CEO and founder of INOVUES

    "The biggest challenge has been finding funding. Most investors are looking towards software development companies as the capital costs are low in case of a risk. Geothermal costs are high, but it is physical technology that needs to be implemented to safety transition the energy grid to reliable, green power." — Cindy Taff, CEO of Sage Geosystems

    3. Market adoption

    "Market adoption by convincing partners and government about WHP as a solution, which is resource-intensive. Making strides by finding the correct contacts to educate." — Janice Tran, CEO and co-founder of Kanin Energy

    "We are creating a brand new financial instrument at the intersection of carbon markets and power markets, both of which are complicated and esoteric. Our biggest challenge has been the cold-start problem associated with launching a new product that has effectively no adoption. We tackled this problem by leading the Energy Storage Solutions Consortium (a group of corporates and battery developers looking for sustainability solutions in the power space), which has opened up access to customers on both sides of our marketplace. We have also leveraged our deep networks within corporate power procurement and energy storage development to talk to key decision-makers at innovative companies with aggressive climate goals to become early adopters of our products and services." — Emma Konet, CTO and co-founder of Tierra Climate

    4. Long scale timelines

    "Scaling and commercializing industrial technologies takes time. We realized this early on and designed the eXERO technology to be scalable from the onset. We developed the technology at the nexus of traditional electrolysis and conventional gas processing, taking the best of both worlds while avoiding their main pitfalls." — Claus Nussgruber, CEO of Utility Global

    At last year's awards program, Cemvita Factory's co-founders, Tara and Moji Karimi, accepted the award for the Green Impact Business category. This year, Moji Karimi served as a judge

    18 Houston energy startups named finalists for innovation awards program

    companies to watch

    The 2023 Houston Innovation Awards announced its 52 finalists — a large portion of which are promising energy transition startups.

    The awards program — hosted by EnergyCapital's sister site, InnovationMap, and Houston Exponential — will name its winners on November 8 at the Houston Innovation Awards. The program was established to honor the best and brightest companies and individuals from the city's innovation community.

    The following startups, which all have an energy transition element to their business, received a finalist position in one or two categories.

    Click here to secure your tickets to see who wins.

    • ALLY Energy, helping energy companies and climate startups find, develop, and retain great talent, scored two finalist positions — one in the Female-Owned Business category and the other in the Social Impact Business category.
    • Eden Grow Systems, next generation farming technologies, is a finalist in the People's Choice: Startup of the Year category.
    • Feelit Technologies, nanotechnology for preventive maintenance to eliminate leaks, fires and explosions, increase safety and reduce downtime, is a finalist in the Female-Owned Business category and the People's Choice: Startup of the Year category.
    • Fervo Energy, leveraging proven oil and gas drilling technology to deliver 24/7 carbon-free geothermal energy, scored two finalist positions — one in the Sustainability Business category and the other in the People's Choice: Startup of the Year category.
    • FluxWorks, making frictionless gearboxes for missions in any environment, is a finalist in the Hardtech Business category.
    • Helix Earth Technologies, decarbonizing the built environment and heavy industry, is a finalist in the Hardtech Business category.
    • INOVUES, re-energizing building facades through its non-invasive window retrofit innovations, making building smarter, greener, and healthier for a better and sustainable future, was named a finalist in the Sustainability Business category.
    • Kanin Energy, helping heavy industry monetize their waste heat and decarbonize their operations, was named a finalist in the BIPOC-Owned Business and the Sustainability Business categories.
    • Mars Materials, developing a carbon-negative pathway for carbon fiber and acrylamide production using CO2 and biomass as raw materials, is a finalist in the BIPOC-Owned Business category.
    • Molecule, an energy/commodity trading risk management software that provides users with an efficient, reliable, responsive platform for managing trade risk, is a finalist in the Digital Solutions Business category.
    • Rhythm Energy, 100 percent renewable electricity service for residential customers in Texas, is a finalist in the People's Choice: Startup of the Year category.
    • Sage Geosystems, a cost-effective geothermal baseload energy solution company, also innovating underground energy storage solutions, was named a finalist in the Sustainability Business category.
    • Solugen, decarbonizing the chemical industry, is a finalist in the Hardtech Business category.
    • Square Robot, applying robotic technology to eliminate the need to put people into dangerous enclosed spaces and eliminate taking tanks out of service, is a finalist in the Hardtech Business category.
    • Syzygy Plasmonics, a deep decarbonization company that builds chemical reactors designed to use light instead of combustion to produce valuable chemicals like hydrogen and sustainable fuels, is a finalist in the Hardtech Business category.
    • Tierra Climate, decarbonizing the power grid faster by helping grid-scale batteries monetize their environmental benefits and change their operational behavior to abate more carbon, was named a finalist in the Sustainability Business category.
    • Utility Global, a technology company converting a range of waste gases into sustainable hydrogen and syngas, was named a finalist in the Sustainability Business category.
    • Venus Aerospace, a hypersonics company on track to fly reusable hypersonic flight platforms by 2024, is a finalist in the Hardtech Business category.

    Additionally, two energy companies were named to the Corporate of the Year category, which honors corporations that supports startups and/or the Houston innovation community. Aramco Ventures and Chevron Technology Ventures are two of the four finalists in this category.

    Lastly, Jason Ethier, co-founder of Lambda Catalyzer and host of the Energy Tech Startups podcast, and Kendrick Alridge, senior manager of community at Greentown Labs, scored finalist positions in the Ecosystem Builder category, as individuals who have acted as leaders in developing Houston’s startup ecosystem.

    Click here to see the full list of finalists.

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    SLB to make $4B acquisition to expand data center cooling business

    cool deal

    Houston’s SLB has announced plans to acquire German thermal management and heat exchange technology organization Kelvion for approximately $4 billion.

    SLB reports in a news release that the acquisition is expected to boost its Data Center Solutions business, as thermal management technologies are key to cooling artificial-intelligence-related infrastructure. Data centers continue to pose numerous challenges, but SLB believes thermal management technology can help ease energy burdens.

    “Data centers are becoming more sophisticated and energy-intensive, and customers are increasingly looking for partners that can optimize how critical systems work together across the facility and help bring new capacity online faster,” Gavin Rennick, president of SLB’s New Energy and Industrial business, said in the release. “Thermal management is central to that challenge, and this acquisition allows us to address it directly by delivering more integrated cooling solutions, accelerating innovation, optimizing thermal efficiency, and more directly embedding thermal management into our modular infrastructure offering.”

    SLB will acquire Kelvion from funds managed by New York-based financial services group Apollo Global Management Inc. for approximately $3.4 billion in cash and will assume about $700 million of debt, according to the release. The deal is expected to close in Q1 of 2027.

    SLB says the acquisition will help it dramatically scale revenue generated by the data center sector.

    “This transaction accelerates our ambition to become an industrial technology partner to the data center industry and help customers address the growing infrastructure complexity required to scale AI,” Olivier Le Peuch, CEO of SLB, added in a news release. “Kelvion advances our path toward more integrated data center infrastructure solutions, expands our addressable market — more than doubling our revenue opportunity per gigawatt of delivered capacity — and allows us to scale both our offerings and the global reach of the business.”

    SLB reports that it expects its Data Center Solutions business revenues to grow by more than 90 percent annually between 2024 and 2026.

    If the acquisition is approved, the combined company will target revenue of $4.5 billion to $5 billion for its data center solutions business in 2028, according to the release.

    Kelvion has previously served customers in AI infrastructure, energy system transformation and energy/ industrial markets. Its past work focuses on heat pumps, renewables, carbon capture and processing solutions for thermal management. According to the news release, Kelvion's data center revenue is expected to reach about $1.2 billion in 2026, and the sector is considered the company’s "largest and fastest-growing end market.

    Tesla files plans for Houston-area solar plant & more top energy news

    Trending news

    Editor's note: Houston energy news in August was fueled by Tesla solar plans, a massive deal for ERock, and Halliburton Labs' newest cohort. Below are the five most-read EnergyCapitalHTX stories published during the second half of the month.

    Telsa eyes Houston area for $10 billion solar manufacturing plant

    Electric vehicle and clean energy company Tesla is considering building a new $10.1 billion solar cell manufacturing facility in Fort Bend County, according to documents filed with the Texas Comptroller’s Office. If approved, the plant, called Project Sun City, would be located on a 3,050-acre site off FM 762 and FM 1994 in Richmond, Texas. Tesla aims to finish construction in 2028, with the plant being operational by early 2029. Continue reading.

    Houston’s data center capacity set to grow 80%, report says

    Houston stands to benefit from constraints dogging data center markets elsewhere in Texas, a new report indicates. This comes against the backdrop of Texas surpassing Virginia as the country’s top state for data centers — and amid deepening opposition to these facilities. The report, published by commercial real estate services provider JLL, foresees Houston continuing to gain traction in data center development as occupants seek “scalable alternatives” to Texas markets experiencing supply-and-demand imbalances. Continue reading.

    EV surge could shutter 40 refineries by 2040, Wood Mackenzie report warns

    The rise of electric vehicles could spell trouble for Houston’s oil and gas sector, a new report suggests. But the oil and gas industry stands to benefit from potential sluggishness in U.S. adoption of EVs. If worldwide EV adoption rises as expected, global oil demand could fall by five million barrels per day by 2040, accelerating the closure of about 40 oil refineries, says the report, published by energy research and consulting firm Wood Mackenzie. The firm’s North American hub is in Houston. Continue reading.

    ERock scores Anthropic deal, sees order backlog soar to $1.7B

    Two months after its $400 million IPO, Houston-based ERock (NYSE: EROC) has landed a power-generator deal with AI powerhouse Anthropic, owner of the Claude platform. In its Q2 earnings report, ERock says it will provide equipment to Anthropic with a 470-megawatt capacity. ERock specializes in utility-grade, onsite microgrid power systems for data centers and other customers. The company previously did business as Enchanted Rock. Continue reading.

    Halliburton Labs adds 3 energy, materials startups to Houston incubator

    Three new companies have joined Halliburton Labs, the incubator for early-stage energy and hardtech startups run by Houston energy giant Halliburton. Halliburton Labs provides the emerging companies with mentorship, industry connections, laboratory access and other resources as they work toward commercialization. The latest companies to join the incubator focus on battery materials, resource recovery and gas separation solutions to address some of the "key bottlenecks in the energy and industrial landscape." Continue reading.

    Houston geothermal startup bumps Series B to $180M with Nabors investment

    fresh funding

    Houston-based geothermal startup Quaise Energy has closed its Series B fundraising round at $180 million after inking a significant investment from another local energy leader.

    Quaise, which is developing a 50-megawatt superhot geothermal plant in Oregon, announced a "first close" of the round last month at $134 million, led by San Francisco-based investment firm Prelude Ventures. The $46 million bump has been fueled by a $35 million investment from Houston-based Nabors Industries.

    The funding will go toward the continued development of the company's superhot geothermal plant, Project Obsidian, as well as the commercialization of Quaise's millimeter-wave drilling system, according to a news release.

    “We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors,” Carlos Araque, Quaise CEO and president, said in the release. “Nabors is an invaluable partner as we move millimeter wave drilling to full commercial operations at Project Obsidian and beyond.”

    Nabors, a repeat investor in Quaise, has also entered into a strategic framework agreement with Quaise. Under the agreement, Quaise will have access to a dedicated Nabors land rig and drilling platform. Nabors will also provide expertise in reservoir modeling, well design and drilling strategy.

    Last year, Quaise drilled to a depth of about 330 feet using its millimeter-wave technology at its field site in Central Texas. Canary Media previously reported that Quaise plans to drill to nearly 3,300 feet later this year and to deploy its millimeter-wave technology at its power plant in 2027. The plant is expected to deliver power to the Pacific Northwest in 2030.

    Quaise and Nabors say the partnership will improve drilling performance, reduce costs and accelerate project timelines.

    “Superhot geothermal has the potential to make clean energy ubiquitous. That is why we are excited about our close relationship with Quaise,” Anthony Petrello, president and CEO of Nabors, added in the release. “Quaise’s millimeter wave technology changes the equation entirely by reaching superhot rock at temperatures and depths that are inaccessible with conventional drilling, transforming geothermal from a location-dependent resource into a global energy solution. Combined with Nabors’ drilling expertise and infrastructure, we see a path to gigawatt-scale geothermal power that no other company can offer today.”

    Quaise reports that with the latest funding, it has now raised $280 million. It raised $21 million in a Series A1 financing round in 2024 and a $52 million Series A in 2022.

    The company announced in March that it was aiming to raise $200 million for Project Obsidian through $100 million in Series B funding, plus an additional $100 million from grants, debt and project-level finance.

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