TotalEnergies has started up two new solar farms in Texas. Photo by Red Zeppelin/Pexels

TotalEnergies has begun the commercial operations of two utility-scale solar farms with integrated battery storage located in southeast Texas.

The two farms are located in Cottonwood and Danish Fields, which is TotalEnergies’ largest solar farm in the United States.

“The start-ups of Danish Fields and Cottonwood in the fast-growing ERCOT market showcase TotalEnergies’ ability to deliver competitive renewable electricity to support our clients’ decarbonization goals, as well as our own,” Olivier Jouny, senior vice president of renewables at TotalEnergies, says in a news release.

The new projects have a combined capacity of 1.2 gigawatts. They are part of a portfolio of renewable assets totaling 4 gigawatts in operation or under construction currently in Texas. Danish Fields holds a capacity of 720 megawatts peak and 1.4 million ground-mounted photovoltaic panels.

Cottonwood, with a capacity of 455 megawatts peak featuring over 847,000 ground-mounted photovoltaic panels, will also feature 225 megawatt hours of battery storage supplied by Saft. This is scheduled for commissioning in 2025. The electricity production is contracted under long-term PPAs indexed to “merchant prices through an upside-sharing mechanism with LyondellBasell and Saint-Gobain,” per thenews release. The deal is to help support the companies’ decarbonization efforts.

Seventy percent of Danish’s solar capacity has been contracted through long-term Corporate Power Purchase Agreements signed with Saint-Gobain, which feature an upside sharing mechanism indexed on merchant price. The other 30 percent is intended to support the decarbonization of TotalEnergies’ industrial plants in the Gulf Coast region. The projects will cover the electricity consumption of TotalEnergies’ industrial sites in Port Arthur and La Porte in Texas, and Carville in Louisiana, which include Myrtle Solar that was commissioned in 2023 and the under-construction Hill 1 solar farm.

In addition to the solar farms, TotalEnergies has also added 1.5 gigawatt of flexible power production capacity with three gas-fired power plants they acquired in Texas.

“Thanks to these projects, we are delighted to take another step in delivering our strategy across the entire value chain, from power generation to customer delivery, in order to achieve our profitability target of 12 (percent return on average capital employed) in our Integrated Power business,” Jouny adds in the release.

Houston-based energy companies have again held a sizable presence on the Fortune 500 ranking. Photo via Getty Images

Houston energy companies score big on annual Fortune 500 ranking

big cos.

Fourteen businesses with global or regional headquarters in the Houston area appear on Fortune’s new list of the world’s 500 biggest companies.

Oil and gas company Saudi Aramco, whose headquarters for the Americas is in Houston, leads the Houston-area pack. With annual revenue of $494.9 billion, it lands at No. 4 on the Fortune Global 500. Ahead of Saudi Aramco are U.S. retailers Walmart and Amazon, and Chinese electric company State Grid.

To put Saudi Aramco’s annual revenue in perspective, the total is slightly above the gross domestic product for the Philippines.

For the third year in a row, Saudi Aramco stands out as the most profitable member of the Fortune Global 500. The company racked up $121 billion in profit last year.

Overall, Saudi Aramco and 32 other petroleum refiners — many of them with a significant presence in the Houston area — made the Fortune Global 500.

“The Global 500 is the ultimate scorecard for business success. The aggregate revenue of the Fortune Global 500 in 2023 reached $41 trillion, a record level. That sum represents more than a third of global GDP — a sign of how much economic power is concentrated in these companies,” Scott DeCarlo, Fortune’s vice president of research, says in a news release.

Here’s the rundown of Fortune Global 500 companies with global or regional headquarters in the Houston area, including the ranking and annual revenue for each:

  • Saudi Aramco, No. 4, $494.9 billion, Americas headquarters in Houston
  • ExxonMobil, No. 12, $344.6 billion, global headquarters in Spring
  • Shell, No. 13, $323.2 billion; U.S. headquarters in Houston
  • TotalEnergies, No. 23, $218.9 billion, U.S. headquarters in Houston
  • BP, No. 25, $213 billion, U.S. headquarters in Houston
  • Chevron, No. 29, $200.9 billion, global headquarters relocating to Houston in 2024
  • Phillips 66, No. 52, $149.9 billion, global headquarters in Houston
  • Engie, No. 130, $89.3 billion, North American headquarters in Houston
  • Sysco, No. 163, $76.3 billion, global headquarters in Houston
  • ConocoPhillips, No. 235, $58.6 billion, global headquarters in Houston
  • Enterprise Products Partners, No. 303, $49.7 billion, global headquarters in Houston
  • Plains GP Holdings, No. 311, $48.7 billion, global headquarters in Houston
  • LyondellBasell, No. 368, $41.1 billion, global headquarters in Houston
  • SLB (formerly Schlumberger), No. 479, $33.1 billion, global headquarters in Houston

Fortune uses revenue figures for budget years ending on or before March 31, 2024, to rank the world’s largest companies.

The nonprofit climatetech incubator with locations in Houston and Somerville, Massachusetts, has a roster of over 80 corporates that provide funding, pilot opportunities, mentorship, and more. Photo via GreentownLabs.com

Greentown Labs names newest corporate partners

supporting startups

Greentown Labs has accumulated several new corporate partners in the past year.

The nonprofit climatetech incubator with locations in Houston and Somerville, Massachusetts, has a roster of over 80 corporates that provide funding, pilot opportunities, mentorship, and more.

In March, Ecopetrol joined Greentown as a Terawatt Partner, the highest level partner for the incubator. The company, which the Colombian government holds a majority ownership stake in, has integrated business across the hydrocarbon value chain, as well as low emission solutions and energy transmission. The company followed TotalEnergies, which joined at the Terawatt level, in January, and GE Vernova, a global energy company, which was announced as a partner in November.

Greentown's other new Terrawatt Partners include sustainable building solutions company Holcim and Boston Consulting Group, which helped the organization enhance its strategy for the future.

"As part of the partnership, BCG guided Greentown through a mission, vision, and strategy refresh aimed at maximizing the nonprofit incubator’s impact over the next several years," reads the Greentown Labs news release.

These are the other new additions to Greentown's corporate roster at the other levels:

  • Cell Signaling Technology (Gigawatt Partner), a life science company founded, owned, and led by active research scientists
  • SLB (Gigawatt Partner), a global technology company focused on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition
  • Embraer-X (Megawatt Partner), the disruptive innovation company of Embraer, the world’s third-largest aircraft manufacturer
  • Koppers (Megawatt Partner), an integrated global provider of treated-wood products, wood-treatment chemicals, and carbon compounds
  • Re:Build Manufacturing (Megawatt Partner), a family of design, engineering, and manufacturing businesses across the United States whose combined experience creates an industrial powerhouse greater than the sum of its parts
The partnership initially will focus on subsurface technology for reservoir engineering, as well as geoscience modeling and interpretation. Photo via totalenergies.com

SLB, TotalEnergies team up on 10-year partnership to develop scalable digital solutions

here's the deal

Houston-based energy tech company SLB has forged a 10-year partnership with French energy company TotalEnergies to develop technology aimed at tackling industry challenges such as carbon capture, utilization, and sequestration (CCUS).

“Collaboration and knowledge sharing are key for our industry to continuously develop more effective ways of unlocking energy access,” Rakesh Jaggi, president of SLB’s digital and integration business, says in a news release. “With this visionary partnership, we’re combining the know-how and expertise of both companies to accelerate the delivery of new digital capabilities that will benefit the whole industry.”

The partnership initially will focus on subsurface technology for reservoir engineering, as well as geoscience modeling and interpretation. The subsurface project will feature traditional technology coupled with artificial intelligence (AI).

Namita Shah, president of TotalEnergies’ OneTech business unit, says technology developed with SLB will help the oil and gas sector reduce emissions and dive deeper into geological carbon storage. TotalEnergies’ U.S. headquarters is in Houston.

“Through this digital partnership,” Shah says, “we will develop cutting-edge next-generation software, digital applications, and new algorithms applied to geoscience.”

One day after the digital partnership was announced, SLB said TotalEnergies had awarded a contract to SLB’s OneSubsea joint venture for a 13-well oil project being developed off the shore of Angola by TotalEnergies and two partners. Financial terms weren’t disclosed.

Initial production for the estimated $6 billion deepwater Kaminho project is targeted for 2028, generating up to 70,000 barrels of oil per day. TotalEnergies holds a 40 percent stake in Kaminho.

TotalEnergies owns a number of assets in Texas, including a refinery in Port Arthur. The refinery can produce about 200,000 barrels of oil per day along with low-sulfur fuels.

Here's the latest global energy company to sign onto Greentown Labs. Photo via GreentownLabs.com

Greentown Labs names Colombia-owned energy co. as latest top-tier industry partner

looking south

Greentown Labs has named its latest partner, opening a door to Colombia and South America.

Ecopetrol has joined Greentown as its newest Terawatt Partner, the highest level partner for the incubator. The company, which the Colombian government holds a majority ownership stake in, has integrated business across the hydrocarbon value chain, as well as low emission solutions and energy transmission.

"Accelerating the energy transition and fostering climate action is only possible through innovation, entrepreneurship, and meaningful partnerships," Ecopetrol's Chief Innovation Officer Agostinho João Ramalho Almeida says in a news release. "At Grupo Ecopetrol, we believe in joint efforts, orchestration, and access to technology to push barriers and increase value for our business and sustainability agenda. Partnering with Greentown Labs and working alongside industry leaders is an amazing opportunity to tackle common goals and challenges."

The company has a presence in several other locales throughout South and North America, per the release.

With the new partnership, Ecopetrol will have access to the Greentown community and events. Laura Tobón Díaz, head of innovation ecosystems and strategic partnerships for Ecopetrol, will serve on Greentown's Industry Leadership Council.

"Greentown is excited to partner with Ecopetrol, an energy company taking meaningful action on climate in collaboration with the Colombian government," Greentown CEO and President Kevin Knobloch says in the release. "We look forward to seeing our startups' climate technologies advance Ecopetrol's decarbonization efforts, as well as Ecopetrol sharing its energy expertise, connections, and resources with our entrepreneurs."

Earlier this year, TotalEnergies joined the incubator at the Terawatt level, and before that, GE Vernova was the latest top-level partner, joining last fall.

Houston energy transition folks — here's what to know to start your week. Photo via Getty Images

Talos offloads low carbon subsidiary, events not to miss, plus more Houston energy things to know

take note

Editor's note: Dive headfirst into the new week with three quick things to catch up on in Houston's energy transition: a roundup of events not to miss, a really big deal, and more.

Big deal: Talos Energy sells off low carbon arm to TotalEnergies in $148M deal

One of the biggest energy transition deals from last week was Talos Energy selling off its subsidiary, Talos Low Carbon Solutions LLC, to TotalEnergies. The deal is for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, which totals approximately $148 million.

Talos plans to use the proceeds from the sale to repay borrowings under its credit facility and for general corporate purposes. The sale includes Talos's entire carbon capture and sequestration business, which includes its three projects along the U.S. Gulf Coast with Bayou Bend CCS, Harvest Bend CCS, and Coastal Bend CCS. Read more.

Apply for the Rice Clean Energy Accelerator

The deadline to apply for the fourth cohort of the Rice Clean Energy Accelerator is Friday, March 29. Those interested in the nine-week program can learn more and apply online.

The program seeks to advance emerging ventures and entrepreneurs in the clean energy industry. CEA connects participants with industry leaders and investors.

With a focus on early-stage startups operating in the TRL range of 3 to 7, accepted companies gain access to a range of benefits, including mentorship and essential resources.

Events not to miss

Put these Houston-area energy-related events on your calendar.

  • DeCarb Connect supports senior leaders in decarbonization to accelerate strategy and decision making to reduce carbon emissions and reach net zero targets. The event is March 26 to 28 at Westin Houston Memorial City. Register.
  • On March 27, Greentown Houston is hosting "Accelerating Net-Zero Solutions: CCUS Innovation and Startup Showcase." Watch the Go Make 2023 cohort pitch their innovations in carbon utilization, storage, and traceability; hear about their work with Shell throughout the startup-corporate-partnerships accelerator; and learn from CCUS industry experts. Register.
  • The 3rd Annual Carbon Tracking and Reporting Conference begins next Wednesday in Houston. The event's matchmaking and networking app has been launched and registrants are viewing attendees and setting up meetings. Register.
  • On April 17, the University of Houston presents "Gulf Coast Hydrogen Ecosystem: Opportunities & Solutions" featuring experts from academia, industry, government, and more. The symposium begins at 8 am with a networking reception takes place beginning at 5 pm at the University of Houston Student Center South - Theater Room. Register.

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Investors from Houston and Boston fuel Greentown with $4M commitment

next era

Greentown Labs, a climatetech incubator with locations in the Houston and Boston areas, has announced it has received funding from a mix of investors.

The $4 million in funding came from both of the Houston and Massachusetts locations. Houston investors included Bobby Tudor, CEO of Artemis Energy Partners and chairman of the Houston Energy Transition Initiative; David Baldwin, co-founder of OpenMinds and TEX-E and partner at SCF Partners; and Rice University. Other investors included MassDevelopment and the City of Somerville.

“The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential,” Tudor says in a news release. “We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others.”

According to Greentown, the funding will support its financial position and contribute to preparing the incubator for its next chapter of supporting its its leadership team prepare for Greentown’s next chapter supporting and growing its 575 startups.

“Greentown’s mission aligns closely with the Houston Energy Transition Initiative’s goal of accelerating global solutions to address the dual challenge of meeting growing energy demand globally while also significantly reducing CO2 emissions,” adds Steve Kean, president and CEO of the Greater Houston Partnership.

With the announcement of the funding, Greentown named its board members, including Tudor, who will serve as Greentown Labs Board Chair. The other Houston-based board members are:

  • David Baldwin, co-founder of OpenMinds and TEX-E; partner atSCF Partners
  • Bob Harvey, former president and CEO of GHP; board member of TEX-E
  • Jane Stricker, senior vice president of energy transition and executive director of HETI

“With this new funding, Greentown is poised to expand its impact across its existing ecosystems and support even more climatetech startups,” adds Kevin Dutt, interim CEO of Greentown Labs. “We believe in the essential role entrepreneurship will play in the energy transition and we’re grateful for the support of our partners who share in that belief and our collective commitment to commercializing these technologies as quickly and efficiently as possible.”

According to Greentown, the incubator plans to announce its new CEO in the coming months.

2 Houston companies invest in innovative carbon-converting tech from Rice University

freshly funded

A Canadian company based on tech originating out of Rice University closed an equity financing round of up to $20 million thanks to two Houston-based companies.

NewTech Investment Holdings and Westlake Innovations Inc. led Universal Matter's investment round, which the company expand its graphene-based dispersion capacity technology that can be used for servicing customers and prospective customers in its target markets.

“Our continuing interest at NewTech is to seek out and invest in advanced materials companies having high potential to deliver disruptive technologies and environmental benefits within the cleantech sector,” NewTech Investment Holdings Managing Director Guy Hoffman says in a news release. “Universal Matter stands out with its game-changing graphene manufacturing process for producing high quality products that help reduce the carbon footprint in hard- to-abate sectors, such as cement concrete and bitumen asphalt-based applications.

Universal Matter's Flash Joule Heating process technology — originating out of Rice University's James Tour lab by scientist Duy Luong — can upcycle carbon into fully formulated graphene-based products to enhance the performance and sustainability of major industrial materials, per the company's release. Universal Matter developed the complementary product technologies with its Genable graphene-based dispersions that equate to ease-of-use by fabricators in major global markets that include cement/concrete, bitumen asphalt, industrial coatings, automotive tires, and others.

“Graphene is a material with a number of potential performance and sustainability benefits that could apply across a number of Westlake’s ‘Performance & Essential Materials and Housing & Infrastructure Products’ business lines,” Westlake's Senior Vice President and Managing Director John Chao says in the release. “We look forward to working with Universal Matter and its management team as it moves forward on development and commercialization of its flexible technology.”

This year, Universal Matter participated in the Greentown Go Make program put on by Greentown Labs and Shell. During the program, Universal Matter worked with Shell to identify eight potential collaboration areas across upstream carbon feedstocks, downstream end-use applications for the startup’s graphene, and more.

METRO rolls out electric shuttles for downtown Houston commuters

seeing green

The innovative METRO microtransit program will be expanding to the downtown area, the Metropolitan Transit Authority of Harris County announced on Monday.

“Microtransit is a proven solution to get more people where they need to go safely and efficiently,” Houston Mayor John Whitmire said in a statement. “Connected communities are safer communities, and bringing microtransit to Houston builds on my promise for smart, fiscally-sound infrastructure growth.”

The program started in June 2023 when the city’s nonprofit Evolve Houston partnered with the for-profit Ryde company to offer free shuttle service to residents of Second and Third Ward. The shuttles are all-electric and take riders to bus stops, medical buildings, and grocery stores. Essentially, it works as a traditional ride-share service but focuses on multiple passengers in areas where bus access may involve hazards or other obstacles. Riders access the system through the Ride Circuit app.

So far, the microtransit system has made a positive impact in the wards according to METRO. This has led to the current expansion into the downtown area. The system is not designed to replace the standard bus service, but to help riders navigate to it through areas where bus service is more difficult.

“Integrating microtransit into METRO’s public transit system demonstrates a commitment to finding innovative solutions that meet our customers where they are,” said METRO Board Chair Elizabeth Gonzalez Brock. “This on-demand service provides a flexible, easier way to reach METRO buses and rail lines and will grow ridership by solving the first- and last-mile challenges that have hindered people’s ability to choose METRO.”

The City of Houston approved a renewal of the microtransit program in July, authorizing Evolve Houston to spend $1.3 million on it. Some, like council member Letitia Plummer, have questioned whether microtransit is really the future for METRO as the service cuts lines such as the University Corridor.

However, the microtransit system serves clear and longstanding needs in Houston. Getting to and from bus stops in the city with its long blocks, spread-out communities, and fickle pedestrian ways can be difficult, especially for poor or disabled riders. While the bus and rail work fine for longer distances, shorter ones can be underserved.

Even in places like downtown where stops are plentiful, movement between them can still involve walks of a mile or more, and may not serve for short trips.

“Our microtransit service is a game-changer for connecting people, and we are thrilled to launch it in downtown Houston,” said Evolve executive director Casey Brown. “The all-electric, on-demand service complements METRO’s existing fixed-route systems while offering a new solution for short trips. This launch marks an important milestone for our service, and we look forward to introducing additional zones in the new year — improving access to public transit and local destinations.”

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This article originally ran on CultureMap.