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Clean tech startups score DOE funds, Houston company secures $12M, and more trending news

These were this week's most-read articles on EnergyCapital. Photo via Getty Images

Editor's note: From a new Houston energy transition exec to strategic partnerships and acquisitions, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Houston offshore robotics company secures $12M, makes major leadership changes

Houston-based Nauticus Robotics has a new CEO and fresh funding. Photo via LinkedIn

In the wake of a leadership reshuffling and amid lingering financial troubles, publicly traded Nauticus Robotics, a Webster-based developer of subsea robots and software, has netted more than $12 million in a second tranche of funding.

The more than $12 million in new funding includes a $9.5 million loan package.

Nauticus says the funding will accelerate certification of the company’s flagship Aquanaut robot, which is being prepared for its inaugural mission — inspecting a deep-water production facility in the Gulf of Mexico that’s owned by a major oil and gas company. Continue reading.

Houston companies land DOE vouchers for clean tech

Ten energy tech companies in Houston are among 111 organizations to receive up to $250,000 in vouchers from the DOE's Office of Technology Transitions, totaling $9.8 million in funding. Photo via Getty Images

Ten Houston-area companies will receive vouchers from the Department of Energy's latest round of funding to support the adoption of clean energy tech.

The companies are among 111 organizations to receive up to $250,000 in vouchers from the DOE's Office of Technology Transitions, totaling $9.8 million in funding, according to a release from the department.

The voucher program is in collaboration with the Offices of Clean Energy Demonstrations (OCED), Fossil Energy and Carbon Management (FECM), and Energy Efficiency and Renewable Energy (EERE). It is funded by the Bipartisan Infrastructure Law. Continue reading.

City offers free composting services to Houstonians looking to reduce landfill contributions

Looking to start composting? This is your month to try it out with free drop-off spots in Houston. Photo via Getty Images

The City of Houston Solid Waste Management Department is launching a free Food Waste Drop-Off pilot program through the end of February.

The program is in collaboration with Council Member Sallie Alcorn, Zero Waste Houston and the City of Houston Health Department, and allows residents to drop off food scraps at four different locations. Continue reading.

New global report names top cleantech startups to keep an eye on

Fervo Energy — and a few other Greentown Labs companies — made a global list of clean tech companies. Photo via fervoenergy.com

Nine Greentown Labs members were recognized on a global list honoring cleantech companies.

Houston-based Fervo Energy was named to Cleantech Group’s Global Cleantech 100 report. Cleantech Group is a research-driven company that aids the public sector, private sector, investors, and also identifies, assesses, and engages with the innovative solutions around climate challenges.

Fervo, a geothermal energy company that specializes in a renewable energy technology that uses hot water to produce electricity, debuted in 2022 on the list, and was honored in the “Energy & Power” category for the second straight year. Continue reading.

Exxon overcomes hefty charge and falling crude prices in fourth quarter to top profit expectations

Shares of the Houston-based company rose 2% before the market opened Friday. Photo via exxonmobil.com

ExxonMobil's fourth-quarter revenue and profits declined along with the price of oil, and the energy giant was weighed down by a hefty impairment charge tied to regulatory issues in California. Still, it posted a healthy adjusted profit and the company raised its quarterly dividend.

Shares of the Houston-based company rose 2% before the market opened Friday.

Revenue for the three months ended Dec. 31 declined to $84.34 billion from $95.43 billion. That fell short of the $91.81 billion that analysts polled by Zacks Investment Research expected. Continue reading.

Texas scores funding for EV infrastructure — and more top energy transition news. Photo via Getty Images

Texas sees new EV funding, M&A moves, and more trending Houston energy transition news

top stories

Editor's note: Looking back on the top news of the week, there are definitely some trends between electric vehicle moves and M&A activity. Scroll below for some of the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

Texas to receive $70M to build EV charging network

The federal grants will fund 47 EV charging stations and related projects in 22 states and Puerto Rico, including 7,500 EV charging ports. Photo by Andrew Roberts/Unsplash

The Biden administration is awarding $623 million in grants to help build an electric vehicle charging network across the nation, and Texas is expected to see a chunk of that funding.

Grants being announced Thursday will fund 47 EV charging stations and related projects in 22 states and Puerto Rico, including 7,500 EV charging ports, officials said.

“America led the arrival of the automotive era, and now we have a chance to lead the world in the EV revolution — securing jobs, savings and benefits for Americans in the process,” said Transportation Secretary Pete Buttigieg. The new funding “will help ensure that EV chargers are accessible, reliable and convenient for American drivers, while creating jobs in charger manufacturing, installation and maintenance for American workers.” Continue reading.

Houston recycling company names new CEO

David Hudson has been named CEO of Elemental Recycling. Photo via LinkedIn

A Houston company that turns recycled plastics into high-purity graphene and hydrogen has named its new leader.

David Hudson has been named CEO of Elemental Recycling. The company, founded in 2019, is an investment of Freestone, a portfolio company of Tailwater Capital. He succeeds Tom Samuels, former CEO and board chair of the company.

"With over two decades of proven expertise in driving strategic growth and profitability across the recycling, waste management, sustainability, and decarbonization sectors, David brings a wealth of experience that makes him the ideal leader to take the reins and guide Elemental into its next phase of innovation and growth," Samuels says in a news release. "I am excited about the possibilities that lie ahead for the company under David's leadership. His proven track record and passion for driving positive change make him the perfect steward for the next chapter of Elemental's journey." Continue reading.

Houston energy PE firm acquires nuclear infrastructure company

Pelican Energy has acquired Container Technologies Industries, a manufacturer of containment solutions for the nuclear industry. Photo via containertechnologies.com

A Houston-based private equity firm has made a strategic acquisition.

Pelican Energy has acquired Container Technologies Industries from a group of private shareholders. CTI is a manufacturer of containment solutions for the nuclear industry and a certified HUBZone small-business whose customers include the U.S. Department of Energy, the U.S. Department of Defense and the commercial-nuclear space. Pelican makes investments in energy equipment and serves oil and gas companies and those in the nuclear sectors. Continue reading.

Texas finishes low on list of EV charging stations despite increased efforts in Houston

California, with its 14,500 charging stations, has more EV charging stations than New York, Florida, and Texas combined. Photo via Getty Images

In a new report that ranked states with the most electric vehicle chargers, Texas falls behind other similarly-sized states

The SmartAsset study looked at the closest EV charging stations equivalent to a trip to the gas station — factoring in each state's population. California, with its 14,500 charging stations, has five times the EV charging stations as New York (3,327), Florida (2,913) and Texas (2,472). While California ranked No. 1 on the list, Texas found itself at No. 41. Continue reading.

Houston energy company to combine with Chesapeake in $7.4B deal

Houston-based Southwestern Energy will combine with Oklahoma City-based Chesapeake Energy. Photo via swn.com

Chesapeake Energy and Southwestern Energy are combining in a $7.4 billion all-stock deal to form one of the biggest natural gas producers in the U.S.

There have been a string of deals in the energy sector, including the nearly $60 billion acquisition of Pioneer Natural Resources by ExxonMobil and a $53 billion deal between Chevron and Hess.

Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each outstanding share of Southwestern common stock at closing.

Chesapeake shareholders will own about 60 percent of the combined company, while Southwestern shareholders will own approximately 40 percent. Continue reading.

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Houston group secures contract for major clean ammonia project in Louisiana

locked in

Houston-headquartered McDermott has received a new contract on a Louisiana clean ammonia project.

Clean energy development company Clean Hydrogen Works tapped McDermott for the front-end engineering and design contract for the Ascension Clean Energy Project. ACE — located in Ascension Parish, Louisiana — is jointly developed by CHW with strategic shareholders ExxonMobil, Mitsui O.S.K. Lines, and Hafnia and is expected to initially produce 2.4 million metric tons per annum of clean ammonia and expand to total 7.2 million metric tons per annum production down the road.

“We are thrilled to partner with McDermott, a company renowned for its extensive experience in mega module construction, demonstrated by a remarkable track record of on-time, on-budget execution of major energy and chemicals projects," Johnny Cook, CHW senior vice president of engineering, procurement, and construction, says in a news release. "This collaboration further strengthens key competitive advantages of our project, including being a mega module capable site with ready infrastructure access to gas, shipping and CCS, an unmatched shareholder base with expertise in CCS and maritime transport, and an experienced team with demonstrated success in executing mega module projects.”

The project has carbon capture and sequestration contracts with ExxonMobil and expects regulatory approvals by early 2025. ACE is expected to reach its final investment decision by late 2025 and start production in 2029. McDermott’s Houston office will lead the project with support from its Gurugram, India, office.

“This FEED award is testament to McDermott’s industry-leading mega-module delivery and installation expertise, and the breadth of our capabilities across the energy transition,” Rob Shaul, McDermott’s senior vice president of Low Carbon Solutions, adds. “Our integrated delivery model, with self-perform construction capabilities and portfolio of McDermott-owned, globally diversified, module fabrication yards means we can offer CHW a repeatable modular implementation solution that is expected to maximize value, reduce risk and provide quality assurance.”

Earlier this year, Houston-based Element Fuels completed the pre-construction phase of its hydrogen-powered clean fuels refinery and combined-cycle power plant in the Port of Brownsville — a project that McDermott is also providing FEED services for.

Also recently, McDermott secured an agreement to work on Canada's first commercial green hydrogen and ammonia production facility.

Houston-based Phillips 66 faces federal charges related to alleged Clean Water Act violations

investigation station

Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California, authorities said Thursday.

The Houston-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease, the U.S. Department of Justice said.

The company allegedly dumped the wastewater from its Carson oil refinery into the Los Angeles County sewer system in 2020 and 2021 and did not report the violations, prosecutors said.

Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. The company faces up to five years of probation on each count and a maximum of $2.4 million in fines.

An arraignment date has not been set.

“Phillips 66 will continue its cooperation with the U.S. Attorney’s office and is prepared to present its case in these matters in court,” a spokesperson said in a statement Thursday. “The company remains committed to operating safely and protecting the health and safety of our employees and the communities where we operate.”

Last month, Phillips announced it would close its Southern California refinery by the end of 2025, citing market concerns. That refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission.

The company also operates a refinery near San Francisco that accounts for about 5% of California’s refining capacity, according to the state Energy Commission.

Houston energy co. accelerates Beaumont storage expansion after key investment deal

deal is in motion

With the acquisition of its Texas business now complete, Houston-based Caliche Development Partners is moving ahead with expansion of a natural gas storage project in Beaumont.

This milestone comes after a previously announced majority investment in Caliche by New York City-based investment firm Sixth Street, which has offices in Houston, Austin, and Dallas. Sixth Street recently closed on the Texas portion of the deal, and it expects to wrap up the California portion of the deal in mid-2025.

The amount of Sixth Street’s investment in Caliche wasn’t disclosed.

Completion of the deal’s Texas component gave Caliche the go-ahead to start spending Sixth Street’s money on the Beaumont project.

Caliche already has started construction on the 14 billion-cubic-feet expansion of its Golden Triangle Storage natural gas storage facilities. Two new caverns, expected to come online in 2026 and 2027, will double total storage capacity to 28 billion cubic feet (Bcf).

The Golden Triangle Storage system connects to seven major pipelines in the Beaumont-Port Arthur area.

Meanwhile, Caliche has started construction on what’s billed as the world’s largest helium storage cavern, also located at the Golden Triangle site. This cavern is slated to begin operating in 2025, while Caliche expects its planned carbon sequestration project located just four miles west of Golden Triangle to enter the next phase of the Class VI permitting process by May 2026.

Caliche is an acquisition and development company that specializes in underground storage of natural gas, industrial gasses like hydrogen and helium, and carbon emissions. Caliche’s projects are in the Texas Gulf Coast’s Jefferson County and Northern California’s Colusa County.

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