Fifteen startups — with clean energy solutions involving everything from solar energy to hydrogen — are joining Rice Alliance's Clean Energy Accelerator later this summer. Photo via Getty Images

A clean energy program has announced its third cohort and named the 15 startups that were accepted into to the accelerator.

The Rice Alliance's Clean Energy Accelerator revealed its 2023 cohort that will be in the 10-week program that kicks of July 25. CEA, a hybrid program based out of the Ion, will wrap up with a Demo Day alongside the 20th Annual Rice Alliance Energy Tech Venture Forum on September 21.

The accelerator, led by Kerri Smith and Matt Peña, provides the cohort with programming, networking, and mentorship from six executives in residence — Nathan Ball, Fatimah Bello, Michael Egan, Michael Evans, Stephen Sims, and Deanna Zhang.

Since the Clean Energy Accelerator launched in 2021, the program has supported 29 ventures that have gone on to raise over $75 million in funding, identified and launched pilots, and created jobs, According to Rice, many of these companies relocated to Houston.

Class 3, which has already raised $23.3 million in funding, hails from four countries and seven states and are addressing a range of energy solutions — from advanced materials, carbon management/capture, energy storage, hydrogen, solar energy, wind energy, and more. They were selected by a screening committee consisting of more than 50 industry experts, investors, energy leaders, and entrepreneurs.

The third class, as announced by Rice Alliance, is as follows:

  • Ayrton Energy, based in Alberta, Canada, provides hydrogen storage technology that improves hydrogen transport logistics for distributed energy applications.
  • Headquartered in Massachusetts, Carbix transforms atmospheric carbon dioxide emissions into building materials using proprietary reactor technology.
  • Houston-based CryoDesalination lowers the carbon footprint and cost of removing salts and heavy metals from water and industrial effluents.
  • Digital Carbon Bank, based in Alberta, Canada, provides a carbon solution tailored for the energy industry.
  • Chandler, Arizona-based EarthEn provides compressed carbon dioxide-based energy storage and artificial intelligence solutions allowing grid owners/operators to be completely renewable.
  • H Quest Vanguard, from Pittsburgh, provides green hydrogen at a five to 10 times lower cost to users of natural gas to decarbonize industrial heat.
  • Calgary, Alberta-based Highwood Emissions Management's SaaS platform allows oil and gas companies to understand their emissions and develop robust plans to reduce them.
  • Icarus RT, from San Diego, California, improves photovoltaic efficiency while enabling useful heat energy storage.
  • Los Altos, California-based Khepra has developed a chemical manufacturing platform for the low-cost, sustainable production of agrochemicals.
  • Binghamton, New York-based Natrion’s electrolyte is a drop-in solid-state battery component that can be rapidly implemented into existing batteries.
  • Oceanways, based in London, provides low-cost, flexible and scalable zero-emission underwater "virtual pipelines" to energy producers.
  • Relyion Energy, from Santa Clara, California, is developing battery usage and intelligence solutions with deeper data and insights for retired electric vehicle batteries.
  • Massachusetts-based Triton Anchor provides a more cost-effective anchoring solution for offshore clean energy with minimal environmental impact.
  • TROES, from Markham, Ontario, provides a 4-in-1 microgrid solution with integrated hardware and software for a streamlined energy storage experience.
  • Mexico City-based Tycho Solutions supports clean energy project developers by saving time and money during the critical project-siting process.
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This article originally ran on InnovationMap.

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Houston company lands first deal from new Blackstone energy transition fund

M&A activity

Asset manager Blackstone has agreed to buy Houston-based Dresser Utility Solutions from Connecticut private equity firm First Reserve for an undisclosed amount. First Reserve has a major presence in Houston.

The deal represents the first investment from Blackstone Energy Transition Partners V.

“Blackstone’s deep resources and experience in the utility sector make them an ideal partner as we continue to invest in innovation, expand our product portfolio, and deliver value for our customers,” Dresser CEO David Evans said in a news release.

Founded in 1880, Dresser provides metering technology, digital instrumentation and software, pressure and flow controls, and infrastructure repair products for gas and water utilities and industrial customers. The company employs about 850 people worldwide.

“As demands on the energy grid continue to grow, Dresser plays a critical role as a trusted partner to utilities managing essential infrastructure. The company’s products are foundational to the safe and reliable operation of gas and water networks, and its reputation for quality has helped build longstanding customer relationships,” David Foley, global head of Blackstone Energy Transition Partners, and JP Munfa, senior managing director, said in the release.

Blackstone Energy Transition Partners has invested more than $28 billion across the energy transition sector. New York-based Blackstone closed Blackstone Energy Transition Partners Fund IV at $5.6 billion in February 2025. Blackstone Energy Transition Partners Fund III closed in 2020 for $4.4 million, according to Pitchbook.

Other notable energy transition investments from Blackstone funds include Salt Lake City-based Energy Exemplar, French electronics manufacturing company Sediver, Plano-based Westwood Professional Services and others.

Two years ago, Dresser secured a $335 million credit facility from funds managed by asset manager Blue Owl Capital. At the time, Dresser said the money would go toward capital expenses, acquisitions and corporate needs.

This is the second notable investment Blackstone has made in a Houston-based energy company in recent months. In May, Blackstone and energy heavyweight Halliburton made a $1 billion equity investment in Houston power generation startup VoltaGrid, which provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers.

Houston cleantech startup closes $17M round to tap into hot geothermal sector

fresh funding

Houston-area startup Hephae Energy Technology Corp. has closed a $17.8 million Series A financing round to commercialize its geothermal technology.

The round was co-led by Pennsylvania-based Susquehanna Sustainable Investments, which invests in early-stage climatech companies, and Copenhagen-based Underground Ventures, which focuses on geothermal energy startups. Alfa8, Baruch Future Ventures, Centaurus Capital LP, Elemental Impact, Exa Ventures, Future Ventures, Grantham Foundation for the Protection of the Environment, New System Ventures and True North Institute joined the round, along with existing Houston-based investor Nabors Industries. Hyphae reports in a news release that the Series A round brings the company's total capital raised to $24.7 million.

Hephae develops ultra-high-temperature downhole sensing, measurement, communications and control systems that can withstand the heat of geothermal sites, which are hotter and deeper than traditional oil and gas reservoirs. The company's Pandora210 system can operate at up to 400 degrees Fahrenheit.

Hephae reports that it plans to use the new funding to commercialize its Pandora210 tool and to launch research and development into systems that can withstand temperatures of up to 570 degrees Fahrenheit. Houston-based Fervo Energy, for instance, recently tapped its hottest geothermal well to date in western Utah, showing temperatures above 555 degrees Fahrenheit.

"Commercial deployment represents a major milestone in our mission to scalable, always-on, emission-free power globally, with a world-class team to tackle this problem," Steve Krase, CEO of Hephae Energy Technology, said in the release." This investment enables Hephae to transition from development to scale, delivering the ultra-high temperature drilling technologies needed to support the rapid growth of the geothermal industry in the US and international markets."

Hephae has been collaborating with Fervo Energy in the field. The company told the Houston Business JournalHouston Business Journal this spring that it expected its Pandora210 technology to be deployed at its Utah sites.

“Fervo is encouraged by the early progress of our collaboration with Hephae, whose novel high-temperature innovations have the potential to contribute positively to EGS economics, unlock higher-energy geothermal resources, and further cement the competitiveness of next-generation geothermal power," Elliot Howard, director of drilling and completions at Fervo, added in the release.

As the geothermal industry continues to scale, Hephae says it aims for its technology to help companies "unlock hotter, deeper resources that result in lower produced energy costs."

The Spring-based startup was founded in 2020 by CEO Steve Krase and CTO John Clegg. Krase previously launched Navigate Energy Services, which was acquired by Nabors in 2013. Clegg is also an industry veteran and has held numerous leadership positions at energy companies, including Weatherford, NOV, Schlumberger and others.