These three Houston innovators have been recognized by Time Magazine. Photos courtesy

Three Houston executives — Andrew Chang, Tim Latimer, and Cindy Taff — have been named to Time magazine’s prestigious list of the 100 Most Influential Climate Leaders in Business for 2024.

As managing director of United Airlines Ventures, Chang is striving to reduce the airline’s emissions by promoting the use of sustainable aviation fuel (SAF). Jets contribute to about two percent of global emissions, according to the International Energy Agency.

In 2023, Chang guided the launch of the Sustainable Flight Fund, which invests in climate-enhancing innovations for the airline sector. The fund aims to boost production of SAF and make it an affordable alternative fuel, Time says.

Chang tells Time that he’d like to see passage of climate legislation that would elevate the renewable energy sector.

“One of the most crucial legislative actions we could see in the next year is a focus on faster permitting processes for renewable energy projects,” Chang says. “This, coupled with speeding up the interconnection queue for renewable assets, would significantly reduce the time it takes for clean energy to come online.”

At Fervo Energy, Latimer, who’s co-founder and CEO, is leading efforts to make geothermal power “a viable alternative to fossil fuels,” says Time.

Fervo recently received government approval for a geothermal power project in Utah that the company indicates could power two million homes. In addition, Fervo has teamed up with Google to power the tech giant’s energy-gobbling data centers.

In an interview with Time, Latimer echoes Chang in expressing a need for reforms in the clean energy industry.

“Addressing climate change is going to require us to build an unprecedented amount of infrastructure so we can replace the current fossil fuel-dominated systems with cleaner solutions,” says Latimer. “Right now, many of the solutions we need are stalled out by a convoluted permitting and regulatory system that doesn’t prioritize clean infrastructure.”

Taff, CEO of geothermal energy provider Sage Geosystems, oversees her company’s work to connect what could be the world’s first geopressured geothermal storage to the electric grid, according to Time. In August, Sage announced a deal with Facebook owner Meta to produce 150 megawatts of geothermal energy for the tech company’s data centers.

Asked which climate solution, other than geothermal, deserves more attention or funding, Taff cites pumped storage hydropower.

“While lithium-ion batteries get a lot of the spotlight, pumped storage hydropower offers long-duration energy storage that can provide stability to the grid for days, not just hours,” Taff tells Time. “By storing excess energy during times of low demand and releasing it when renewables like solar and wind are not producing, it can play a critical role in balancing the intermittent nature of renewables. Investing in pumped storage hydropower infrastructure could be a game-changer in achieving a reliable, clean energy future.”

Five companies with connections to Houston have made it on this year’s 100 most influential companies by Time magazine. Photo via Getty Images

Houston energy businesses score spots on prestigious list of most influential companies

LEADING THE PACK

Five companies with strong ties to Houston have been named among this year’s 100 most influential companies by Time magazine, with a few representing the energy industry.

The five companies are:

  • South Korea’s Hanwha Group, whose Hanwha Power Systems Americas subsidiary is in Houston. Hanwha, known as the “Lockheed Martin of Asia,” was praised for winning approval last year from the American Bureau of Shipping for the world’s first large-scale, carbon-free liquefied natural gas (LNG) vessel.
  • Saudi Aramco, whose Americas headquarters is in Houston. Time cited Saudi Aramco’s dominance in the global oil market as a $1.9 billion “giant.”
  • Germany-based ThyssenKrupp Nucera, whose U.S. headquarters is in Houston. The company builds alkaline water electrolyzers to power steel mills and other fossil-fuel-dependent industrial sites.
  • United Airlines, which operates a hub at George Bush Intercontinental Airport. Chicago-based United was lauded for funding startups that help produce sustainable aviation fuel.
  • Houston-based Intuitive Machines. In February, the company’s Odysseus spacecraft became the first commercial spacecraft to land on the moon. The feat also marked the first U.S. landing on the moon since 1972.

To come up with the fourth annual list, Time solicited nominations and polled in-house contributors and correspondents, along with external experts. Editors at Time then evaluated each company based on factors such as impact, innovation, ambition, and success.

“The result is a diverse group of 100 businesses helping chart an essential path forward,” the magazine says.

In a news release, Time’s editor in chief, Sam Jacobs, says the list of 100 companies “is more than an index of business success.”

“It is an argument for what business influence looks like in 2024,” Jacobs adds. “At a time when leadership in other sectors is battered, surveys suggest that many look to corporate leaders first for direction …. Each show us how companies can provide new models and new inspiration for the future of humanity.”

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This article originally ran on InnovationMap.

Among Dimensional Energy's funders are Microsoft and United. Photo via dimensionalenergy.com

Decarbonization tech startup with Houston office scores $20M from United, Microsoft, and others

Money moves

Climatech company Dimensional Energy, which operates a Houston office, has scooped up $20 million in series A funding.

Founded in 2014, Ithaca, New York-based Dimensional Energy specializes in producing decarbonization technology, sustainable aviation fuel, and carbon emissions-derived fuels and materials. South Korea’s Envisioning Partners led the round, with participation from investors such as:

  • United Airlines’ Sustainable Flight Fund
  • Microsoft’s Climate Innovation Fund
  • RockCreek Group’s Smart Aviation Futures fund
  • DSC Investment
  • Delek US
  • Empire State Development
  • Climate Tech Circle

The company also says it’s working toward becoming a certified B Corporation. Businesses that achieve this certification seek to balance purpose and profit.

Dimensional Energy says the $20 million funding round positions it for “significant growth,” enabling it to:

  • Build the world’s first advanced power-to-liquid fuel plant and continue developing commercial power-to-liquid fuel plants.
  • Roll out the company’s initial B2B and B2C products, such as a fossil-free surf wax and a cruelty-free fat alternative for vegan food manufacturers.
  • Evolve the company’s proprietary reactor and catalyst technologies, which are being tested at its pilot plant in Tucson, Arizona.

“The world needs immediate and rapid decarbonization across all sectors, and Dimensional Energy shows great promise as a cleaner and lower-carbon aviation solution alongside reductions in industrial emissions,” Brandon Middaugh, senior director of Microsoft’s Climate Innovation Fund, says in a news release.

Dimensional Energy’s technology transforms carbon dioxide emissions into sustainable aviation fuel (SAF), renewable diesel, and synthetic paraffin that can be refined into more than 6,000 everyday products.

“Dimensional Energy particularly stood out to us for their differentiated technology, exceptional team, and significant progress to date towards producing SAF and other industrial products from CO2,” says Justin Heyman, managing director at RockCreek. “This technology can significantly reduce the environmental footprint of the airline industry.”

Andrew Chang, managing director of United Airlines Ventures, says it's his job to accelerate the airline's mission to decarbonize operations. Photo via LinkedIn

How United Airlines got into the sustainable energy biz

funding SAF

While someone might not immediately make the connection between aviation and the energy transition, United Airlines understands the importance of more sustainable fuel — and has put its money where its mouth is.

According to an International Energy Agency report, the aviation accounted for 2 percent of global energy-related CO2 emissions last year. Earlier this year, United Airlines launched a fund that called for collaboration across the industry.

After only five months, the United Airlines Ventures Sustainable Flight Fund SM increased to nearly $200 million and added new financial partners, airlines, and more. The fund takes on funding from its 13 limited partners and exists separately from United's core business operations.

Andrew Chang, managing director of United Airlines Ventures, says it's his job to accelerate the airline's mission to decarbonize operations. He explains that working together on the fund is the key for advancing sustainable aviation fuel, or SAF.

"We all recognize that we may compete in our core business, but with the importance of sustainable aviation fuel and given that it's an industry that doesn't exist — you can't compete for something that doesn't exist — let's collaborate and work together to explore technologies that can directly or indirectly support the commercialization and production of sustainable aviation fuel," he says on the Houston Innovators Podcast.

United Airlines also recently signed an offtake agreement with Cemvita Factory, a Houston biotech startup that's working on SAF. Chang discusses this partnership on the show, as well as explaining how he works with other startups and what he's looking for.

The offtake agreement and the fund are just two examples of how United is building to a more sustainable future. As Chang explains on the show, the aviation industry hasn't evolved too much over the past three or four decades.

"It's been a challenging market," he says, blaming the ever-evolving macroeconomic conditions for providing challenges for the airline, taking away its focus from new technologies. "But I think we are at a point where the industry is in a healthier place, the sector has consolidated, we are supported by our consumers, and we are now empowered with the financial and strategic capital to think ahead."

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This article originally ran on InnovationMap.

United Airlines is interested in buying Cemvita's sustainable aviation fuel when it's produced. Photo courtesy of Cemvita

United Airlines signs offtake arrangement with Houston startup for sustainable fuel production

green fuel incoming

An innovative Houston company is celebrating a new deal with a global airline.

Cemvita Corp. announced a new offtake arrangement with United Airlines. Cemvita's first full-scale sustainable aviation fuel plant will provide up to 1 billion gallons of SAF to United Airlines. The 20-year contract specifies that Cemvita will supply up to 50 million gallons annually to United.

It's not the first collaboration Cemvita has had with the airline. Last year, United invested in the biotech company, which used the funding to open its Houston pilot plant.

“Since our initial investment last year, Cemvita has made outstanding progress, including opening their new pilot plant – an important step towards producing sustainable aviation fuel,” United Airlines Ventures President Michael Leskinen says in a news release. “United is the global aviation leader in SAF production investment, but we face a real shortage of available fuel and producers. Cemvita’s technology represents a path forward for a potentially significant supply of SAF and it’s our hope that this offtake agreement for up to one billion gallons is just the beginning of our collaboration.”

Founded in Houston in 2017 by brother-sister team Moji and Tara Karimi, Cemvita's biotechnology can mimic the photosynthesis process, turning carbon dioxide into feedstock. The company's SAF plan hopes to increase reliability of existing SAFs and lower impact of fuel creation.

“Biology is capable of truly amazing things,” Moji Karimi, CEO of Cemvita, says in the release. “Our team of passionate, pioneering, and persistent scientists and engineers are on a mission to create sustainable BioSolutions that redefine possibilities.”

“We are thrilled to partner with United Airlines in working towards transforming the aviation industry and accelerating the energy transition,” he continues. “This agreement featuring our unique SAF platform is a major milestone towards demonstrating our journey to full commercialization.”

Earlier this year, United, which was reportedly the first airline to announce its goal of net zero carbon emissions by 2050, launched its UAV Sustainable Flight FundSM. The fund, which named Cemvita to its inaugural group of portfolio companies, has raised over $200 million, as of this summer.

Moji and Tara Karimi co-founded Cemvita in 2017. Photo courtesy of Cemvita

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ExxonMobil invests over $200M in Texas advanced recycling sites

doubling down

ExxonMobil announced that it plans to invest more than $200 million to expand its advanced recycling operations at its Baytown and Beaumont sites that are expected to start in 2026. The new operations can help increase advanced recycling rates and divert plastic from landfills, according to ExxonMobil.

“We are solutions providers, and this multi-million-dollar investment will enhance our ability to convert hard-to-recycle plastics into raw materials that produce valuable new products,” says Karen McKee, president of ExxonMobil Product Solutions, in a news release.

The investment plans to add 350 million pounds per year of advanced recycling capacity at Baytown and Beaumont, which will bring ExxonMobil’s total capacity to 500 million pounds annually. The first Baytown facility started in 2022 and represents one of the largest advanced recycling facilities in North America by having processed more than 70 million pounds of plastic waste.

“At our Baytown site, we’ve proven advanced recycling works at scale, which gives us confidence in our ambition to provide the capacity to process more than 1 billion pounds of plastic per year around the world,” McKee said in a news release. “We’re proud of this proprietary technology and the role it can play in helping establish a circular economy for plastics and reducing plastic waste.”

Advanced recycling works by transforming plastic waste into raw materials that can be used to make products from fuels to lubricants to high-performance chemicals and plastics. Advanced recycling allows for a broader range of plastic waste that won't be mechanically recycled and may otherwise be buried or burned.

ExxonMobil will continue development of additional advanced recycling projects at manufacturing sites in North America, Europe and Asia with the goal of reaching 1 billion pounds per year of recycling capacity by 2027.

Houston-based Fervo Energy collects $255M in additional funding

cha-ching

A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.

Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II with participating investors including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

The funding will go toward supporting Fervo's ongoing and future geothermal projects.

“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” Fervo CEO and Co-Founder Tim Latimer says in a news release. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”

Additionally, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, an independent energy and commodity group that previously invested in the company.

“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” Brian Falik, group chief investment officer of Mercuria, adds. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”

In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.

Other wins for Fervo this year include moving into its new headquarters in downtown Houston, securing a power purchase agreement with California, growing its partnership with Google, and being named amongst the year's top inventions by Time magazine.


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This article originally ran on InnovationMap.