Houston organization rolls out new accelerator to support companies tackling 'pressing global challenges'

CALLING FOR APPLICANTS

Calling all biotechnology startups focusing on sustainable feedstocks, commercially viable yields, and purpose fit microbes. Photo via Getty Images

A Houston organization — freshly funded by a $700,000 U.S. Economic Development Administration’s “Build to Scale” grant — is seeking its first accelerator cohort of industrial biology startups.

Founded by Houston-based First Bight Ventures, the BioWell has launched a virtual accelerator program that will provide programming, networking, mentorship, and financial resources to its inaugural cohort of 10 bioindustrial startups. The selected companies will also have access to specialized pilot bioproduction infrastructure throughout the nine-month program.

“BioWell equips startups with more than just capital. We provide a foundation for breakthrough innovations by combining access to cutting-edge bioproduction facilities with expertise that nurtures scalability. This comprehensive support is crucial for transforming pioneering ideas into market-ready solutions that can address pressing global challenges,” Carlos Estrada, head of venture acceleration at BioWell, says in a news release.

Applications for the program are open until May 15, and the cohort will be announced in June. Specifically, BioWell is seeking seed or pre-seed startup applicants that have a technology readiness level of 3 to 5, focusing on areas including low-cost and sustainable feedstocks, commercially viable yields, and purpose fit microbes.

“During our selection process, we'll prioritize startups that demonstrate a commitment to not only hitting milestones but also to building sustainable revenue streams for long-term survival. This phase necessitates keen awareness of market dynamics, customer demands, and sound financial management,” adds First Bight Ventures and BioWell Founder Veronica Wu.

In December, BioWell secured $741,925 of the $53 million doled out as a part of the "Build to Scale" Grant program that the U.S. Economic Development Administration, a division of the U.S. Department of Commerce, has established. First Bight was one of 60 organizations to receive funding.

Ex-Apple exec Wu founded First Bight Ventures in Houston in 2022 after relocating from Silicon Valley and seeing the region's potential for biotech.

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This article originally ran on InnovationMap.

First Bight Venture's BioWell has received a $741,925 grant to continue supporting bioindustrial startups. Photo via Getty Images

Houston nonprofit accelerator receives grant funding to advance bioindustrial startups

the biowell

A Houston-based nonprofit accelerator that works with early-stage synthetic biology startups has secured nearly $750,000 to support its mission.

First Bight Ventures' accelerator, BioWell, secured $741,925 of the $53 million doled out as a part of the "Build to Scale" Grant program that the U.S. Economic Development Administration, a division of the U.S. Department of Commerce, has established. First Bight was one of 60 organizations to receive funding.

The funding will support the BioWell's mission to establish a "vibrant bioeconomy" by helping startups scale and commercialize "through access to a unique combination of pilot bioproduction infrastructure," according to a news release from First Bight.

"Startups at BioWell will gain access to a robust ecosystem, expertise, mentorship, and financial resources essential for successfully commercializing their bio-industrial innovations," BioWell Executive Director Paul Palmer says in the release.

The BioWell is still working toward establishing a physical space and has worked out of the East End Maker Hub in the meantime. The organization has partnered with Urban Partnerships Community Development Corporation, or UP CDC, which led the application process on this federal grant.

"BioWell chose to partner with UP CDC for the EDA grant, to continue the successful model that UP CDC has created at the East End Maker Hub for advanced manufacturing. UP CDC looks forward to continuing our partnership with BioWell in the UP CDC's BioCity project that will position Houston at the forefront of bio-manufacturing," UP CDC's CEO Patrick Ezzell says in the release.

First Bight Ventures Founder Veronica Wu established the BioWell to target high-potential startups, which usually have to overcome lack of funding challenges early on.

"Often times, early-stage startups gain momentum and hit important milestones, but ultimately find themselves heading toward the 'Valley of Death,' where progress is made on their enterprise, but no sufficient revenue is generated for the company's stability and longevity," Wu says in the release. "This 'Build to Scale' program's support will help offset these inevitable challenges in our bio-industrial space."

She shares more about her mission for First Bight Ventures on the Houston Innovators Podcast. Listen to the interview from March below.

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This article originally ran on InnovationMap.

Houston VC invests in early stage California biodegradable plastics startup

seed funding

Houston-based venture capital firm First Bight Ventures led a $5 million seed round for Encinitas, California-based startup Algenesis, a developer of biodegradable plastics.

Algenesis bills its patented Soleic technology as the world’s first renewable, high-performance, fully biodegradable, and backyard-compostable polyurethane made from plants and algae. Each year, 25 million tons of hard-to-recycle polyurethane are produced for the footwear, medical, and textile industries. Polyurethane, typically made from petroleum, usually ends up as landfill waste or environmental microplastics.

Algenesis says Soleic can biodegrade in compost within a matter of months and does not contain harmful PFAS chemicals found in other plastics.

Algenesis says the new funding will enable it to expand beyond soft-foam applications, such as midsoles and insoles for footwear, and into injection-molded products such as smartphone cases along with waterproof textiles.

Aside from First Bight Ventures, investors in the seed round are Singapore-based Circulate Capital, India-based MIH Capital, Chesapeake, Virginia-based Diamond Sports Group, and France-based Rhinoshield.

The investment comes on the heels of a $5 million grant Algenesis received from the U.S. Department of Energy to scale up production of biochemicals.

“To save our planet and ourselves, we must move away from petroleum-based plastics and toward bio-based alternatives. Algenesis is clearly at the forefront of making this possible,” says Veronica Wu, founder of First Bight Ventures.

First Bight, which launched in 2022, invests in early-stage startups working on synthetic biology.

“First Bight is investing to bring the best and the brightest — and most promising — synthetic biology startups from around the country to Houston,” Wu said last year.

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Fervo Energy closes $462M series E

fresh funding

Houston-based geothermal energy company Fervo Energy has closed an oversubscribed $462 million series E funding round, led by new investor B Capital.

“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” Jeff Johnson, general partner at B Capital, said in a news release. “With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”

The financing reflects “strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future,” according to the company. The round also included participation from Google, a longtime Fervo Partner, and other new and returning investors like Devon Energy, Mitsui & Co., Ltd., Mitsubishi Heavy Industries and Centaurus Capital. Centaurus Capital also recently committed $75 million in preferred equity to support the construction of Cape Station Phase I, Fervo noted in the release.

The latest funding will support the continued buildout of Fervo’s Utah-based Cape Station development, which is slated to start delivering 100 MW of clean power to the grid beginning in 2026. Cape Station is expected to be the world's largest next-generation geothermal development, according to Fervo. The development of several other projects will also be included in the new round of funding.

“This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond,” Tim Latimer, CEO and co-founder of Fervo, added in the news release. “We’re building the clean, firm power fleet the next decade requires, and we’re doing it now.”

Fervo recently won Scaleup of the Year at the 2025 Houston Innovation Awards, and previously raised $205.6 million in capital to help finance the Cape Station earlier this year. The company fully contracted the project's capacity with the addition of a major power purchase agreement from Shell this spring. Fervo’s valuation has been estimated at $1.4 billion and includes investments and support from Bill Gates.

“This new investment makes one thing clear: the time for geothermal is now,” Latimer added in a LinkedIn post. “The world desperately needs new power sources, and with geothermal, that power is clean and reliable. We are ready to meet the moment, and thrilled to have so many great partners on board.”

Air Liquide and Hyundai ink partnership to scale hydrogen economy

green team

Air Liquide, which maintains its U.S. headquartered in Houston, and South Korea-based Hyundai Motor Group are expanding their strategic partnership to accelerate the growth of the global hydrogen ecosystem.

The renewal of the companies’ Memorandum of Understanding (MoU) was announced at the Hydrogen Council CEO Summit in Seoul last week. Together, the companies will work to scale hydrogen production, storage, transportation and utilization across Europe, Korea and the United States with a concentration on heavy-duty transport, logistics and public transportation.

Hyundai hopes Air Liquide's technical expertise will help contribute to more sustainable energy and carbon neutrality.

The companies plan to develop hydrogen refueling networks and storage capacity that can meet growing demands. They also plan to commercialize fuel cell electric vehicles (FCEVs) for diverse applications like public transportation, logistics fleets and ports.

"We are delighted to strengthen our partnership with Hyundai Motor Group,” Armelle Levieux, vice president of innovation, electronics and hydrogen at Air Liquide, said in a news release. “Collaborations like this between leaders across the value chain are essential to building the hydrogen economy.”

The partnership has already shown strong progress in South Korea, according to the companies, with Hyundai rolling out more than 2,000 hydrogen buses and 37,000 passenger fuel cell vehicles, with more expected by 2026. Additionally, Air Liquide has boosted supply capabilities in the region with the new state-of-the-art high-pressure hydrogen filling center, Lotte-Air Liquide Ener’Hy, in Daesan, an industrial hub near Seoul.

Air Liquide and Hyundai previously signed an MoU in 2018, along with other major South Korean players, agreeing to grow the hydrogen economy.

Hazardous waste company with Houston presence to make $3B acquisition

big deal

Veolia, a Boston-based company with major operations in Texas, is purchasing hazardous-waste company Clean Earth from Enviri as part of a $3 billion deal.

Veolia is a private water operator, technology provider and hazardous waste and pollution treatment company that operates a large hazardous waste treatment and incineration facility in Port Arthur. Hazardous waste treatment is a growing sector as the clean energy, semiconductor manufacturing, healthcare and pharmaceutical industries generate high levels of waste that need to be handled safely.

Acquiring Clean Earth’s 82 facilities, which include 19 EPA-permitted sites, will expand Veolia’s reach into 10 new states and will position the company as the second-largest hazardous waste operator in the U.S., according to a news release. The deal is Veolia’s sixth and largest North American acquisition of 2025.

“(The acquisition) allows us to unlock the full value potential of our U.S. hazardous waste activities and to double our size on this critical, fast-growing sector, creating a No. 2 player,” Estelle Brachlianoff, CEO of Veolia, said in a news release. “We reinforce our global capacities in hazardous waste and further increase our international footprint.”

Veolia’s Port Arthur facility specializes in servicing generators with large-volume waste treatment requirements.

The transaction is expected to close mid-2026. Veolia hopes the increased exposure into industries such as retail and healthcare will help to offer a full range of environmental services across the U.S.

“This continued transformation of our portfolio enhances the growth profile and strength of our group, uniquely positioned to tackle the sustained demand for environmental security,” Brachlianoff added in the release.

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