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Houston-based energy storage fintech platform founder targets new market key to transition

Tierra Climate is technology agnostic, so while the company is seeing activity in the battery space, they can also work with other types of storage. Photo via Getty Images

If the energy transition is going to be successful, the energy storage space needs to be equipped to support both the increased volume of energy needed and new energies. And Emma Konet and her software company, Tierra Climate, are targeting one part of the equation: the market.

"To me, it's very clear that we need to build a lot of energy storage in order to transition the grid," Konet says on the Houston Innovators Podcast. "The problems that I saw were really on the market side of things."

Konet says she was bullish on the energy storage side of things when she was an early hire at Key Capture Energy, a private equity-backed energy storage project developer. The issue with energy storage projects, as Konet describes, is they aren't being monetized properly and, in some cases, aren't sustainable and increasing emissions.

"The product we're building is solving these problems. It's a financial product, but what it's doing is solving a market deficiency," she says. "We're sending the right signal to the battery to operate in a way that reduces emissions, and then we're paying them for it because there's a demand to decarbonize."

For over a year, Konet, as co-founder and CTO, has worked on the platform, which is essentially a marketplace for corporates to buy carbon offsets, incentifying and monetizing storage projects.

Emma Konet, co-founder and CTO of Tierra Climate, joins the Houston Innovators Podcast. Photo via LinkedIn

Tierra Climate is technology agnostic, so while the company is seeing activity in the battery space, they can also work with other types of storage — like hydrogen, pumped water, and more. Konet says her ideal customers are companies with money and interest in playing a role in the energy transition and looking to offset their scope two and three emissions.

"The ultimate vision for our company is for this to be an accessible product that has a high degree of integrity that small to very large companies can execute on, because it's a pay-per-performance mechanism that doesn't lock companies into a really large contract," she says. "It's really scalable."

This year, she says the company, which won fourth place in the 2023 Rice Business Plan Competition, is focused on securing its first big contract and fundraising for its seed round.

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This article originally ran on InnovationMap.

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A View From HETI

Houston American Energy Corp. has acquired Abundia Global Impact Group, which converts plastic and certified biomass waste into high-quality renewable fuels. Photo via Getty Images.

Renewable energy company Houston American Energy Corp. (NYSE: HUSA) has acquired Abundia Global Impact Group, according to a news release.

Houston American reports that the acquisition will allow it to create a combined company focused on converting waste plastics into high-value, drop-in, low-carbon fuels and chemical products. It plans to move forward with Abundia’s plans for developing large-scale recycling projects, with a new facility previously announced for the Gulf Coast, located in Cedar Port Industrial Park, near the Baytown area of Houston.

New York-based Abundia used its proprietary pyrolysis process to convert plastic and certified biomass waste into high-quality renewable fuels. Its founder, Ed Gillespie, will serve as CEO of the combined company and will join HUSA’s board of directors. Peter Longo, who previously served as HUSA's CEO, will serve as chairman of the board. Lucie Harwood was named CFO and Joseph Gasik will serve as COO.

“The completion of this acquisition represents a pivotal transformation for HUSA,” Longo said in a news release. “Abundia has a commercially ready solution for converting waste into valuable fuels and chemicals, with a backlog of development opportunities utilizing proprietary technologies and key industry partnerships. This transaction gives HUSA shareholders a ready-made platform and project pipeline for future value generation as the fuel and chemical industries accelerate their adoption of low-carbon solutions and sustainable aviation fuel.”

The combined company plans to serve what it estimates is a multi-billion-dollar global demand for renewable fuels, Sustainable Aviation Fuel (SAF) and recycled chemical feedstocks, according to the news release.

“This is a landmark moment for Abundia and a major step forward for the renewable industry,” Gillespie added in the release. “Joining forces with HUSA and entering the public capital markets positions us to accelerate growth, scale our technology and expand our influence within the renewable and recycling industries. I am proud of the hard work and determination of both the AGIG and HUSA teams to finalize this transaction. We look forward to delivering shareholder value and critical technologies to reduce carbon emissions.”

Houston American Energy announced the deal in March. The company also closed a $4.42 million registered direct offering in January.

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