year in review
Big deals: Most trending M&A, transaction news from Houston's energy transition in 2023
Editor's note: As the year comes to a close, EnergyCapital is looking back at the year's top stories in Houston energy transition. From acquisitions to offtake agreements, this year marked a big one for some of Houston's energy transition companies. Here were the top five most-read articles covering deals of 2023 — be sure to click through to read the full story.
Milestone Carbon has leased more that 22,000 acres of land in the Permian Basin for the permanent geologic sequestration of CO2. Photo via milestone-es.com
Houston-based Milestone Environmental Services announced this month that it has been acquired by affiliates of SK Capital Partners for an undisclosed amount.
The New York-based private investment firm, which specializes in the materials, ingredients, and life sciences sectors, now has a controlling stake of Milestone, which will continue to be led by its president and CEO Gabriel Rio.
Rio founded Milestone in 2014. The company is one of the largest independent providers of waste management services for the U.S. energy and industrial sectors. It focuses on permanent carbon sequestration services through its proprietary slurry injection process, which stores hydrocarbon waste over a mile underground.
Through an acquisition, Equinor has joined a joint venture carbon capture and storage project in southeast Texas. Image via Getty Images
A Norwegian energy company with its United States headquarters in Houston has announced it has acquired a significant chunk of a carbon capture and storage joint venture.
Equinor now owns a 25 percent interest in Bayou Bend CCS LLC, which is reported to be one of the largest domestic carbon capture and storage projects. The project — a JV between Chevron, Talos Energy Inc., and now Equinor, is located along the Gulf Coast in southeast Texas. The terms of the deal were not disclosed.
“Commercial CCS solutions are critical for hard-to-abate industries to meet their climate ambitions while maintaining their activity," Grete Tveit, senior vice president for Low Carbon Solutions in Equinor, says in a news release. "Entering Bayou Bend strengthens our low carbon solutions portfolio and supports our ambition to mature and develop 15-30 million tonnes of equity CO2 transport and storage capacity per year by 2035. Our experience from developing carbon storage projects can help advance decarbonization efforts in one of the largest industrial corridors in the US."
A Belgian hydrogen company has expanded to the United States by way of the Houston area. Photo via johncockerill.com
A Belgian electrolyzer manufacturer has acquired a facility in Baytown, expanding to North America for the first time.
John Cockerill Hydrogen announced today that its acquired a manufacturing space south of Houston that will be retrofitted to become one of the largest alkaline manufacturing facilities in the country. It's slated to deliver as early as the third quarter of next year.
“We are excited for the US launch, the first step in our partnership journey with North American businesses and stakeholders who seek to decarbonize and advance the energy transition,” François Michel, CEO of John Cockerill Group, says in a news release.
LyondellBasell bought into a joint venture, Cyclyx International, that was formed in 2020 by Spring-based energy giant ExxonMobil and Tigard, Oregon-based plastic recycling innovator Agilyx. Photo courtesy ExxonMobil
Dutch chemical company LyondellBasell, whose U.S. headquarters is in Houston, has purchased a 25 percent stake in a joint venture that seeks to accelerate advancements in plastic recycling.
The joint venture, Cyclyx International, was formed in 2020 by Spring-based energy giant ExxonMobil and Tigard, Oregon-based plastic recycling innovator Agilyx.
In 2022, Cyclyx announced it had inked a deal with ExxonMobil and LyondellBasell to develop a first-of-its-kind plastic waste sorting and processing plant in the Houston area. The estimated $100 million facility, set to open in 2024, is poised to annually produce 330 million pounds of plastic feedstock, which is made up of recycled materials that can be used to manufacture new plastics.
United Airlines is interested in buying Cemvita's sustainable aviation fuel when it's produced. Photo courtesy of Cemvita
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.