IAH'S BiG DROP

Major Houston airport lands on list of hardest hit during the pandemic

Bush Intercontinental has seen a massive drop in travelers since the pandemic. Photo courtesy of Houston Airport System

Since the World Health Organization announced the COVID-19 as a global pandemic on March 11, few industries have slowed as dramatically as air travel. Airlines made massive cuts in services and jockeyed for government assistance. Some, such as United, announced furloughs of up to 45 percent of its U.S. based workers, some 36,000 employees.

Local airports such as George Bush Intercontinental witnessed a staggering drop in travelers.

Just how bad is the hit? Finance website FinanceBuzz crunched the numbers from the U.S. Bureau of Transportation to determine the pandemic's effect on the 30 busiest airports in the nation. The site examined the number of departing passengers on domestic flights from June 2019 and compared them to June of this year.

Houston's Bush Intercontinental (IAH) saw a dramatic decrease in traffic of 82.83 percent, according to FinanceBuzz. June 2019 saw 1,473,575 departing passengers, compared to just 253,036 in June of this year. That drop puts IAH at No. 13 in the top 15 airports with the biggest traffic drops in the U.S.

For some perspective, the airport with the biggest plunge is New York City's LaGuardia, which saw 1,281,848 travelers depart in June 2019, while a paltry 133,272 departed this June, for a 89.60 percent drop.

But it's not all gloom and doom for Texas airports. FinanceBuzz also looked at airports making the best recovery from April to June of this year. Overall, Dallas-Fort Worth International Airport saw the biggest increase in departing passengers, with 190,038 flying out in April 2020 and a whopping 998,875 flying out in June, for a jump of 425.62 percent.

The airport with the fastest recovery? That title goes to Chicago Midway International Airport, which saw 30,693 departures in April and 338,884 in June, for a leap of 1004.11 percent.

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This article originally ran on CultureMap.

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Building Houston

 
 

Molecule has closed new funding in order to focus on the energy transition. Photo via Getty Images

A Houston startup with a software-as-a-service platform for the energy transition has announced it closed a funding round with participation from a local venture capital.

Molecule closed its $12 million series A, and Houston-based Mercury Fund was among the company's investors. The company has a cloud-based energy trading and risk management solution for the energy industry and supports power, natural gas, crude/refined products, chemicals, agricultural commodities, softs, metals, cryptocurrencies, and more.

"We led the seed round of Molecule upon their formation and are excited to participate in their series A," says Blair Garrou, co-founder and managing director of Mercury, in a news release. "Molecule's success in the ETRM/CTRM industry, especially in relation to electricity and renewables, positions them as the company to beat for the energy transition in the 2020s."

The company will use its new funds to further build out its product as well as introduce offerings to manage renewables credits, according to the release.

"In 2020, we realized that electricity — the growth commodity of the 2020s — represented over half of Molecule's customer base, and we decided to double down," says Sameer Soleja, founder and CEO of Molecule, in the release. "We were also rated the No. 1 SaaS ETRM/CTRM vendor. With this fundraise, we have the fuel to become No. 1 SaaS platform for power and renewables, and then the market leader overall.

"Molecule is ready to power the energy transition," Soleja continues.

Molecule's last round of funding closed in November 2014. The $1.1 million seed round was supported by Mercury Fund and the Houston Angel Network.

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