seeing green

Greentown Houston shares progress on Midtown building and adds new corporate partners

Greentown Houston has revealed what it will look like in the new Houston Innovation District. Graphic courtesy of Greentown

Construction is underway on the Bayou City's first-ever clean tech incubator known as Greentown Houston.

Via a virtual ceremony on Feb 2, Mayor Sylvester Turner and a team from Massachusetts-based Greentown Labs revealed what the massive space in the new innovation district will look and feel like from the outside in.

The building's exterior will be painted grey and will be flocked by verdant green accents and foliage. According to a statement, Greentown Houston is also working with the Houston Arts Alliance to create a large mural by a local artist on the east side of the building.

The 40,000-square-foot interior — though still very much a construction zone today — will also incorporate Greentown's signature use of the color green in its designs in a bright, airy, and modern setting. A sleek gathering place and entryway will reside under a towering atrium from the building's past life as a Fiesta Mart, while ample square footage leaves room for prototyping and wet lab space, offices, and community gathering areas for about 50 startup companies working to solve climate and environmental challenges.

The Greentown space is being built out from a former grocery store. Photo courtesy of Greentown

"We are the energy capital of the world and we are very proud of it," says Turner. "We plan to lead energy transition and we are very proud of that."

"Last year, we released our first-ever Climate Action Plan, and we believe organizations like Greentown Labs, its impressive network of partners, and climatech entrepreneurs will help us achieve the ambitious goals outlined in the plan," he added.

Greentown Lab first announced its entrance into the Houston market last summer. It currently operates a similar 100,000-square-foot lab outside of Boston and boasts partnerships with some of the largest energy companies in the world.

At the ceremony, the organizations announced that CenterPoint Energy, Gexa Energy of NextEra Energy Resources, EIV Capital, Wells Fargo, and Williams have come on board as foundation and grand opening partners.

The 14 inaugural partners were announced last year and include Chevron, NRG Energy and Reliant Energy, Shell, BHP, Vinson & Elkins, Microsoft, ENGIE North America Inc., Rice Management Company, Saint-Gobain, Sunnova Energy International Inc., The American Family Insurance Institute for Corporate and Social Impact, SCF Partners; Tudor, Pickering, Holt & Co. and Direct Energy.

Greentown Houston is also a member of the Greater Houston Partnership.

"We are thrilled to join Greentown Houston to celebrate this critical step forward in their much-anticipated expansion with the addition of these new partners," says Susan Davenport, chief economic development officer with the Greater Houston Partnership. "These organizations, and the expertise and resources they bring, join a thriving ecosystem built of major corporate energy R&D centers, corporate venture arms, and VC-backed energy startups. We are eagerly anticipating Greentown Houston's official opening."

Greentown Houston is slated to open this spring. The incubator has accepted 16 inaugural startups and is looking to bring more on board.

Greentown Labs,the City of Houston, and the Greater Houston Partnership will also be hosting a public, virtual preview of the new space at 4 p.m. on Thursday, February 4. Interested parties can register for the free EnergyBar event here.

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Building Houston

 
 

LevelField Financial is planning a nationwide expansion following a recent acquisition. Photo via Getty Images

A Houston-based financial services company has made a recent strategic acquisition that gives it a new banking status.

LevelField Financial, which is creating a platform that combines traditional banking and digital asset products and services, announced this week that it is acquiring Burling Bank, an FDIC-insured, Illinois state-chartered bank. According to the company, once it receives regulatory approval, "LevelField will be the first full-service bank to offer fully compliant traditional banking and digital asset services."

The financial terms of the deal's transaction, which is expected to close later this year, were not disclosed.

The combined company will be able to provide traditional banking services, as well as LevelField's digital asset management. Burling Bank's senior management team will join LevelField's leadership, per a press release. They will focus on serving the bank's existing clients and growing the banking business nationwide.

"We conducted a broad review of banks in the U.S. to find the ideal institution with both an existing business and a management team who are aligned with our vision; we exceeded our expectations with Burling Bank. With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class," says Gene A. Grant II, CEO of LevelField Financial, in the release.

"We are thrilled to have the Burling executives join our leadership team, and together we intend to deliver fantastic customer service and well-designed products to customers who have an interest in accessing the digital asset class through a traditional bank," he continues.

Founded in 2018 by former banking executives, LevelField's leadership believes "the future of money is digital and that banks will continue to be a trusted provider of financial services," according to the website. This acquisition comes ahead of the company's plans to expand nationally.

"LevelField's strategic approach presented a tremendous opportunity for the bank to expand beyond our local footprint and serve customers with shared interests across the nation," says Michael J. Busch, Burling Bank president and CEO. "Together, we will continue to provide superior service and demonstrate that we truly understand the expanding and unique needs of our customers. Additionally, through the carefully developed suite of products we can address our customers' interests in digital assets and introduce them to LevelField's safe, simple, and secure platform."

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