Houston energy tech investment group rebrands to address sustainability
As the pandemic took its hold on the economy and the energy industry's commodity crisis did its damage, Patrick Lewis understandably assumed that maybe sustainability initiatives might be on the back burner for his network of energy companies.
"We thought we would hear that sustainability in this environment may have slipped down the priority list, but it was the exact opposite," Lewis says. "Pretty consistently across all the operators, sustainability, reducing emissions, and greenhouse gases — those are all even more important today."
This confirmation that the energy industry is committed to innovative sustainability projects led Lewis to rebrand his energy tech investment group from BBL Ventures to Sustainability Ventures Group, or SVG. The investment team focuses on reverse engineering the startup innovation process by sourcing the concerns and goals of the energy companies, then finding solutions from the startup world through reverse pitch competitions and challenges.
"We're not fundamentally changing our business model or investment strategy, but we just wanted to make sure our messaging was crystal clear," Lewis tells InnovationMap.
Lewis says he and his team really thought through the definition of sustainability, and he specifies that, "we're not doing this to go chase solar or wind power — those are on the table — but we think there are two primary opportunities: Digital transformation and emerging technologies in the existing fossil fuel industry and the low carbon value chain," Lewis says.
He adds that oil and gas is going to be around for a long time still, and he cites that by 2040, it's predicted that 40 percent of energy will still come from fossil fuels. It's the big energy companies and providers — which he's working with — that have the power to move the needle on these changes.
"We think there's a real opportunity to pursue efficiencies and reduce emissions and footprint in that existing traditional oil and gas sector," he says.
Earlier this year, Lewis was addressing these concerns by working on standing up a group of industry experts for regular meetings to discuss innovation needs. What started as a call with a handful of people, now hosts 40 people across 14 energy operator and major tech platforms.
"The whole purpose of this group is to share best practices, collaborate on common pain points, risk manage pilots," Lewis says. "We continue to build that group — it's going to be a nonprofit governed by a steering committee."
While SVG has held off on its reverse pitch events, the organization along with the University of Houston Center for Carbon Management submitted a proposal to host the National Science Foundation's Convergence Acceleratoronvergence Accelerator virtual conference at the end of September.
"The goal is to bring together multidisciplinary stakeholders — industry, nonprofit, academics, NGOs, public policy experts — to solve big problems," Lewis says. "Sustainability is a problem they really want to address."