calling all energy entrepreneurs

New energy tech startup accelerator has its eyes on Houston

A new energy tech startup accelerator on the East Coast plans to tap into the Houston innovation ecosystem. Getty Images

Houston is on the radar of a newly formed startup accelerator that concentrates on companies in the energy sector and other commodities markets.

The Stamford, Connecticut-based accelerator, PointForward LLC, is seeking startups for its inaugural 12-week accelerator program, which kicks off in June. While the program will take place in Stamford, PointForward hopes to attract applicants from Houston. Each team accepted by the program will receive up to $100,000 in funding, along with mentoring and access to business resources, in exchange for a 7 percent equity stake.

"We are looking for early stage companies focused on a range of offerings — such as trading, logistics, and technology — related to the energy and commodity markets that can achieve high growth and scale," says Greg Schindler, founder of PointForward. "In particular, we are seeking companies where our network of industry contacts, including potential investors and customers, can provide key leverage."

In April, PointForward plans to choose three to six teams for its first accelerator program. Schindler says PointForward is willing to accommodate logistical challenges posed by a startup's critical people being located in, say, Houston but being asked to spend 12 weeks in Stamford.

"We understand that some companies may be working on physical products and may find it difficult to bring all the founders up to Stamford. That's OK," he says. "However, key members of each team should plan to be on site in Stamford for the full 12 weeks. This helps establish a vibrant founder community. We also understand if founders need to travel between Houston and Stamford."

PointForward plans to host demo days this September in Houston and New York City where startup teams will make pitches to potential investors.

Freepoint Commodities LLC, a commodities merchant based in Stamford, launched PointForward. Freepoint employs about 50 people in Houston, which is the headquarters of its retail energy business, Freepoint Energy Solutions LLC. Freepoint Commodities started that subsidiary in 2017.

"Houston is at the heart of the energy world," Schindler says, "and is extremely important to our efforts."

Freepoint Energy Solutions currently operates in Connecticut, the District of Columbia, Delaware, Illinois, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Texas. The company entered Texas' commercial and industrial electricity market in July 2018.

Freepoint Commodities recently signed a deal with the Texas GulfLink LLC subsidiary of Sentinel Midstream LLC, based in the Dallas-Fort Worth suburb of Richardson, for construction and operation of a deepwater crude oil export facility near the Brazoria County town of Freeport. Texas GulfLink has an office in Houston.

The Texas GulfLink facility will include an onshore oil storage terminal connected by a 42-inch pipeline to a manned platform about 37 miles off the Texas Gulf Coast. From the platform, crude oil will be transported to two buoys, enabling large vessels to load as many as 85,000 barrels of oil per hour.

The Houston metro area is projected to see a $751.8 million economic lift from construction of Texas GulfLink and related facilities.

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Building Houston

 
 

Everest will sell products from more than 1,000 U.S. manufacturers. Photo courtesy of Everest

Houston businessman Bill Voss has forever found his zen through his lifelong passion for the great outdoors, but there’s one aspect that was making him positively furious: the shopping.

Burned out with driving to brick-and-mortar stores, standing in long lines, and dealing with dreaded returns, Voss turned his necessity into invention and launched Everest.com, a new shopping/lifestyle marketplace and community platform that links active-minded customers to more than 1,000 U.S.-based merchants and retailers.

By utilizing what it describes as “state of the art” artificial intelligence, the company aims to create the largest marketplace on earth for the outdoor recreation community, covering activities such as hiking, camping, biking, rock climbing, winter sports, water sports, team sports, fishing, hunting, kayaking, rafting, and road and trail running.

Voss’ timing is sound: Current industry estimates suggest consumers spend $700 billion in outdoor recreation, with less than 20 percent of those sales transacted online. Towards that end, Voss plans to increase his sellers to 10,000 by 2023.

Everest members can also enjoy perks through a program dubbed Caliber, which provides its members with several exclusive benefits including free shipping, advance sales, travel benefits, big discounts on gear, and — a plus these days — discounts on fuel. Voss notes that the site’s core values are pushing U.S.-made products and giving back; Everest will have nonprofit and conservation partners.

CultureMap caught up with the active Voss on the heels of his Everest launch.

CultureMap: Congratulations on the launch. Essentially, have you created an Amazon for the outdoors crowd — but with a sense of community, too?

Bill Voss: We started Everest.com to create the first online marketplace with the sole focus of offering outdoor enthusiasts retail goods for purchase from merchants across the country who offer domestically made goods.

In our experience, people who love the outdoors also appreciate the concept of community. At Everest, we want to bolster that community by giving local businesses a wider sales reach, contributing to local and national charitable organizations, and asking everyone in our community to share the story of their “Everest.”

We’re taking a fairly segmented market and bringing it together into one community-focused ecosystem. We call that ecosystem Everest.


CM: What Houston spots have most inspired you? And have you visited Everest yet?

BV: I’m a fisherman at heart. I have been fishing the Gulf of Mexico since I could hold a fishing rod. There is nothing I’d rather do than spend a whole day on the water casting, trolling, or remembering many epic fights reeling in a big one.

So naturally, I love Galveston, Kemah, etc. and being so close to the Gulf is a huge reason why I love Houston. The city itself may be a major metropolitan area, but it is full of so many parks and recreation areas that are great to walk through when you need to escape the sounds of the city for a bit— which Houston really doesn’t get enough credit or exposure for.

Houston has an amazing outdoor community with so many choices to support it — it’s hard to pick just one activity that ranks number one.

I do have plans to visit Everest actually! I am arranging a trip with two brothers that have made it to the top more than anyone else and they assure me it will be an amazing trip.

CM: Clearly, you’re an avid outdoorsman. Is it correct to say that Everest was inspired by frustration and hassle of bouncing to other sites and stores?

BV: Exactly! I found myself doing just that and it’s infuriating. I’d be visiting multiple stores, going through multiple checkouts, and waiting on multiple boxes to arrive — and sometimes dealing with multiple return scenarios. So, I set out to fix it — for all of us.

I grew up fishing, spending hours on the water with my dad. To me that’s one of the best parts of any outdoor activity, the quality time spent with the people you love. I don’t think you get the same experience if you’re sitting around a tv screen together, and you certainly don’t get it if you’re spending hours on your computer trying to track down the perfect beginner fishing rod for your daughter. Time is precious, and the endless toil of gear compilation eats into those few available hours we have to spend together.

By aggregating thousands of outdoor brands and gear retailers and centralizing them into one marketplace, we’re allowing our users to hop on, find everything they need, and check out easily. We’re just getting started but, within the next two years, we hope to add even more sellers and products along with more community offerings.

Being out on the water showing my kids how to bait a hook or how to find a school of fish, those are the memories I hope they take with them. With Everest, it has been important to me to help make those kinds of experiences easily attainable for everyone and the people they love.

CM: Speaking of other stores, do you plan to go head-to-head with the REIs and Sun and Skis of the world? Or Amazon?

BV: I get this question all the time and I love it. As to the first two, definitely not. We’re a marketplace, we’re here to help companies like REI and Sun and Ski, who can participate as sellers and reach new customers.

The difference is that our members can pick up everything they need, from multiple retailers, in one cart, with one easy checkout option. Many of the big names already spotlight and sell products on Amazon — they can do the same with Everest. We are a community of like-minded outdoor loving enthusiasts that have been looking for a niche marketplace to serve all of us.

Think of what Chewy did in the pet industry — we are doing the same thing for those that love the outdoors. Amazon has to be everything to everybody. We don’t, and we don’t want to.

CM: Do you see Everest ever creating brick-and-mortar stores?

BV: Wonderful question. The beauty of Everest is we are still a young company with options to consider. But remember, one of the main tenets of Everest is supporting our sellers. We are not looking to get into a situation where we are competing directly with them.

However, we’d love to one day open a shop selling Everest sweatshirts and swag in downtown Houston. It would be so fulfilling to see the outdoor community wearing Everest branded clothing and putting Everest stickers on their gear in the future.

The bottom line is, we are sprinting as hard as we can in hopes of waking up one day as a true disruptor, household name, and eternal brand.

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This article originally ran on CultureMap.

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