Q&A

Chevron exec shares why the company is invested in the Houston innovation community

Barbara Burger, president of Chevron Technology Ventures, discusses Chevron's deal with The Ion and its commitment to Houston. Courtesy of CTV

Chevron's innovation arm continues to be a leader among Houston's innovation ecosystem, and recently the energy company announced it is the first to lease space at a rising innovation hub.

Last week, Chevron was announced to be the first tenant at The Ion, and that includes opportunities for Chevron Technology Ventures as well as the whole company. Barbara Burger, president of Chevron Technology Ventures, discussed with InnovationMap why this is a great opportunity for the company and what else she's excited about in terms of Houston innovation.

InnovationMap: Chevron has been announced as the first tenant in The Ion. Why are you and CTV excited about this new innovation hub?

Barbara Burger: Chevron is excited because the innovation of The Ion is really a great example of the burgeoning innovation ecosystem in Houston. The Ion actually is almost a model of the ecosystem. It is a physical space, it is a set of programs, and it is a community and Chevron wants to be a part of all of that. We're excited about being able to be the first tenant and encourage others to join in with us because the community will work when it is full, diverse, and active. If we can lead the charge or play a role in leading the charge, we will.

I also want to say we are excited because this isn't just for CTV. We also want to encourage Chevron Houston employees — some 8,000 of them — to be a part of this innovation ecosystem. And The Ion is one place where they can venture out and see what's happening — outside of our office buildings in town and outside of their daily responsibilities — and get a taste and a feel and let it go from there.

IM: What opportunity does the new space provide for you and your team?

BB: We need innovation from everyone. Our industry and our company, like any other industry or company is undergoing dramatic change. And the more you know about where the world is going and the more you can partner with all kinds of different players, the more solutions you have to navigate successfully in that transformation.

We're known as a company that partners. Partnership, I think, is going to be critical in the world going forward and we value the ability to partner with firms and people that are both like us and not like us. I view The Ion is one example where you're bringing together lots of different kinds of people, because if you only just bring the same kinds of people together, you're missing the element of diversity. So, this allows our employees to experience that on one more level.

IM: CTV has been an integral part of Houston innovation for 21 years now. What do you see you and CTV’s role in the ecosystem?

BB: I've told this story many times, but when I moved here and took the job as the head of CTV, I did some homework and found out that we had more portfolio companies from Stavanger, Norway, than from Houston, Texas. And, that was a data point that, to be honest, baffled me a little. And the more we've looked at that we've said we will invest around the globe. We will collaborate with all kinds of players, but how come there's no hometown advantage? And so that sort of thirst and quest for that coincided with the GHP and the mayor's initial work on innovation. It was like right place, right time. And then we saw a role as a longstanding player in corporate venture and that investing in the ecosystems will bear fruit for us and for the work we do.

We prioritized helping to grow this ecosystem — investing in it for the future. It is our home court. We had a lot of the relationships and we continued to build them. And we also knew, because of our longstanding experience in tech ventures and our large presence in Houston, that when Chevron did something people would notice, and they would want to get on board. And it's not a competitive thing. It's really a leadership thing because it will take a lot of us to make that happen.

IM: You also serve as board chair for Houston Exponential. Why are you passionate about serving on the board?

BB: Every single board member wears a hat associated with their role in the ecosystem. And everybody wears a hat that says Houston on it. Without their sort of self-interest hat, they would have no interest in being on this board. But without the Houston hat, they don't work together towards the goal.

IM: You recently spoke at the HTX TechList launch. What difference is the new platform going to make for corporate venture?

BB: Corporate venture is a diverse group. There are some of us who have been around for a really long time and new companies, just starting out. And it is all in our best interest to help each other be good corporate ventures. I think the tech list is one of the tools by which you do that so that you know who's out there — it's like the global address list except for external.

IM: How does Chevron’s Catalyst Program work with CTV’s investment arm?

BB: We think holistically about how to access external innovation and really do the integration play with Chevron. We have to look really broadly at a complete set of tools.

The catalyst program is early stage — some people call it seed stage. It's a milestone-based grant program. It is an early look and an early relationship with a company that has something that we're interested in and is aligned with some of the problem sets we're looking for. We want to take an early look and we want to support them there. There is a financial support in the form of a grant — so that's good for the startup. It's a chance for them to demonstrate their abilities — not just technical, they're a company, so also their ability to execute and get things done. It's a chance for us to see, "does this really align with the problem sets we want to do?" And then, their last milestone is a series A term sheet. So, we have plenty of chances to invest in them afterwards. We didn't have a tool in that space. And I think, you know, pre-series A or pre-institutional investment is an important area of support that's required for innovation.

IM: Chevron is also a launch partner for Greentown Labs. What are you excited about for that partnership?

BB: We've supported Greentown in Boston since the early days, and what we liked about Greentown as an incubator was that they're trying to solve tough problems. A lot of their innovation involves either hard tech or process tech. They provide physical space, a set of programs, and community — similar to the three prongs I talked about with The Ion. And, importantly, they provide a specialized facility that early companies can never afford to have on their own — lab space, machine shop type of things, etc.

As a city, we do want to be — and we can be — the leader in the energy transition. So, we need to have the pieces of the puzzle so that we can play a leading role in that. And we saw Greentown as one of the ingredients in that overall recipe.

IM: What is it that Houston needs to do to be a leader in the energy transition?

BB: We're doing a lot of things right — almost in spite of the world being crazy. I think commitment to that vision is important, including collaboration across the different parts of the city — at the city level, at the corporate level, at the investor level, at the universities. I think just like everybody in Houston is connected to the industry — even if you're not in the energy industry, you know a lot about it just by living in Houston. So, I think being able to rally around that as a city is going to be important.

Again, I think constancy of purpose is important. Despite the headwinds from COVID and despite the headwinds that industries are facing, we need to stay committed to that. That's what I think we need to do. All these pieces are like pieces of a puzzle. But innovation is not a straight path. We've got to plant a bunch of these seeds and see how they grow — we need to water them every day, and then I think we'll have a beautiful garden.

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This conversation has been edited for brevity and clarity.

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Building Houston

 
 

BUCHA BIO has raised over $1 million to grow its team, build a new headquarters, and accelerate its go-to-market strategy. Image courtesy of BUCHA BIO

A Houston company that has created a plant-based material that can replace unsustainable conventional leathers and plastics has announced the close of its oversubscribed seed funding round.

BUCHA BIO announced it's raised $1.1 million in seed funding. The round included participation from existing partners New Climate Ventures, Lifely VC, and Beni VC, as well as from new partners Prithvi VC, Asymmetry VC, and investors from the Glasswall Syndicate, including Alwyn Capital, as well as Chris Zarou, CEO & Founder of Visionary Music Group and manager of multi-platinum Grammy-nominated rapper, Logic, the startup reports in a news release.

“I’m excited to back BUCHA BIO’s amazing early market traction," Zarou says in the release. "Their next-gen bio-based materials are game-changing, and their goals align with my personal vision for a more sustainable future within the entertainment industry and beyond.”

The company, which relocated its headquarters from New York to Houston in February, was founded by Zimri T. Hinshaw in 2020 and is based out of the East End Makers Hub and Greentown Houston.

BUCHA BIO has created two bio-based materials using bacterial nanocellulose and other plant-based components. The two materials are SHORAI, which can be used as a leather alternative, and HIKARI, a translucent material that is expected to be formally introduced in November.

The fresh funding will help the company to accelerate its move into the marketplace next year by securing co-manufacturers to scale production. Additionally, the company is growing its team and is hiring for a new supply chain lead as well as some technician roles.

Per the release, BUCHA BIO is working on constructing a new headquarters in Houston that will house a materials development laboratory, prototype manufacturing line, and offices.

BUCHA BIO has the potential to impact several industries from fashion and automotive to construction and electronics. According to the Material Innovation Initiative, the alternative materials industry has seen an increased level of interest from investors who have dedicated over $2 billion into the sector since 2015.

“The time for rapid growth for biomaterials is now," says repeat investor Eric Rubenstein, founding managing partner at Houston-based New Climate Ventures, in the release. "BUCHA BIO's team and technical development are advancing hand in hand with the demands of brand partnerships, and we are excited to support them as they capitalize on this global opportunity.”

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