Houston low-carbon fuel company scores United investment, plans to IPO via spac

big moves

Just after announcing an investment from United, NEXT Renewable Fuels Inc. scored a SPAC-based IPO. Photo via nextrenewables.com

It’s been a momentous month for Houston-based NEXT Renewable Fuels Inc.

On November 15, United Airlines Ventures announced an investment of up to $37.5 million in the next-generation, low-carbon fuel producing company.

Just a week later, the company revealed it’s going public through a SPAC merger with Industrial Tech Acquisitions II Inc. The deal, expected to close in the second quarter of 2023, assigns a $666 million equity value to NEXT. The publicly traded company will be named NXTCLEAN Fuels Inc.

NEXT, founded in 2016, produces low-carbon fuels from organic feedstock. The company plans to open a biofuel refinery in Port Westward, Oregon, that’s set to start production in 2026. The refinery could produce up to 50,000 barrels per day of sustainable aviation fuel, renewable diesel, and other renewable fuels.

“West Coast states are demanding a clean fuels conversion of the transportation and aviation industries with aggressive targets necessitating rapid increases in clean fuel supplies,” Christopher Efird, executive chairman and CEO of NEXT, says in a news release. “[The company] is advancing toward becoming one of the largest U.S.-based suppliers of clean fuels for these markets, and is investigating and pursuing potential vertical expansion into other clean fuels.”

The proposed public listing of NEXT’s stock on the Nasdaq market and United’s investment are poised to help NEXT reach its goal of becoming a leader in the clean fuel sector. United’s investment appears to be the first equity funding for NEXT.

“Right now, one of the biggest barriers to increasing supply and lowering costs of sustainable fuel is that we don’t have the infrastructure in place to transport it efficiently, but NEXT’s strategic location and assets solve that problem and provide a blueprint for future facilities that need to be built,” Michael Leskinen, president of United Airline Ventures, says in a news release.

United’s investment arm, launched in 2021, targets ventures that will complement the airline’s goal of achieving net-zero emissions by 2050.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

U.S. News ranks Houston hospital No. 1 in Texas for 14th year in a row

Topping the Charts

U.S. News & World Report has released its 2025 rankings of the best hospitals in Texas, and they prove that Houston is in good hands.

The esteemed Houston Methodist Hospital was rated the No. 1 best hospital in Texas for the 14th consecutive year, and the No. 1 hospital in the metro area. Eleven more Houston-area hospitals earned spots among the statewide top 35.

U.S. News annually evaluates 581 Texas hospitals to determine which meet the publication's rigorous standards and offer the best care for patients. Hospitals are also ranked among 15 specialties, including cancer, cardiology, heart and vascular surgery, obstetrics and gynecology, orthopedics, psychiatry, rehabilitation, diabetes and endocrinology, and more.

Houston Methodist also appeared on U.S. News' prestigious list of Honor Roll hospitals, consisting of 20 medical centers that are deemed the "best of the best" hospitals in the nation. No other Texas hospitals made the list, further proving that Houston Methodist takes exceptional care of its patients.

"This is a tremendous achievement for our physicians and employees who dedicate themselves every day to our patients," said Marc Boom, M.D., president and CEO of Houston Methodist, in a press release. "We take pride in these national recognitions but more importantly, these accolades reflect our unparalleled commitment to keeping our patients at the center of everything we do."

Houston Methodist earned several top-20 rankings across 11 of the 15 total specialties nationwide. It also earned national recognition for having the 7th best gastroenterology/GI surgery program, the 8th best pulmonology and lung surgery programs, and the 10th best diabetes and endocrinology programs in the country.

Elsewhere in Houston, The University of Texas MD Anderson Cancer Center ranked as the No. 1 best cancer hospital in the nation for the 11th year in a row.

"We are honored to again be ranked as the nation’s top hospital for cancer care – a recognition that reaffirms our commitment to our shared mission to end cancer," said MD Anderson president Peter WT Pisters, M.D., in a release. "We are grateful to every one of our teammates, trainees, students, donors, volunteers, advocates and patients, whose unwavering dedication make it possible for MD Anderson to deliver outstanding patient care."

Other top-performing Houston-area hospitals that ranked among the best in Texas include:

  • No. 4 – Baylor St. Luke's Medical Center
  • No. 5 – Memorial Hermann Greater Heights Hospital
  • No. 6 – Memorial Hermann Hospital
  • No. 8 – Houston Methodist Sugar Land Hospital
  • No. 9 – Houston Methodist Willowbrook Hospital
  • No. 12 – Houston Methodist The Woodlands Hospital
  • No. 13 – Memorial Hermann Memorial City Medical Center (tied with Baylor Scott and White All Saints Medical Center - Fort Worth)
  • No. 21 – Houston Methdodist Baytown Hospital (tied with Methodist Hospital - Stone Oak in San Antonio and Texas Health Harris Methodist Hospital Fort Worth)
  • No. 25 – HCA Houston Healthcare Clear Lake in Webster (tied with St. Luke's Health - The Woodlands Hospital, Baylor Scott and White Medical Center - Round Rock-Lakeway, and Texas Health Presbyterian Hospital Plano)
  • No. 29 – University of Texas Medical Branch in Galveston (tied with Medical City Plano)
---

This article originally appeared on CultureMap.com.

11 can't-miss Houston business and innovation events for August

where to be

Editor's note: The tech event scene is heating up in August. From insightful talks to a young professionals summit, here's what not to miss and how to register. Please note: this article may be updated to include additional event listings.

Aug. 5 – Tech and Tequila Talk

Hear from guest speaker David Cohen, founder & CEO of Dallas-based Superposition, at the latest installment of Tech and Tequila Talk. The event will focus on breaking down ambiguity in data and AI projects through collaborative workshops.

This event takes place Tuesday, Aug. 5, from 5-7 p.m. at the Ion. Click here to register.

Aug. 11-16 – Black is Tech Week

Black is Tech Week will bring events for tech professionals, entrepreneurs and students to Houston through summits, career fairs, networking events and more. The event will feature speakers from Amazon, Microsoft, Google and many other companies.

This event begins Monday, Aug. 1. Find more information here.

Aug. 12 – NASA Stories at the Ion

Head to the Ion for the new morning series spotlighting the human side of space exploration. Each session will feature personal and powerful stories from astronauts and key NASA personnel. Anthony Vareha, NASA Flight Director and Flight Operations Directorate, whose primary duty is the safe operation of the International Space Station will speak this month.

This event begins Tuesday, Aug. 12, from 8:30-10 a.m. Find more information here.

Aug. 14 – Pickle Lab’s One-Year Anniversary Celebration

Enjoy an afternoon of open-play pickleball, beats by a live DJ, raffle giveaways and free swag at the first anniversary celebration of Pickle Lab in the Ion District. WonderPops will provide complimentary pops while supplies last, and Second Draught will serve each guest a free beverage.

This event takes place Thursday, Aug. 14, from 4-7 p.m. RSVP here.

Aug 19 – Navigating the Economy: Insights from Darren King

Darren King, chief investment officer of Moody Bank, will share his expert insights on the state of the economy and its impact on Houston’s future. Gain a deeper understanding of market trends, economic shifts and what they mean for businesses and individuals in the city.

This event takes place Tuesday, Aug. 19, from 11:30-1 p.m. RSVP here.

Aug. 21 – Transition on Tap

Greentown Labs’ signature networking event returns in August to foster conversations and connections within Houston's climate and energy transition ecosystem. Entrepreneurs, investors, students, philanthropists and more are invited to attend, meet colleagues, discuss solutions and engage with the growing community.

This event takes place Thursday, Aug. 21, at 5:30 p.m. at Greentown Labs. Click here to register.

Aug. 22 – Determined to Lead Women Lunch: Investing Through Market Cycles with Ellen Wilkirson

EnergyTech Nexus hosts a monthly Determined to Lead Women’s Lunch as part of its ongoing efforts to create safe spaces for women leaders in the energy transition to connect, learn and lead. The August session features Ellen Wilkirson, principal at Rev Innovations. With deep experience across traditional and transition energy sectors, Wilkirson will share how she’s approached investing through multiple market and commodity cycles and what it means to be a clean energy investor in today’s evolving landscape.

This event takes place Friday, Aug. 22, at 1 p.m. Click here to register.

Aug. 26 – Software Day at the Ion: Positioning your Startup to Capitalize on Market Trends

Software Day is a monthly series driving the support, inspiration and connections needed to help startups on their path to rapid, sustainable growth. Each month, Software Day will include office hours (by application), a keynote session and networking. This month’s panel discussion will feature Remington Tonar, co-founder of Cart.com, and Josh Teekell, founder of SmartAC.com.

This event takes place Tuesday, Aug. 26, from 3:30-7 p.m. Click here to register.

Aug. 27 – Future of Flight: Inside Venus Aerospace with Founder Sassie Duggleby

Join EO Houston for an exclusive, behind-the-scenes conversation with Sassie Duggleby, co-founder and CEO of Venus Aerospace, a Houston-based company pioneering breakthrough propulsion systems for hypersonic and space applications.

This event takes place Wednesday, Aug. 27, at 10 a.m. at Venus Aerospace. It is open to EO members and partners only. Click here to register.

Aug. 27 – The Future of American Science: A Conversation With US Rep. Brian Babin

U.S. Rep. Dr. Brian Babin and Paul Cherukuri, vice president of innovation at Rice University, will discuss how the United States remains at the forefront of space exploration, emerging technologies and scientific advancement, as well as what's next and what's at stake for the future of science policy.

This event takes place Wednesday, Aug. 27, from 3-4 p.m. at James A. Baker III Hall on Rice University's campus. Click here to register.

Aug. 28 – HYPE Summit

The third annual Houston Young Professionals and Entrepreneurs (HYPE) Summit is a day-long conference featuring panel discussions with business and thought leaders, workshop-style breakout sessions and networking opportunities. This year's event—under the theme Step Into the Spotlight—will feature speakers from First Bight Ventures, Bot Auto, Regions Bank, Lopez Negrete Communications and Umbrage.

This event takes place Thursday, Aug. 28, from 8:30 a.m.-5:30 p.m. at The Hobby Center for the Performing Arts. Click here to register.

Houston's 13 best midsize companies and more innovation news to know

Trending Topics

Editor's note: The top innovation news from the second half of the month includes new leaders at innovative Houston organizations and a ranking of the best midsize businesses from Time. Here are the five most-read InnovationMap stories from July 15-31, 2025:

13 Houston businesses appear on Time's best midsize companies of 2025

13 Houston-area businesses ranked on Time magazine's best midsize companies list. Photo via Getty Images

Houston-based engineering firm KBR tops the list of Texas businesses that appear on Time magazine and Statista’s new ranking of the country’s best midsize companies. KBR holds down the No. 30 spot, earning a score of 91.53 out of 100. Twelve other Houston-based companies landed on the list. Continue reading.

Digital Health Institute's new exec director aims to lead innovation and commercialization efforts

Pothik Chatterjee was named executive director of Rice University's and Houston Methodist's Digital Health Institute, effective May 1. Photo courtesy Rice University.

Though our existences have become deeply entangled with technology, our health has been slower to catch up. The creation late last year of the Digital Health Institute was a major step into the future for both Rice University and Houston Methodist, for whom the institute is a joint venture. The latest news for the Digital Health Institute is the appointment of Pothik Chatterjee to the role of executive director. Continue reading.

Houston hardtech accelerator names 8 scientists to 2025 cohort

Activate Houston has named eight fellows to its 2025 cohort. Photo courtesy the Ion.

National hardtech-focused organization Activate has named its 2025 cohort of scientists, which includes new members to Activate Houston. The Houston hub was introduced last year, and joins others in Boston, New York, and Berkley, California, where Activate is headquartered. Collectively, the 2025 Activate Fellowship consists of 47 scientists and engineers from nine U.S. states. Continue reading.

Rice biotech accelerator appoints 2 leading researchers to team

The Rice Biotech Launch Pad has named two bioengineering professors to its leadership team. Photo courtesy Rice University.

The Rice Biotech Launch Pad, which is focused on expediting the translation of Rice University’s health and medical technology discoveries into cures, has named Amanda Nash and Kelsey L. Swingle to its leadership team. Both are assistant professors in Rice’s Department of Bioengineering and will bring “valuable perspective” to the Houston-based accelerator. Continue reading.

Innovation Labs @ TMC set to launch for early-stage life science startups

Innovation Labs @ TMC will open next year at the TMC Innovation Factory. Photo courtesy JLABS.

The Texas Medical Center will launch its new Innovation Labs @ TMC in January 2026 to better support life science startups working within the innovation hub. The 34,000-square-foot space, located in the TMC Innovation Factory will feature labs and life science offices and will be managed by TMC. Continue reading.

View All Listings