NASA astronauts Bob Behnken and Doug Hurley are coming home. Photo courtesy of NASA

On May 30, the world watched a historic — and uplifting — moment in space travel, as NASA astronauts Robert Behnken and Douglas Hurley blasted off from Earth in a commercial craft created by Elon Musk's SpaceX. The NASA/SpaceX Dragon Endeavour flight was the first launch with astronauts of the SpaceX Crew Dragon spacecraft and Falcon 9 rocket to the International Space Station as part of the agency's Commercial Crew Program.

The SpaceX Demo-2 launch was a success: the duo orbited Earth and eventually boarded the International Space Station; Behnken and Hurley have been stationed there since.''

Now, space fans can watch the return of the NASA/SpaceX Demo-2 test flight, which is scheduled for 1:42 pm CST on Sunday, August 2. The splashdown represents the first return of a commercially built and operated American spacecraft carrying astronauts from the space station, according to NASA. The historic return signifies the close of a mission designed to test SpaceX's human spaceflight system, including launch, docking, splashdown, and recovery operations.

The ever-popular Space Center Houston (the official visitor center of NASA's Johnson Space Center) will stream the live splashdown in a socially distanced event. Visitors can engage in interactive, pop-up science labs to learn about the splashdown process, the specially crafted spacesuits, and more.

To make it a full day of exploration, guests can walk underneath a flown SpaceX Falcon 9 rocket, which is the only Falcon 9 on public display outside of SpaceX's headquarters, and is the same type of rocket used in the Demo-2 mission.

Guests can also take a tour of the Independence Plaza exhibit and walk inside a shuttle replica mounted on top of the historic shuttle carrier aircraft NASA 905. Myriad other experiences await; safety protocols will be in place.

Meanwhile, NASA will broadcast the splashdown coverage on NASA TV and the agency's website beginning early morning on August. 1, with coverage lasting through splashdown on August 2.

------

This article originally ran on CultureMap.

Kathy Lueders will lead the future of human space flight at NASA. Photo via nasa.gov

NASA names new leader to Houston-based human space flight arm

at the helm

NASA has named its new head of human space flight — a department based out of Houston's Johnson Space Center.

Kathy Lueders, formerly the commercial crew program manager, has been named associate administrator of the Human Exploration and Operations (HEO) Mission Directorate by NASA Administrator Jim Bridenstine on Friday, June 12.

"Kathy gives us the extraordinary experience and passion we need to continue to move forward with Artemis and our goal of landing the first woman and the next man on the Moon by 2024," says Bridenstine in a news release. "She has a deep interest in developing commercial markets in space, dating back to her initial work on the space shuttle program."

Lueders has been with NASA for over 12 years — spending time at both JSC and Kennedy Space Center in Florida.

"From Commercial Cargo and now Commercial Crew, she has safely and successfully helped push to expand our nation's industrial base," continues Bridenstine. "Kathy's the right person to extend the space economy to the lunar vicinity and achieve the ambitious goals we've been given."

The appointment was effective immediately, and included two other personnel changes for NASA — Steve Stich was named commercial crew program manager, and Ken Bowersox returns to his role as HEO deputy associate administrator.

"I want to thank Ken and the entire HEO team for their steady support of Kathy in making Commercial Crew such a success," added Bridenstine. "I know they'll give her the same support as she moves out in her new role. This is such a critical time for the agency and for HEO."

The appointment comes at a time when NASA is focused on commercializing space exploration. Last month, Robert Behnken and Douglas Hurley took off toward the International Space Station in SpaceX's Falcon 9 rocket — representing the first manned mission in a SpaceX vehicle and the first launch from United States soil in almost a decade.

"We still need to bring Doug and Bob home safely and we're not going to lose focus," continues Bridenstine. "We have our sights set on the Moon and even deeper into space, and Kathy is going to help lead us there."

Houston-area NASA astronauts Robert Behnken and Douglas Hurley will make a historic flight. Photo courtesy of NASA

Here's how to watch the historic NASA/SpaceX mission launch in Houston

Ready for takeoff

Update: The launch was scrubbed a few minutes before launch due to undesirable weather conditions. The new launch date is Saturday, May 30, at around 2:30 CST. The original story is below.

Two Houston-area NASA astronauts are set to make history. Robert Behnken and Douglas Hurley will blast off on Elon Musk's SpaceX's Crew Dragon spacecraft, a Falcon 9 rocket, at 3:33 pm (CST) Wednesday, May 27, from the Kennedy Space Center in Cape Canaveral, Florida.

The flight is currently scheduled as a 60-percent "go" for launch as of May 27, with only inclement weather or a technical issue holding up the takeoff. Due to COVID-19 and subsequent social distancing issue, the launch will see only a small crowd at the Cape Canaveral takeoff.

The mission will carry the duo to the International Space Station and is considered a new era of human spaceflight, as American astronauts will once again launch on an American rocket from American soil to low-Earth orbit for the first time since the conclusion of the Space Shuttle Program in 2011, according to NASA.

NASA's SpaceX Demo-2 mission is the first launch with astronauts of the SpaceX Crew Dragon spacecraft and Falcon 9 rocket to the International Space Station as part of the agency's Commercial Crew Program. It's the final flight test for SpaceX; the mission will validate the company's crew transportation system, including the launch pad, rocket, spacecraft, and operational capabilities.

This also will be the first time NASA astronauts will test the spacecraft systems in orbit — Behnken and Hurley will don new, specially designed spacesuits and use touchscreen computers systems. The pairing of NASA — a governmental agency — and SpaceX, a commercial space flight operation, means NASA could save tens of millions in flight costs and instead focus on its Artemis mission to the moon, for example.

"The ultimate goal for us as astronauts and test pilots is just to go up there and prove out the mission and to bring the vehicle home safely," Hurley told CultureMap news partner, ABC13.

Proud Houstonians can watch NASA's coverage, which began at 11:15 am Wednesday, May 27, and will run through the Crew Dragon's docking at the International Space Station on Thursday, May 28. Expect a hatch opening and welcoming ceremony.

As part of the pre-launch ceremonies, at 12:07 pm, Burleson, Texas native Kelly Clarkson sang the National Anthem.

A special called Space Launch Live: America Returns to Space airs at 1 pm on the Discovery and Science Channel and will feature special celebrity guests including singer Katy Perry, Adam Savage, former NASA engineer and YouTube star Mark Robert, and astronaut Chris Cassidy from the International Space Station.

Meanwhile, launch and prelaunch activities on YouTube, Twitter, Facebook, and even Linkedin. For those watching at home and looking for a festive theme, Space Center Houston created an at-home viewing guide, including a playlist, outfits, and space food.

------

This article originally ran on CultureMap.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Power grid tech co. with Houston HQ raises $25M series B

money moves

A Norway-based provider of technology for power grids whose U.S. headquarters is in Houston has raised a $25 million series B round of funding.

The venture capital arm of Polish energy giant Orlen, Norwegian cleantech fund NRP Zero, and the Norway-based Steinsvik Family Office co-led Heimdall Energy's round. Existing investors, including Investinor, Ebony, Hafslund, Lyse, and Sarsia Seed, chipped in $8.5 million of the $25 million round.

“This funding gives us fuel to grow internationally, as we continue to build our organization with the best people and industry experts in the world,” Jørgen Festervoll, CEO of Heimdall, says in a news release.

Founded in 2016, Heimdall supplies software and sensors for monitoring overhead power lines. The company says its technology can generate up to 40 percent in additional transmission capacity from existing power lines.

Heimdall entered the U.S. market in 2023 with the opening of its Houston office after operating for several years in the European market.

“Heimdall Power has built itself a unique position as an enabler for the ongoing energy transition, with fast-increasing electricity demand and queues of renewables waiting to get connected,” says Marek Garniewski, president of Orlen’s VC fund.

Heimdall says it will put the fresh funding toward scaling up production and installation of its “magic ball” sphere-shaped sensors. In the U.S., these sensors help operators of power grids maximize the capacity of the aging power infrastructure.

“In the United States alone, there are over 500,000 miles of power lines — most of which have a far higher transmission capacity than grid operators have historically been able to realize. To increase capacity, many have launched large-scale and expensive infrastructure projects,” Heimdall says.

Now, the U.S. government has stepped in to ensure that utilities are gaining more capacity from the existing infrastructure, aiming to upgrade 100,000 miles of transmission lines over the next five years.

Heimdall's technology enables grid operators and utilities to boost transmission capacity without undertaking lengthy, costly infrastructure projects. Earlier this year, the company kicked off the largest grid optimization project in the U.S. with Minnesota-based Great River Energy.

Houston energy data SaaS co. partners with trading platform

team work

In an effort to consolidate and improve energy data and forecasting, a Houston software company has expanded to a new platform.

Amperon announced that it has expanded its AI-powered energy forecaststoSnowflake Marketplace, an AI data cloud company. With the collaboration, joint customers can seamlessly integrate accurate energy forecasts into power market trading. The technology that Amperon provides its customers — a comprehensive, AI-backed data analytics platform — is key to the energy industry and the transition of the sector.

“As Amperon continues to modernize energy data and AI infrastructure, we’re excited to partner with Snowflake to bring the most accurate energy forecasts into a single data experience that spans multiple clouds and geographies," Alex Robart, chief revenue officer at Amperon, says in a news release. "By doing so, we’re bringing energy forecasts to where they will be accessible to more energy companies looking to increase performance and reliability."

Together, the combined technology can move the needle on enhanced accuracy in forecasting that strengthens grid reliability, manages monetary risk, and advances decarbonization.

“This partnership signifies Amperon’s commitment to deliver world-class data-driven energy management solutions," Titiaan Palazzi, head of power and Utilities at Snowflake, adds. "Together, we are helping organizations to easily and securely access the necessary insights to manage risk and maximize profitability in the energy transition."

With Amperon's integrated short-term demand and renewables forecasts, Snowflake users can optimize power markets trading activity and manage load risk.

"Amperon on Snowflake enables us to easily integrate our different data streams into a single unified view," Jack Wang, senior power trader and head of US Power Analysis at Axpo, says. "We value having complete access and control over our analytics and visualization tools. Snowflake allows us to quickly track and analyze the evolution of every forecast Amperon generates, which ultimately leads to better insights into our trading strategy."

Amperon, which recently expanded operations to Europe, closed a $20 million series B round last fall led by Energize Capital and tripled its team in the past year and a half.

In March, Amperon announced that it replatformed its AI-powered energy analytics technology onto Microsoft Azure.

Learn more about the company on the Houston Innovators Podcast episode with Sean Kelly, co-founder and CEO of Amperon.

------

This article originally ran on EnergyCapital.

Rice research on bond and stock market differences, earnings variations

houston voices

At the end of every quarter, publicly traded companies announce their profits and losses in an earnings report. These updates provide insight into a company’s performance and, in theory, give investors and shareholders clarity on whether to buy, sell or hold. If earnings are good, the stock price may soar. If they’re down, the price might plunge.

However, the implications for the stock price may not be immediately clear to all investors. In the face of this uncertainty, sellers will ask for high prices, and buyers will offer low ones, creating a significant “bid-ask spread.” When this happens, it becomes more costly to trade, and the stock becomes less liquid.

This is a well-documented effect on equity stock markets. However, according to research by Stefan Huber (Rice Business), Chongho Kim (Seoul National University) and Edward M. Watts (Yale SOM), the corporate bond market responds differently to earnings news. This is because bond markets differ from stock markets in a significant way.

Stocks v. Bonds: What Happens When Earnings Are Announced?

Equities are usually traded on centralized exchanges (e.g., New York Stock Exchange). The exchange automatically queues up buyers and sellers according to the quote they’ve entered. Trades are executed electronically, and the parties involved are typically anonymous. A prospective buyer might purchase Microsoft shares from someone drawing down their 401(k) — or they could be buying from Bill Gates himself.

Corporate bond markets work differently. They are “over-the-counter” (OTC) markets, meaning a buyer or seller needs to find a counterparty to trade with. This involves getting quotes from and negotiating with potential counterparties. This is an inherent friction in bond trading that results in much higher costs of trading in the form of wider bid-ask spreads.

Here’s what Huber and his colleagues learned from the research: Earnings announcements prompt many investors to trade. And on OTC markets, potential buyers and sellers become easier to find and negotiate with.

A Stronger Bargaining Position for Bonds

According to Huber, “When earnings information comes out, a lot of people want to trade. In bond markets, that makes it much easier to find someone to trade with. The more options you have to trade, the stronger your bargaining position becomes, and the lower your trading costs go.”

He compares the process to shopping in a market with a flexible approach to pricing.

“Let's say you're at a farmers market and you want to buy an apple,” Huber says. “If there is only one seller, you buy the apple from that person. They can ask for whatever price they want. But if there are multiple sellers, you can ask around, and there is potential to get a better price. The price you get depends on the number of options you have in trading partners.”

What’s at Stake?

Although bonds receive less attention than equities, the stakes are high. There is about $10 trillion in outstanding corporate debt in the U.S., and more than $34 billion in average daily trading volume.

A detailed record of bond trades is available from the Financial Industry Regulatory Authority (FINRA), which requires that trades be reported via their Trade Reporting and Compliance Engine (TRACE).

The study from Huber and co-authors uses an enhanced version of TRACE to examine trades executed between 2002 and 2020. The team analyzed the thirty-day periods before and after earnings announcements to gather data about volume, bid-ask spreads and other measures of liquidity.

They find that, like on the stock market, there are more investors and broker-dealers trading bonds around earnings announcements. However, unlike on the stock market, transaction costs for bonds decrease by 6 to 7 percent in the form of bid-ask spreads.

What Sets This Research Apart?

“Taking a purely information asymmetry-based view would predict that what happens to stock liquidity would also happen to bonds,” Huber says. “A piece of information drops, and some people are better able to work with it, so others price protect, and bid-ask spreads and the cost of trading go up.”

“But if you consider the search and bargaining frictions in bond markets, you get a more nuanced picture. While information asymmetry increases, like it does on stock markets, the information prompts more investors into bond trading, which makes it easier to find counterparties and get better transaction prices. Consequently, bid-ask spreads go down. This search and bargaining friction does not really exist on equities exchanges. But we cannot ignore it in OTC markets.”

As corporate debt markets continue to grow in importance, it will become crucial for investors and regulators to understand the nuanced factors influencing their liquidity. This study provides a solid foundation for future research.

------

This article originally ran on Rice Business Wisdom. For more, see “Earnings News and Over-the-Counter Markets.” Journal of Accounting Research 62.2 (2024): 701-35.