Sameer Soleja is the founder and CEO of Molecule, which just closed its series B round. Photo courtesy of Molecule Software

Houston-based energy trading risk management (ETRM) software company Molecule has completed a successful series B round for an undisclosed amount, according to a July 16 release from the company.

The raise was led by Sundance Growth, a California-based software growth equity firm.

Sameer Soleja, founder and CEO of Molecule, said in the release that the funding will allow the company to "double down on product innovation, grow our team, and reach even more markets."

Molecule closed a $12 million Series A round in 2021, led by Houston-based Mercury Fund, and has since seen significant growth. The company, which was founded in 2012, has expanded its customer base across the U.S., U.K., Europe, Canada and South America, according to the release.

Additionally, it has launched two new modules of its software platform. Its Hive module, which debuted in 2022, enables clients to manage their energy portfolio and renewable credits together in one scalable platform. It also introduced Elektra, an add-on for the power market to its platform, which allows for complex power market trading.

"Four years ago, we committed to becoming the leading platform for energy trading," Soleja said in the release. "Today, our customers are managing complex power and renewable portfolios across multiple jurisdictions, all within Molecule.”

Molecule is also known for its data-as-a-lake platform, Bigbang, which enables energy ETRM and commodities trading and risk management (CTRM) customers to automatically import trade data from Molecule and then merge it with various sources to conduct queries and analysis.

“Molecule is doing something very few companies in energy tech have done: combining mission-critical depth with cloud-native, scalable technology,” Christian Stewart, Sundance Growth managing director, added in the statement.

“Sameer and his team have built a platform that’s not only powerful, but user-friendly—a rare combination in enterprise software. We’re thrilled to partner with Molecule as they continue to grow and transform the energy trading and risk management market.”

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This article originally appeared on EnergyCapitalHTX.com.

The series A funding will support the deployment of its biochar machines across Texas, Oklahoma, Arkansas, and Louisiana. Photo courtesy of Applied Carbon

Houston climatetech startup raises $21.5M series A to grow robotics solution

seeing green

A Houston energy tech startup has raised a $21.5 million series a round of funding to support the advancement of its automated technology that converts field wastes into stable carbon.

Applied Carbon, previously known as Climate Robotics, announced that its fresh round of funding was led by TO VC, with participation from Congruent Ventures, Grantham Foundation, Microsoft Climate Innovation Fund, S2G Ventures, Overture.vc, Wireframe Ventures, Autodesk Foundation, Anglo American, Susquehanna Foundation, US Endowment for Forestry and Communities, TELUS Pollinator Fund for Good, and Elemental Excelerator.

The series A funding will support the deployment of its biochar machines across Texas, Oklahoma, Arkansas, and Louisiana.

"Multiple independent studies indicate that converting crop waste into biochar has the potential to remove gigatons of CO2 from the atmosphere each year, while creating trillions of dollars in value for the world's farmers," Jason Aramburu, co-founder and CEO of Applied Carbon, says in a news release. "However, there is no commercially available technology to convert these wastes at low cost.

"Applied Carbon's patented in-field biochar production system is the first solution that can convert crop waste into biochar at a scale and a cost that makes sense for broad acre farming," he continues.

Applied Carbon rebranded in June shortly after being named a top 20 finalist in XPRIZE's four-year, $100 million global Carbon Removal Competition. The company also was named a semi-finalist and awarded $50,000 from the Department of Energy's Carbon Dioxide Removal Purchase Pilot Prize program in May.

"Up to one-third of excess CO2 that has accumulated in the atmosphere since the start of human civilization has come from humans disturbing soil through agriculture," Joshua Phitoussi, co-founder and managing partner at TO VC, adds. "To reach our net-zero objectives, we need to put that carbon back where it belongs.

"Biochar is unique in its potential to do so at a permanence and price point that are conducive to mass-scale adoption of carbon dioxide removal solutions, while also leaving farmers and consumers better off thanks to better soil health and nutrition," he continues. "Thanks to its technology and business model, Applied Carbon is the only company that turns that potential into reality."

The company's robotic technology works in field, picking up agricultural crop residue following harvesting and converts it into biochar in a single pass. The benefits included increasing soil health, improving agronomic productivity, and reducing lime and fertilizer requirements, while also providing a carbon removal and storage solution.

"We've been looking at the biochar sector for over a decade and Applied Carbon's in-field proposition is incredibly compelling," adds Joshua Posamentier, co-founder and managing partner of Congruent Ventures. "The two most exciting things about this approach are that it profitably swings the agricultural sector from carbon positive to carbon negative and that it can get to world-scale impact, on a meaningful timeline, while saving farmers money."

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This article originally ran on EnergyCapital.

The five-month program establishes a significant relationship between the 20 selected startups and NOV, beginning with paid pilot programs. Photo via NOV.com

Houston energy company opens applications for unique energy tech startup pilot program

calling all innovators

Houston-based NOV is launching a new growth-stage startup accelerator focused on the upstream oil and gas industry.

NOV, a provider of oil and gas drilling and production operations equipment, has announced its new NOV Supernova Accelerator in collaboration with VentureBuilder, a consulting firm, investor, and accelerator program operator led by a group of Houston innovators.

Applications to the program are open online, and the deadline to apply is July 7. Specifically, NOV is looking for companies working on solutions in data management and analytics, operational efficiency, HSE monitoring, predictive maintenance, and digital twins.

The five-month program establishes a significant relationship between the 20 selected startups and NOV, beginning with paid pilot programs.

"This is not a traditional startup accelerator. This is often a first-client relationship to help disruptive startups refine product-market fit and creatively solve our pressing enterprise problems," reads the program's website.

Selected startups will have direct access to NOV's team and resources. The program will require companies to spend one week per month in person at NOV headquarters in Houston and will provide support surrounding several themes, including go-to-market strategy, pitch practice, and more.

“The NOV Supernova Accelerator offers a strategic approach where the company collaborates with startups in a vendor-client relationship to address specific business needs," says Billy Grandy, general partner of VentureBuilder.vc, in a statement. "Unlike mergers and acquisitions, the venture client model allows corporations like NOV to quickly test and implement new technologies without committing to an acquisition or risking significant investment.”

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This article originally ran on EnergyCapital.

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

New energy tech startup accelerator has its eyes on Houston

calling all energy entrepreneurs

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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Houston brain, spine cancer diagnostics company to launch patient testing

fighting cancer

A Houston-based company is beginning a push on its proven test for central nervous system (CNS) cancers.

“We're going to start rolling out just in Texas and doing patient testing in the state of Texas, first with a few accounts where we've established a relationship, and then we'll continue our rollout through the United States in the next year or so,” says Russell Bradley, president and general manager of CNSide Diagnostics.

Bradley had retired from multinational diagnostics company Abbott Laboratories when he met Marc Hendrick, the CEO of Austin’s Plus Therapeutics, last year. When Hendrick told him about the recent acquisition of CNSide, a company formerly based in San Diego, Bradley says he felt compelled to join in its mission.

CNSide’s CSF assay tests cerebrospinal fluid for cancers that have metastasized to the spine or brain, primarily carcinomas and melanomas.

“Typically, they do an MRI, and that won't always show anything. If it's early stage, they do cytology, which is not very sensitive at finding cancer cells in the cerebrospinal fluid. By the time they're diagnosed, it can be very late-stage, and oftentimes, in fact, the studies show that half of these patients don't get treated,” Bradley says.

CNSide, then, is a ray of hope for patients who are often consigned to palliative care. By diagnosing their metastasis sooner, physicians have more treatment options to stop the CNS cancer before it’s wreaked havoc. Bradley also points out that once a treatment regimen is underway, doctors can continue to measure the cancer’s progress or lack thereof. He claims that, of the roughly 300 neuro-oncologists in the United States, about 200 have already used the test.

Moving from California to Houston briefly slowed progress for CNSide, but now, matters are moving ahead at a steady clip.

“It takes a little bit of time to establish the test in a new location, move the apparatus and establish the processes,” Bradley says. “You have to get the lab accredited, which we just did. So we're now accredited to run patient samples, and we've really just been doing our research samples as part of the clinical studies.”

Texas institutions, such as the University of Texas - Southwestern, MD Anderson Cancer Center, Mays Cancer Center, Baylor Scott & White Health and Texas Oncology, are beginning to use the technology.

Bradley, who lives in Austin but spends much of his time in Houston, says that the city has been nothing less than an ideal fit for the needs of his growing company and a lab that’s currently hiring. He praises the logistics potential of being close to a major hub, which will eventually be a key factor for getting lumbar puncture samples from around the country to the lab for quick testing.

“I think the business environment in Texas, generally, and in Houston, specifically, for us and the access to talent with a lot of institutions here around the Houston area that graduate the type of people that we want to employ is remarkable. And I'd say the cherry on top is really just access to world-class institutions like MD Anderson. I think from a holistic and comprehensive point of view, Houston has a lot to offer a company like us,” Bradley says.

And ultimately, what brought Bradley and CNSide to Texas is the quest to prolong the lives of people living with cancer. As he puts it, “It's a true privilege—and I know I speak on behalf of the team at CNSide and Plus—to be able to impact these patients and have the tools at this time in the history of cancer diagnostics to be able to really make a difference.”

Houston autonomous trucking co. completes first test run without human intervention

on the road

Houston-based Bot Auto, an autonomous trucking company, has completed its first test run without human assistance. Bot Auto conducted the test in Houston.

“The truck operated seamlessly within its defined operational domain with no one in the cab or remote assistance, navigating real-world traffic conditions,” the company said in a news release. “The run was executed at sunset, successfully navigating day and night operations.”

Bot Auto, a transportation-as-a-service startup, added that this milestone “serves as a validation benchmark, demonstrating the maturity and safety of Bot Auto’s autonomy stack and test protocols.”

The successful test comes two years after Xiaodi Hou, a globally recognized expert in autonomous vehicles, founded Bot Auto.

“This validation run is a meaningful step, but it’s a waypoint, not the destination,” Hou, CEO of Bot Auto, added in the release. “Success is simple: Autonomy must beat human cost-per-mile, consistently and safely. And at Bot Auto, humanless means no human — not in the driver’s seat, not in the back seat, and not behind a remote joystick.”

For several months, Bot Auto has been conducting autonomous trucking tests on a Houston-to-San Antonio route. In the coming months, Bot Auto will operate its first commercial cargo run without human assistance between its Houston and San Antonio hubs.

“Our mission is to revolutionize the transportation industry with our autonomous trucks, making a lasting positive impact on humanity,” the company says.

Last October, Bot Auto announced it had raised $20 million in pre-series A funding from Brightway Future Capital, Cherubic Ventures, EnvisionX Capital, First Star Ventures, Linear Capital, M31 Capital, Taihill Venture, Uphonest Capital, and Welight Capital.

This summer, Hou told the Front Lines podcast that Bot Auto had raised more than $45 million altogether.

Hobby debuts solar canopy as airport system reaches new sustainability milestone

solar solutions

Houston's William P. Hobby Airport is generating its own clean energy.

Houston Aiports announced that Hobby's red garage is now home to a "solar canopy" that is producing energy at 100 percent capacity to power daily operations. The photovoltaic (PV) solar system generated more than 1.1 gigawatt-hours of electricity in testing, and is expected to produce up to 1 megawatt-hour now that it's operating at full power.

“This project is proof that sustainability can be practical, visible and directly tied to the passenger experience,” Jim Szczesniak, director of aviation for Houston Airports, said in a news release. “Passengers now park under a structure that shields their cars from the Texas sun while generating clean energy that keeps airport operations running efficiently, lowering overall peak demand electrical costs during the day and our carbon footprint. It’s a win for travelers, the city and the planet.”

The project was completed by Texas A&M Engineering Experiment Station (TEES) and CenterPoint Energy. It's part of Houston Airport's efforts to reduce carbon emissions by 40 percent over its 2019 baseline.

In a separate announcement, the airport system also shared that it recently reached Level 3 in the Airports Council International (ACI) Airport Carbon Accreditation program after reducing emissions by 19 percent in three years. This includes reductions at George Bush Intercontinental Airport (IAH), Hobby and Ellington Airport/Houston Spaceport.

The reductions have come from initiatives such as adding electric vehicles to airport fleets, upgrading airfield lighting with LED bulbs, adding smarter power systems to terminals, and improving IAH's central utility plant with more efficient equipment. Additionally, the expansion to Hobby's West Concourse and renovations at IAH Terminal B incorporate cleaner equipment and technology.

According to Houston Airports, from 2019 to 2023:

  • IAH reduced emissions by 17 percent
  • Hobby reduced emissions by 32 percent
  • Ellington Airport reduced emissions by 4 percent

"I see firsthand how vital it is to link infrastructure with sustainability,” Houston City Council Member Twila Carter, chair of the council’s Resilience Committee, said in the release. “Reducing carbon emissions at our airports isn’t just about cleaner travel — it’s about smarter planning, safer communities and building a Houston that can thrive for generations to come.”