Houston energy tech startup Molecule closes series B funding round

Big Bang

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.”

---

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."

------

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.”

------

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.
Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Rice launches 'brain economy' initiative at World Economic Forum

brain health

Rice University has launched an initiative that will position “brain capital” as a key asset in the 21st century.

Rice rolled out the Global Brain Economy Initiative on Jan. 21 at the World Economic Forum in Davos, Switzerland.

“This initiative positions brain capital, or brain health and brain skills, at the forefront of global economic development, particularly in the age of artificial intelligence,” the university said in a news release.

The Rice-based initiative, whose partners are the University of Texas Medical Branch in Galveston and the Davos Alzheimer’s Collaborative, aligns with a recent World Economic Forum and McKinsey Health Institute report titled “The Human Advantage: Stronger Brains in the Age of AI,” co-authored by Rice researcher Harris Eyre. Eyre is leading the initiative.

“With an aging population and the rapid transformation of work and society driven by AI, the urgency has never been greater to focus on brain health and build adaptable human skills—both to support people and communities and to ensure long-term economic stability,” says Amy Dittmar, a Rice provost and executive vice president for academic affairs.

This initiative works closely with the recently launched Rice Brain Institute.

In its first year, the initiative will establish a global brain research agenda, piloting brain economy strategies in certain regions, and introducing a framework to guide financial backers and leaders. It will also advocate for public policies tied to the brain economy.

The report from the McKinsey Health Institute and World Economic Forum estimates that advancements in brain health could generate $6.2 trillion in economic gains by 2050.

“Stronger brains build stronger societies,” Eyre says. “When we invest in brain health and brain skills, we contribute to long-term growth, resilience, and shared prosperity.”

Rice Alliance and the Ion leader Brad Burke to retire this summer

lasting legacy

Brad Burke—a Rice University associate vice president who leads the Ion District’s Rice Alliance for Technology and Entrepreneurship and is a prominent figure in Houston’s startup community—is retiring this summer after a 25-year career at the university.

Burke will remain at the Rice Alliance as an adviser until his retirement on June 30.

“Brad’s impact on Rice extends far beyond any single program or initiative. He grew the Rice Alliance from a promising campus initiative into one of the most respected university-based entrepreneurship platforms,” Rice President Reginald DesRoches said in a news release.

During Burke’s tenure, the Rice Business School went from unranked in entrepreneurship to The Princeton Review’s No. 1 graduate entrepreneurship program for the past seven years and a top 20 entrepreneurship program in U.S. News & World Report’s rankings for the past 14 years.

“Brad didn’t just build programs — he built an ecosystem, a culture, and a reputation for Rice that now resonates around the world,” said Peter Rodriguez, dean of the business school. “Through his vision and steady leadership, Rice became a place where founders are taken seriously, ideas are rigorously supported, and entrepreneurship is embedded in the fabric of the university.”

One of Burke’s notable achievements at Rice is the creation of the Rice Business Plan Competition. During his tenure, the competition has grown from nine student teams competing for $10,000 into the world’s largest intercollegiate competition for student-led startups. Today, the annual competition welcomes 42 student-led startups that vie for more than $1 million in prizes.

Away from Rice, Burke has played a key role in cultivating entrepreneurship in the energy sector: He helped establish the Energy Tech Venture Forum along with Houston Energy and Climate Startup Week.

Furthermore, Burke co-founded the Texas University Network for Innovation and Entrepreneurship in 2008 to bolster the entrepreneurship programs at every university in Texas. In 2016, the Rice Alliance assumed leadership of the Global Consortium of Entrepreneurship Centers.

In 2023, Burke received the Trailblazer Award at the 2023 Houston Innovation Awards and was recognized by the Deshpande Foundation for his contributions to innovation and entrepreneurship in higher education.

“Working with an amazing team to build the entrepreneurial ecosystem at Rice, in Houston, and beyond has been the privilege of my career,” Burke said in the release. “It has been extremely gratifying to hear entrepreneurs say our efforts changed their lives, while bringing new innovations to market. The organization is well-positioned to help drive exponential growth across startups, investors, and the entrepreneurial ecosystem.”

Starting April 15, John “JR” Reale Jr. will serve as interim associate vice president at Rice and executive director of the Rice Alliance. He is managing director of the alliance and co-founder of Station Houston, beginning April 15. Reale is co-founder of the Station Houston startup hub and a startup investor and was also recently named director for startups and investor engagement for the Ion.

“The Rice Alliance has always been about helping founders gain advantages to realize their visions,” Reale said. “Under Brad’s leadership, the Rice Alliance has become a globally recognized platform that is grounded in trust and drives transformational founder outcomes. My commitment is to honor what Brad has built and led while continuing to serve our team and community, deepen relationships and deliver impact.”

Burke joined the Houston Innovators Podcast back in 2022. Listen to the full interview here.

Houston team uses CPRIT funding to develop nanodrug for cancer immunotherapy

cancer research

With a relative five-year survival rate of 50 percent, pancreatic cancer is a diagnosis nobody wants. At 60 percent, the prognosis for lung cancer isn’t much rosier. That’s because both cancers contain regulatory B cells (Bregs), which block the body’s natural immunity, making it harder to fight the enemies within.

Newly popular immunotherapies in a category known as STING agonists may stimulate natural cancer defenses. However, they can also increase Bregs while simultaneously causing significant side effects. But Wei Gao, assistant professor of pharmacology at the University of Houston College of Pharmacy, may have a solution to that conundrum.

Gao and her team have developed Nano-273, a dual-function drug, packaged in an albumin-based particle, that boosts the immune system to help it better fight pancreatic and lung cancers. Gao’s lab recently received a $900,000 grant from the Cancer Prevention and Research Institute of Texas (CPRIT) to aid in fueling her research into the nanodrug.

“Nano-273 both activates STING and blocks PI3Kγ—a pathway that drives Breg expansion, while albumin nanoparticles help deliver the drug directly to immune cells, reducing unwanted side effects,” Gao said in a press release. “This approach reduces harmful Bregs while boosting immune cells that attack cancer, leading to stronger and more targeted anti-tumor responses.”

In studies using models of both pancreatic and lung cancers, Nano-273 has shown great promise with low toxicity. Its best results thus far have involved using the drug in combination with immunotherapy or chemotherapy.

With the CPRIT funds, Gao and her team will be able to charge closer to clinical use with a series of important steps. Those include continuing to test Nano-273 alongside other drugs, including immune checkpoint inhibitors. Safety studies will follow, but with future patients in mind, Gao will also work toward improving her drug’s production, making sure that it’s safe and high-quality every time, so that it is eventually ready for trials.

Gao added: “If successful, this project could lead to a new type of immunotherapy that offers lasting tumor control and improved survival for patients with pancreatic and lung cancers, two diseases that urgently need better treatments."

View All Listings