Houston alternative energy startup raises $23M series B with global support

money moves

Syzygy Plasmonics has raised $23 million thanks to international support. Photos via plasmonics.tech

A Houston startup founded based off research coming out of Rice University has closed its series B funding, the company announced this week.

Founded in 2017, Syzygy Plasmonics is a chemical company developing a photocatalyst-powered hydrogen fuel cell technology that produces a cheaper source of energy that releases fewer carbon emissions. As of this week, the company has $23 million more to fund its scaling and grow its team thanks to the closing of its series B financing led by Hong Kong-based Horizons Venture. Equinor Ventures, a new investor, also joined in on the round, along with previous seed and series A investors including The Engine, GOOSE Capital, and Evok Innovations.

"With renewable electricity as an energy source, our technology is cleaner, and because of the stability and activity of our photocatalysts, we can drive dozens of possibilities, tuning reactions that produce different chemicals," says Trevor Best, Syzygy Plasmonics' co-founder and CEO, in a news release. "Our initial product will focus on eliminating emissions from hydrogen production, transforming the industrial process involved in making semiconductors, LEDs and metals. Our system will also enable industries that are consumers of hydrogen fuel cells, like fuel cell vehicles."

The hydrogen-fueled technology originated out of research done over two decades by two Rice University professors, Naomi Halas and Peter Nordlander and further developed by the company's co-founder and CTO, Suman Khatiwada. The technology has the ability to both lower costs and emissions at industrial plants. According to the release, Syzygy's first product focused on hydrogen and the technology has the potential to cut the cost of zero emission hydrogen in half, when compared to other alternatives such as electrolysis.

"There are rules in chemical engineering, and you can't break them, but we follow them in a different way," CEO Trevor Best previously told InnovationMap. "What we're doing is fundamentally different. We're using light instead of heat to drive chemical reactions."

Currently, Syzygy employs 26 people and plans to double its workforce in the next year in order to launch its first full-size, commercial-ready chemical reactors in 2022.

In August of 2019, Syzygy raised its $5.8 million series A and secured Department of Energy ARPA-E and National Science Foundation SBIR Program grants.

"The keys to unlock the potential of hydrogen energy lie within production cost reduction and safety enhancements. Syzygy uses a photocatalysis process to produce H2 on premises, therefore mitigating risks of explosion imposed by the transportation of liquid hydrogen while lowering production costs to increase overall energy efficiency. This technology will be applicable to a wide-range of use-cases, enabling a faster path toward zero-emissions," says Patrick Poon of Horizons Ventures, who is also a new board member at Syzygy.

The international fundraise also attracted interest from Norway-based Equinor's venture arm, which has operations in more than 30 countries.

"We have announced our ambition to become a net-zero energy company by 2050 and in order for society at large to meet its climate goals it will require new solutions and technologies. We are pleased to announce the investment in Syzygy as one potential contributor to help the energy industry reduce emissions as part of our effort to shape the future of energy," says Gareth Burns, head of Equinor Ventures, in the release.

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Meet 6 mentors guiding Houston’s next generation of startup founders

meet the finalists

Houston’s thriving startup ecosystem is supported by a network of experienced leaders who work behind the scenes, investing their time and knowledge to help the next generation of entrepreneurs succeed.

As part of the 2026 Houston Innovation Awards, the Mentor of the Year category will honor an individual who dedicates their time and expertise to guide and support budding entrepreneurs. They support promising startups in the medical tech, digital health, clean energy, hardware sectors and more.

Read more about these businesses, their founders and their breakthrough technologies below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Al Danto, Rice University

Al Danto is a senior lecturer in entrepreneurship at Rice University. He mentors undergraduate and graduate students at Rice and through the university's Liu Idea Lab for Innovation and Entrepreneurship (Lillie). He's also involved in the Houston Entrepreneurs Organization and Rice Veterans' Business Battle.

"[Mentoring] is very rewarding and fulfilling," Danto says. "[It] helps to me to pay back full circle over the incredible mentors I have had."

Eric Rubenstein, New Climate Ventures

Eric Rubenstein is managing partner at New Climate Ventures. He mentors startups through the clean energy-focused early-stage VC firm and also through the Breakthrough Energy Fellowship, Activate, Greentown Labs and Yale Ventures. Rubenstein has worked with numerous startups and Innovation Awards finalists, including Solidec, Rheom Materials, Bairitone Health, Pattern Materials and many others.

"Being a mentor is an important part of an innovation ecosystem," Rubenstein says. "Seeing founders succeed is rewarding, particularly if what they are building will meaningfully contribute to society. It is a way to give back that also builds community, as mentorship often involves introducing founders to other mentors, to potential investors and to potential customers. Just like the adage 'it takes a village' is used in reference to raising a child, the same adage applies to building a startup. That’s why we say 'let’s build.' Let’s build is inclusive because we do it together, as a community, even if the founders need to execute on a daily basis to make their vision a reality."

Jeremy Pitts, Activate

Jeremy Pitts serves as managing director of Activate Houston, which launched in Houston in 2024. He was one of the founders of Greentown Labs in the Boston area and served in a leadership role for the organization between 2011 and 2015. Through Activate, he has mentored numerous impactful startups and Innovation Awards finalists, including Solidec, Coflux Purification, Bairitone Health, Newfound Materials, Deep Anchor Solutions and others.

"Mentorship to me is all about selflessly supporting a person," Pitts says. "The person comes first--if you're not supporting the person, then their business needs don't matter. I'm there not to answer questions for people, but to help them gain the confidence and the capability to solve problems on their own. I am successful when my mentees are successful and happy, regardless of what their personal definition of success might look like."

Joe Alapat, Liongard

Joe Alapat founded and serves as chief strategy officer at Houston software company Liongard. He founded Startup Circle Houston and co-hosts Cybersecurity Circle, which both meet regularly at The Ion. He participates in Mercury Fund Day and has also mentored through Impact Hub Houston. He's worked with founders of FlowCare, Unytag, STEAM OnDemand, Lokum and many other early-stage startups.

"I compare being a mentor for startup founders to the Montessori method. ... Mentoring should not involve telling a founder what to do," Alapat says. "I see it as a founder whisperer approach that seeks to challenge the founder to think through their journey through different lenses and go on a journey of self-discovery while discovering the true market pain they are seeking to solve. The cherry on top is that the mentor gains as much as the mentee, so learning is happening for both. Ultimately, the meter of achievement with mentoring is seeing visible progress with the maturity of the founder and the degree of traction for their startup."

Kyle Judah, Rice University's Liu Idea Lab for Innovation & Entrepreneurship

Kyle Judah is the executive director of Lilie, where he mentors pre-seed student startups. He also mentors through organizations like TEX-E, Greentown Labs, Activate and previously with MassChallenge. Some of the startups he's mentored include Helix Earth Technologies, Tierra Climate, Solidec, HexaSpec, SteerBio and many others.

"[Being a mentor] means helping to ensure that the most people possible have the best shot possible at making their company a successful reality," Judah says. "It means, at its root, opening the aperture for what is possible for people, by believing in them before anyone else even understands what their ambitions are. Because belief is the most infectious thing in the world. And before digging into the work in the trenches, most times founders need to kickstart their journey by having someone from the outside believe in them, when there's no real evidence to support that belief. So I guess, mentorship is a pure form of entrepreneurial faith."

Rachel Bickham, Bickham Services Unlimited LLC

Rachel Bickham is CEO of Bickham Services Unlimited, through which she mentors founders across a range of business stages and industries. She founded the organization in 2017. Bickham also mentors through The Affirmed Entrepreneur, a mentorship platform that she also launched. In 2024, she also began mentoring through the Goldman Sachs One Million Black Women: Black in Business program. Some of the startups she has worked with included Elaine Transportation, Nakira's World and NP Skills Made Easy, among others.

"Being a mentor means helping someone see what is possible while being honest about what it will take to get there," Bickham says. "It is not about giving generic advice or telling entrepreneurs what they want to hear. Sometimes mentorship means offering encouragement, and sometimes it means asking difficult questions that help someone avoid an expensive mistake. In both situations, my responsibility is to listen, share what I have learned, and help the entrepreneur make an informed decision. ... Being a mentor also means opening doors when I can—making introductions, inviting entrepreneurs into rooms they may not have entered on their own, and helping them build relationships that can change the direction of their businesses. It also means holding them accountable for what they said they wanted to accomplish. I do not measure successful mentorship by how often someone returns to me for an answer. I measure it by whether they become more confident, more strategic, and better equipped to make decisions on their own."

3 Houston incubators and accelerators fueling the growth of local startups

Meet the finalists

It takes a village to launch a business. That's where Houston's network of incubators and accelerators can step in, providing the resources, mentorship and community needed to push a fledgling company forward.

As part of our 2026 Houston Innovation Awards, the Incubator/Accelerator of the Year category honors a local organization that is championing and fueling the growth of Houston startups.

Three incubators and accelerators have been named finalists for the 2026 award. They support startups ranging from hard-tech companies to food and youth concepts.

Read more about these organizations below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Activate

Hard tech incubator Activate supports scientists in "the outset of their entrepreneurial journey." The Houston hub was introduced in 2024, and joins others in Boston, New York, and Berkley, California—where Activate is headquartered. It named its third Houston cohort this summer.

The two-year program graduated its first class of Houston fellows in 2026 and saw its first alumni IPO from Houston-based Fervo Energy, which previously participated in a Berkley cohort. Nationally, it has supported 346 fellows and 276 companies since 2015. Those companies have raised more than $6 billion in follow-on funding, according to Activate. In Houston, it has supported Houston startups like Solidec, FlowCellutions and Orbital Arc. Activate Houston is led by managing director Jeremy Pitts, who co-founded Greentown Labs in Boston. It is based out of the Ion.

Impact Hub Houston

Impact Hub Houston supports early-stage ventures at various stages of development through innovative programs that address pressing societal issues. The nonprofit organization supports social impact startups through mentorship, connections and training opportunities.

There are more than 110 Impact Hubs globally with members spanning 72 countries. Launched in 2018, Impact Hub Houston says its membership tripled by the beginning of 2026. This year brought major milestones for the community, including the launch of its Ideas to Impact Accelerator, which supported 11 founders across the health, education, food systems, civic technology and workforce development sectors. It also received funding from more than 20 international Impact Hubs to develop SYNC, a collaboration platform that 25 Impact Hubs across five continents have committed to pilot. The organization has worked with local startups including Myoviva Health, The Change Lab and INNERVERSE Inc.

MarMo Innovation

Galveston-based business incubator MarMo Innovation is focused on removing barriers to entrepreneurship. It aims to provide affordable space, education, mentorship, market access, connections and real-world opportunities that help entrepreneurs move from idea to launch to sustainable growth. The "industry-agnostic" incubator was founded in 2022 and is led by Executive Director Erica Delgadillo.

This year, the organization moved from primarily serving as a coworking and community space into a more comprehensive entrepreneurial incubator by expanding its MarMo Market, MarMo Market Jr. and Lunch LineUp programs. A major focus for MarMo is food entrepreneurship. It is developing an Incubator Kitchen, which MarMo says will support programs like its Cottage to Commercial Bootcamp and Food Biz 101. The organization also expanded its board this year and says it is diversifying its revenue through memberships, events, markets, equipment and space rentals, sponsorships, grants and new entrepreneurial programming.

Baylor College of Medicine launches VC fund to invest in biotech startups

fresh funding

Houston’s Baylor College of Medicine just unveiled a new venture capital fund that backs early-stage biotech startups—and it’s already made its first investment.

BCM Legacy Fund I, funded by philanthropies, invested an undisclosed amount in Houston biotech startup Nemea Therapeutics. Nemea, a spinout of the Baylor College of Medicine and Germany’s Lead Discovery Center, is developing an oral drug to treat metastatic triple-negative breast cancer that no longer responds to currently available therapies.

This type of aggressive cancer spreads from the breast to other areas of the body, such as the bones, liver, lungs or brain. Roughly 38,000 to 57,000 Americans are diagnosed each year with metastatic triple-negative breast cancer. One study showed about half of patients survive past the one-year mark following diagnosis and about one-third survive two years.

“Baylor College of Medicine’s laboratories produce discoveries with the potential to change patients’ lives, and too many of them stall where academic funding ends and private investment has not yet begun,” Dr. Jakub Tolar, president, CEO and executive dean of the Baylor College of Medicine, said in a press release. “The BCM Legacy Fund fills that gap, giving our scientists a path to advance their discoveries to patients.”

The National Institutes of Health awards more than $36 billion per year for biomedical research in the U.S., Baylor said. But some biomedical discoveries “never leave the starting line because they don’t yet fit the economics of venture capital,” the college said.

“The forefront of a new model”

The BCM Legacy Fund aggregates philanthropic capital from private foundations and donor-advised funds. It then invests in startups so they can move beyond that starting line and into later-stage investment rounds. The Greater Houston Community Foundation is the fund’s philanthropic partner.

“It’s exciting to be on the forefront of a new model for philanthropic capital,” said Houston entrepreneur and investor Burton Hanson, managing partner of the fund.

“Not only do we hope to solve a real problem by advancing these therapies to the patients who need them most, but we also hope this model will inspire others in the city and beyond toward philanthropic creativity and a posture of ‘I sacrifice; we win.’”

The fund expects to invest in about 15 early-stage startups over a five-year span. Baylor declined to divulge the amount of money in the fund and the size of the investment in Nemea.

Nemea’s “world-class chemistry”

Hanson oversees the Baylor fund alongside Chicago investor Steve Lehmann, who led the University of Chicago’s Innovation Fund.

Lehmann said Nemea, the fund’s first portfolio company, “has world-class chemistry, Baylor biology, and patients with no good options. Our job is to fund the experiments that carry it to the next handoff, so that industry and later-stage investors can take it from there.”

Based at Houston’s massive Texas Medical Center, Nemea plans to start clinical trials next year in collaboration with Baylor’s Lester and Sue Smith Breast Center.

Nemea previously received $9 million from the Lead Discovery Center and a $1.6 million grant from Baylor. Last year, the startup said it was seeking $25 million to $30 million in seed and Series A funding.

Debra McCoy of Houston, a former managing director at BlackRock and former partner at Bain & Co., and Paul Thomas, co-founder and CEO of Spring-based benefits manager Luscinia Health, sit on the Baylor fund’s governing board. Dr. Paul Klotman, former president, CEO and executive dean of Baylor, is a senior strategic adviser.

How does the fund find investment targets?

The Baylor Legacy Fund relies on two tools to help unearth early-stage biotech startups:

  • High-resolution “innovation maps” of research institutions. These maps surface hidden clusters of innovation, identify rising-star researchers and tie pockets of “innovation supply” at Baylor to areas of “innovation demand” in biotech.
  • AI-enhanced due diligence. AI agents assist with due diligence of early-stage biotech startups. The fund says the platform “distills the frameworks we’ve developed over a decade of teaching and investing into a flexible … diligence environment.”
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