Houston-based CO2 Energy Transition Corp., a SPAC focused on carbon capture, utilization, and storage (CCUS), raised $69 million in its IPO to target mid-sized CCUS companies. Photo via Getty Images

Houston-based CO2 Energy Transition Corp. — a “blank check” company initially targeting the carbon capture, utilization, and storage (CCUS) sector — closed November 22 on its IPO, selling 6 million units at $10 apiece.

“Blank check” companies are formally known as special purpose acquisition companies (SPACs). A SPAC aims to complete a merger, acquisition, share exchange, share purchase, reorganization or similar business combination in certain business sectors. CO2 Energy Transition will target companies valued at $150 million to $250 million.

Each CO2 Energy Transition unit consists of one share of common stock, one warrant to purchase one share of common stock at a per-share price of $11.50, and the right to receive one-eighth of a share of common stock based on certain business conditions being met.

The IPO also included the full exercise of the underwriter’s option to buy 900,000 units to cover over-allotments. Kingswood Capital Partners LLC was the sole underwriter.

Gross proceeds from the IPO totaled $69 million. The money will enable the company to pursue CCUS opportunities.

“Recent bipartisan support for carbon capture legislation heavily emphasized the government’s willingness to advance and support technologies for carbon capture, utilization, storage, and other purposes as efforts to reduce greenhouse gas emissions [continue],” Co2 Energy Transition says in an October 2024 filing with the U.S. Securities and Exchange Commission (SEC).

Brady Rogers is president and CEO of CO2 Energy Transition. He also is CEO of Carbon Capture Development Co., a Los Angeles-based developer of direct air capture (DAC) technology, and president of Houston-based Antelope Energy Partners LLC, a provider of oil and gas services.

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This article originally ran on EnergyCapital.

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. Photo via Getty Images

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.

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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.

Earlier this month, Autonomix Medical went public. The company's technology is geared toward treating pain stemming from pancreatitis and pancreatic cancer. Photo via nasdaq.com

Houston-area med device company grosses $11.1M in recent IPO

going public

The Woodlands-based medical device company Autonomix Medical grossed more than $11.1 million in its recent IPO.

The company’s stock now trades on the NASDAQ market under the symbol AMIX. On February 1, company officials range the NASDAQ’s closing bell. The stock closed February 5 at $5.60 per share.

The NASDAQ listing “represents a pivotal moment in the growth of our [company] and a significant corporate milestone leading to what we believe will be an exciting future for Autonomix,” says Lori Bisson, the company’s CEO.

In the IPO, Autonomix sold nearly 2.24 million shares of common stock at $5 each. The gross amount raised excludes sales commissions and other expenses.

In a January 19 filing with the U.S. Securities and Exchange Commission (SEC), Autonomix had eyed gross IPO proceeds of more than $21.2 million — nearly half of what the company actually raised — from the sale of up to 4 million shares.

For the six-month period ended September 30, 2023, Autonomix tallied a net loss of $6.9 million and a deficit of nearly $30.5 million.

Outside investors BioStar Ventures (with a 15 percent pre-IPO stake) and Tricord Holdings (5.5 percent), according to SEC documents. Before the IPO, seven Autonomix executives and directors controlled 50.6 percent of the company’s common stock.

The first medical device being developed by Autonomix, founded in 2014, is a catheter-based microchip that the company says can detect and differentiate neural signals with about 3,000 times greater sensitivity than current technology.

On its website, Autonomix cites a potential $100 billion global market for its technology.

Initially, Autonomix’s technology is geared toward treating pain stemming from pancreatitis and pancreatic cancer. Other uses for the technology, protected by dozens of patents, include management of post-surgery pain, treatment of high blood pressure, and treatment of organ-related conditions.

A day after the January 29 IPO, Autonomix announced it had wrapped up an $8 million all-stock deal to regain exclusive worldwide rights for use of its technology in the cardiology sector. In December 2021, Autonomix granted a license to Impulse Medical for use of its technology for cardiac purposes. In exchange for 1.6 million Autonomix shares, Impulse sold back those rights to Autonomix.

“Regaining the cardiology rights to our innovative technology broadens our development opportunities and provides further optionality related to our development strategy moving forward. Looking ahead, we remain focused on our pancreatic cancer pain development program and are on track to commence our first-in-human clinical study this quarter,” Bisson says.

Autonomix says its catheter-based sensing technology is designed to sense neural signals associated with pain or disease and then target those nerves for treatment.

“Autonomix believes this technology is a better alternative to the current approaches commonly used today, where doctors either rely on systemic drugs like opioids that lose effectiveness,” say the company, “and have unwanted side effects or treat suspected areas blindly in hopes of hitting the right nerves, an approach that is often inaccurate and can miss the target and even cause collateral damage to surrounding parts of the body.”

Here's what Houston tech and startup news trended this year on InnovationMap in space tech. Image via Getty Images

Top Space City news of 2023: New Houston unicorn, an IPO, spaceport development, and more

year in review

Editor's note: As the year comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. In the Space City, there were dozens of space tech stories, from a space tech company reaching unicorn status to another completing its IPO. Here are five Houston space tech-focused articles that stood out to readers this year — be sure to click through to read the full story.


Local university gets green light to launch new building at Houston Spaceport

City of Houston has entered into an agreement with Texas Southern University to develop an aviation program at the Houston Spaceport. Photo via fly2houston.com

With a financial boost from the City of Houston, the aviation program at Texas Southern University will operate an aeronautical training hub on a two-acre site at Ellington Airport.

The Houston Airport System — which runs Ellington Airport, George Bush Intercontinental Airport, Hobby Airport, and Houston Spaceport — is chipping in as much as $5 billion to build the facility, which will train aeronautical professionals.

On May 3, the Houston City Council authorized a five-year agreement between the airport system and TSU to set up and operate the facility. Continue reading the full story from May.

Houston space tech startup closes deal to IPO

Intuitive Machines will be listed on Nasdaq beginning February 14. Photo via intuitivemachines.com

It's official. This Houston company is live in the public market.

Intuitive Machines, a space tech company based in Southeast Houston, announced that it has completed the transaction to merge with Inflection Point Acquisition Corp., a special purpose acquisition company traded on Nasdaq.

“We are excited to begin this new chapter as a publicly traded company,” says Steve Altemus, co-founder, president, and CEO of Intuitive Machines, in a news release. “Intuitive Machines is in a leading position to replace footprints with a foothold in the development of lunar space. With our launch into the public sphere through Inflection Point, we have reached new heights financially and opened the doors for even greater exploration and innovation for the progress of humanity.”

The transaction, which was originally announced in September, was approved by Inflection Point’s shareholders in a general meeting on February 8. As a result of the deal, the company will receive around $55 million of committed capital from an affiliate of its sponsor and company founders, the release states. Continue reading the full story from February.

Houston to host 6 Italian aerospace companies with new program

Six Italian companies are coming to the Space City to accelerate their businesses thanks to a new program. Photo via nasa.gov

It's an Italian invasion in Houston — and it's happening in the name of accelerating innovation within aerospace.

For the first time, Italy has announced an international aerospace-focused program in the United States. The Italian Trade Agency and Italian Space Agency will partner with Space Foundation to launch Space It Up, an initiative that will accelerate six companies in Houston.

“The launch of Space It Up marks a pivotal moment in our ongoing commitment to nurturing innovation and facilitating global partnerships," Fabrizio Giustarini, Italian Trade Commissioner of Houston, says in a news release. "This program serves as a testament to the collaborative spirit that defines the aerospace industry. It represents the convergence of Italian ingenuity and Houston's esteemed legacy in space exploration, setting the stage for unprecedented advancements." Continue reading the full story from August.

Houston space tech startup raises $350M series C, clinches unicorn status

Axiom Space CEO Michael Suffredini (right) has announced the company's series C round with support from Aljazira Capital, led by CEO Naif AlMesned. Photo courtesy of Axiom Space

Houston has another unicorn — a company valued at $1 billion or more — thanks to a recent round of funding.

Axiom Space released the news this week that it's closed its series C round of funding to the tune of $350 million. While the company didn't release its valuation, it confirmed to Bloomberg that it's over the $1 billion threshold. Axiom reports that, according to available data, it's now raised the second-most funding of any private space company in 2023 behind SpaceX.

Saudi Arabia-based Aljazira Capital and South Korea-based Boryung Co. led the round. To date, Axiom has raised over $505 million with $2.2 billion in customer contracts, according to the company.

“We are honored to team with investors like Aljazira Capital, Boryung and others, who are committed to realizing the Axiom Space vision,” Axiom Space CEO and president Michael Suffredini says in a news release. “Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade. Continue reading the full story from August.

Texas university to build $200M space institute in Houston

Texas A&M University will build a new facility near NASA's Johnson Space Center. Photo courtesy of JSC

Texas A&M University's board of regents voted to approve the construction of a new institute in Houston that hopes to contribute to maintaining the state's leadership within the aerospace sector.

This week, the Texas A&M Space Institute got the greenlight for its $200 million plan. The announcement follows a $350 million investment from the Texas Legislature. The institute is planned to be constructed next to NASA’s Johnson Space Center in Houston.

“The Texas A&M Space Institute will make sure the state expands its role as a leader in the new space economy,” John Sharp, chancellor of the Texas A&M System, says in a news release. “No university is better equipped for aeronautics and space projects than Texas A&M.” Continue reading the full story from August.

FibroBiologics is opening a unique new lab at the University of Houston's Technology Bridge. Photo by Natalie Harms/InnovationMap

Houston regenerative medicine company opens new lab at UH

cell therapy innovation

Pete O’Heeron wants you to know that “Bohemian Rhapsody” was originally released as a B-side. What does this nugget about Queen have to do with regenerative medicine? For O’Heeron and his company, FibroBiologics, it means everything.

That’s because most scientists consider stem cells the A-side when it comes to the race to curing disease. But FibroBiologics has set its sights on fibroblasts. The most common cell in the body, fibroblasts are the main cell type in connective tissue.

“Everyone was betting on stem cells, and we started betting on fibroblasts,” says O’Heeron, who started the company in 2008 as SpinalCyte. “I think what we're going to see is that fibroblasts are going to end up winning, there are more robust, more that are lower cost cell, they have higher therapeutic values, higher immune modulation. They're just a better overall cell than the than the stem cells.”

Since a neurosurgeon and a dermatologist first introduced O’Heeron to the idea of using fibroblasts to regrow discs in the spine, the company has expanded its reach to include promising treatments for multiple sclerosis and cancer and in wound care. Imagine a world where doctors lay fibroblasts directly onto surgical incisions after surgery, cutting the time for healing in half.

FibroBiologics has organically written and filed more than 320 patents.

“It's quite a unique situation. I don’t think that in other areas of science that you have such a wide open area to go out and patent. It's just it was a brand new area nobody had been working on,” O’Heeron explains.

And soon, investors will be able to own a stake in the impressive work being forged in Houston. FibroBiologics, previously FibroGenesis, was formed in order to go public in a direct NASDAQ listing. The goal is to access the capital necessary to go to human trials. Earlier this year, the company also launched a crowdfunding campaign.

“We’ve had really fantastic results with animals and now we’re ready for humans,” says O’Heeron. “We've done small human trials, but we haven't done the large ones that are going to get the commercialization approval from the FDA.”

With that in mind, the company just signed a deal with University of Houston’s Innovation Center. On Thursday, September 7, FibroBiologics will dedicate the Newlin-Linscomb Lab for Cell Therapies in the UH Technology Bridge. The new lab is named for former player and color commentator for the Houston Rockets, Mike Newlin and his wife, Cindy, as well as Pam and Dan Linscomb, a founding partner of Kuhl-Linscomb, one of the largest wealth management companies in Houston.

Other big local names newly attached to the company are astronaut Kate Rubins and Elizabeth Shpall, the director of the cell therapy laboratory at MD Anderson Cancer Center. Both have joined FibroBiologics as members of its scientific advisory board.

To fill the lab, O’Heeron says that he is adding to his team as quickly as he is able. The barrier is the fact that there are few, if any people in the world with the exact qualifications he’s seeking.

“Anytime you're breaking new scientific ground, you can't really just go out and recruit someone with that background because it really doesn't exist,” he says. But he is willing to teach and challenge scientists who are the right fit, and is hoping to expand the team in the new lab.

But like Queen did in 1975, FibroBiologics is pioneering a category of its own. And that’s something worth betting on.

Coya Therapeutics rang the closing bell at Nasdaq last week, celebrating six months since its IPO, new data from trials, and additions to its team. Photo via LinkedIn

Houston company with revolutionary neurodegenerative disease treatment shares milestones since IPO

ring that bell

After announcing its initial public offering earlier this year, a Houston therapeutics company has celebrated the milestone and announced recent growth as well.

Coya Therapeutics (Nasdaq: COYA) rang the closing bell last week. The clinical-stage biotech company, which has developed a biologics therapy that prevents further spreading of neurodegenerative diseases by making regulatory T cells functional again, announced the closing of its $15.25 million IPO in January.

"We launched our IPO into one of the toughest biotech capital markets in recent memory and are enormously grateful to all our investors for the confidence they then showed in our prospects," says Howard Berman, CEO and chairman of Coya, in a June 12 letter to stockholders. "I believe that to date, we’ve executed strongly against the goals we then established, and I remain excited about our future."

In the letter, Berman shares some of the recent clinical successes from two treatments — COYA 302, a treatment for ALS, and COYA 301, a treatment for Alzheimer’s Disease. Both treatments have seen strong clinical proof of concept data in the respective open-label studies.

Earlier this year, Coya expanded its C-suite to include Dr. Arun Swaminathan as chief business officer. He has over 20 years of hands-on health care business executive experience. Prior to Coya, Swaminathan served in the same role for Actinium Pharmaceuticals.

"Arun is actively engaged in exploring potential strategic opportunities across our portfolio of assets as we believe successful partnering efforts have the potential to enhance our scientific bona fides, leverage our technology into new areas of unmet medical need, and importantly, possibly secure upfront fees and associated non-dilutive funding," Berman writes in the letter. "We look forward to pursuing additional value creation catalysts that further highlight our entrepreneurialism and ability to execute, while maintaining focus on our core assets."

The latest addition to the Coya team is Guillaume Dorothée, who joins the company's scientific advisory board. A leading expert on the role that the immune system and peripheral-central immune crosstalk play in the pathophysiology of Alzheimer's, he's a tenured research director and team head in neuroimmunology at the French National Institute of Health and Medical Research in Paris.

“I am glad and honored to join such eminent scientists on the prestigious SAB of Coya Therapeutics," he says in a June 5 statement from Coya. "I am fully convinced that innovative Treg-based immunomodulatory approaches, as developed by Coya, are highly promising therapeutic strategies for the treatment of neurodegenerative disorders and other neuroinflammatory conditions. I will be happy to help Coya Therapeutics in this exciting endeavor.”

Recently, Berman joined the Houston Innovators Podcast to discuss Coya's mission and plan post IPO.


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9 can't-miss Houston business and innovation events for March

where to be

Editor's note: March is here, and that means the return of some of Houston’s signature innovation events, as well as insightful talks and a Mardi Gras block party. Here are the Houston business and innovation events you can't miss in March and how to register. Please note: this article might be updated to add more events.

March 5 – SheSpace Women’s Day Open House

Connect with like-minded women during a free day of coworking at SheSpace. And while you're there, take a break and enjoy a floral arranging class, complimentary breakfast, pop-up shops, happy hour and raffle prizes. Space is limited.

The event is Wednesday, March 5, from 9 a.m.–7 p.m. Click here to register.

March 5 — Science and the American Presidency

Hear from former presidential science advisors—Kelvin Droegemeier who served under President Trump, Neal Lane who served under President Clinton and Alondra Nelson who served under President Biden—as they discuss their experiences leading the White House Office of Science and Technology Policy and how science is used to address issues from climate change and public health to national security and economic competitiveness. An exhibit inside Baker Hall will complement the event. The Baker Institute Science and Technology Policy Program and Rice Innovation will host the talk.

This event is Wednesday, March 5, from 5:30–8 p.m. at James A. Baker Hall. Click here to register.

March 6 — Ion Block Party - Mardi Gras Edition 

Let the good times roll this week while networking with potential collaborators, mentors and investors at the Ion. Food and drink will be available while supplies last and the Ion will provide drink tickets for one free drink at Second Draught upon check-in.

This event is Thursday, March 6, from 4–7 p.m. at the Ion. Click here to register.

March 10-14 — CERAWeek 2025

The foremost annual gathering in the energy sector returns to Houston March 10-14, 2025. Themed "Moving Ahead: Energy strategies for a complex world," CERAWeek 2025 will focus on the challenges ahead for energy security, supply, and climate ambitions. More than 10,000 participants from over 2,050 companies across 80 countries will convene in Houston for this ambitious event. CERAWeek comprises three platforms: the Executive Conference, the Innovation Agora, and Partner Programs. We'll dive into comprehensive CERAWeek recommendations in future articles.

This event begins Monday, March 10. Click here to register.

March 11 — Energy Venture Day at the Ion

Preview pitches from 40-plus energy ventures competing at CERAWeek's Energy Venture Day and Pitch Competition, co-hosted by the Rice Alliance, Ion, HETI, and TEX-E. This free, fast-paced pitch event offers an alternative to the CERAWeek event, which requires an Agora pass.

This event is Tuesday, March 11, from 9 a.m.–2:30 p.m. Click here to register.

March 13 — Code4Y'allMeetup

Connect with fellow coders at Code4Y’all's meetup at the Ion. Andrew Baines, Founder of No Experience Jobs, will present "How I Built a Job Board to Help Entry-Level Tech Talent (And What I Learned)." Hear from Baines and learn lessons from job seekers.

This event is Thursday, March 13, from 6–7 p.m. Click here to register.

March 17 — Women in Innovation 

Celebrate Women's History Month with an engaging panel discussion hosted by the University of Houston's Division of Energy and Innovation. UH's Tanu Chatterji, Stacey Gorniak and Chrysa Latrick will discuss the achievements of trailblazing women across various industries, as well as share challenges and experiences. Lunch will be provided.

This event is Monday, March 17, from noon–1 p.m. at UH's Faculty Cafe. Find more information here.

March 24-28 — H-Town Roundup 2025

Celebrate innovation, entrepreneurship and collaboration this month during Houston Exponential's H-Town Roundup. During the fifth-annual free event series, previously known as Houston Tech Rodeo, attendees can expect insightful talks, workshops and networking events at venues across the city like the Ion, Greentown Labs, University of Houston and more.

This event begins Monday, March 24. See the full schedule of events here.

​March 27 — NASA Tech Talks

Every fourth Thursday of the month, NASA experts, including longtime engineer Montgomery Goforth, present on technology development challenges NASA’s Johnson Space Center and the larger aerospace community are facing and how they can be leveraged by Houston’s innovation community. Stick around after for drinks and networking at Second Draught.

This event is Thursday, March 27, from 6-7 p.m. at the Ion. Register here.

Texas startup's lunar lander aces moon touchdown with special delivery for NASA

Touchdown

A private lunar lander carrying a drill, vacuum and other experiments for NASA touched down on the moon Sunday, the latest in a string of companies looking to kickstart business on Earth's celestial neighbor ahead of astronaut missions.

Firefly Aerospace’s Blue Ghost lander descended from lunar orbit on autopilot, aiming for the slopes of an ancient volcanic dome in an impact basin on the moon’s northeastern edge of the near side.

Confirmation of successful touchdown came from the company's Mission Control outside Austin, Texas, following the action some 225,000 miles away.

“You all stuck the landing. We’re on the moon,” Firefly’s Will Coogan, chief engineer for the lander, reported.

An upright and stable landing makes Firefly — a startup founded a decade ago — the first private outfit to put a spacecraft on the moon without crashing or falling over. Even countries have faltered, with only five claiming success: Russia, the U.S., China, India and Japan.

A half hour after landing, Blue Ghost started to send back pictures from the surface, the first one a selfie somewhat obscured by the sun's glare. The second shot included the home planet, a blue dot glimmering in the blackness of space.

Two other companies’ landers are hot on Blue Ghost’s heels, with the next one expected to join it on the moon later this week.

Blue Ghost — named after a rare U.S. species of fireflies — had its size and shape going for it. The squat four-legged lander stands 6-foot-6-inch tall and 11 feet wide, providing extra stability, according to the company.

Launched in mid-January from Florida, the lander carried 10 experiments to the moon for NASA. The space agency paid $101 million for the delivery, plus $44 million for the science and tech on board. It’s the third mission under NASA’s commercial lunar delivery program, intended to ignite a lunar economy of competing private businesses while scouting around before astronauts show up later this decade.

Firefly’s Ray Allensworth said the lander skipped over hazards including boulders to land safely. Allensworth said the team continued to analyze the data to figure out the lander's exact position, but all indications suggest it landed within the 328-foot target zone in Mare Crisium.

The demos should get two weeks of run time, before lunar daytime ends and the lander shuts down.

It carried a vacuum to suck up moon dirt for analysis and a drill to measure temperature as deep as 10 feet below the surface. Also on board: a device for eliminating abrasive lunar dust — a scourge for NASA’s long-ago Apollo moonwalkers, who got it caked all over their spacesuits and equipment.

On its way to the moon, Blue Ghost beamed back exquisite pictures of the home planet. The lander continued to stun once in orbit around the moon, with detailed shots of the moon's gray pockmarked surface. At the same time, an on-board receiver tracked and acquired signals from the U.S. GPS and European Galileo constellations, an encouraging step forward in navigation for future explorers.

The landing set the stage for a fresh crush of visitors angling for a piece of lunar business.

Another lander — a tall and skinny 15-footer built and operated by Houston-based Intuitive Machines — is due to land on the moon Thursday. It’s aiming for the bottom of the moon, just 100 miles from the south pole. That’s closer to the pole than the company got last year with its first lander, which broke a leg and tipped over.

Despite the tumble, Intuitive Machines' lander put the U.S. back on the moon for the first time since NASA astronauts closed out the Apollo program in 1972.

A third lander from the Japanese company ispace is still three months from landing. It shared a rocket ride with Blue Ghost from Cape Canaveral on Jan. 15, taking a longer, windier route. Like Intuitive Machines, ispace is also attempting to land on the moon for the second time. Its first lander crashed in 2023.

The moon is littered with wreckage not only from ispace, but dozens of other failed attempts over the decades.

NASA wants to keep up a pace of two private lunar landers a year, realizing some missions will fail, said the space agency's top science officer Nicky Fox.

“It really does open up a whole new way for us to get more science to space and to the moon," Fox said.

Unlike NASA’s successful Apollo moon landings that had billions of dollars behind them and ace astronauts at the helm, private companies operate on a limited budget with robotic craft that must land on their own, said Firefly CEO Jason Kim.

Kim said everything went like clockwork.

“We got some moon dust on our boots," Kim said.

Houston startup Nap Bar pivots with VR and big plans for growth

power nap

Houston’s Khaliah Guillory takes a 30-minute nap every day. She says this is how she’s so productive.

The habit also led to the founding of her white-glove, eco-friendly rest sanctuary business, Nap Bar.

Guillory launched the luxury sleep suites company back in 2019 to offer a unique rest experience with artificial intelligence integration for working professionals, entrepreneurs and travelers who needed a place to rest, recharge and rejuvenate. The company was named a Houston Innovation Awards finalist last year.

She says naps are backed by science. And by her professional network, too.

“Once I polled and surveyed my friends, most of them said that they also took naps during their lunch break, whether it be in their office or in their car,” says Guillory, former vice president of marketing strategy at Wells Fargo. “Once they overwhelmingly agreed that they would absolutely use a dedicated place for them to take naps if I created it, I got to work, and Nap Bar was born.”

Simply put, Guillory has effectively made it acceptable and, yes, even cool for working adults to take naps.

“I played D1 basketball at the University of Central Florida and that’s really where I learned the art of a power nap and the benefits of it,” Guillory says. “And I just continued to nap throughout my corporate career. So, in November of 2018, I retired from corporate America … I just knew I had a higher calling to do something else.”

Guillory first opened up shop in Rice Village as a beta test for her novel nap idea and it took off. She soon forged strategic partnerships with organizations like UT Health, where Nap Bar provided much-needed naps to postpartum mothers.

“Nap Bar showed what the benefits of a good nap was, specifically to postpartum moms in terms of mental stressors, productivity, and things of that nature,” Guillory says.

In November 2019, Guillory moved Nap Bar to The Galleria and says the business produced revenue from day one. However, in March 2020, she was forced to shut us down due to the COVID-19 pandemic.

“I promised myself that I was not going back to corporate America, so I pivoted. I moved forward by creating a better sleep box, with a vegan pillow mist and soy-based candle. I also became a certified sleep coach. And I just kept pivoting from there, reinventing Nap Bar as a company,” she says.

One pivot included adding a virtual reality sleep experience, MetaSnooze.

“MetaSnooze is a really cool technology that offers sleep therapy and relaxation that I curated myself,” Guillory says. “Basically, the user puts on the VR headset, and it escapes them. They're transported to places all over the country. For example, they're sitting in serene environments all the while listening to these rhythmic beats that are designed to help them release and relax. Visualizations have been scientifically proven to improve one’s mental health and mental stressors.”

Guillory initially rolled out MetaSnooze in 2020 at events like South by Southwest and kept improving the experience and building her business. By February 2024, she was curating a wellness experience at The Grammy Awards.

“That was huge for us,” Guillory says. “Being able to get feedback from the celebrities, with a handful of them even inquiring where they could purchase the headset. They were excited about the future of Nap Bar, so that was really, really cool.”

The widespread interest in Nap Bar has Guillory thinking big. She aims to expand to 30 locations in three years.

“When I say that, it sounds ambitious,” says Guillory. “It is, but I come from the school of thought that if you shoot for 30 and you get 25, no one's going to shake their finger at you for doing that, right? It's really aiming towards this big, hairy, audacious goal. I learned that in corporate America. So, what we're looking to do now is raise money like crazy.”

Guillory says she’s now looking to scale the business by partnering with like-minded investors with experience in the wellness space.

She envisions locations at national and international airports, which she says offer ripe scenarios for patrons needing to recharge. Additionally, Guillory wants to build on her initial partnership with UT Health by going onsite to curate rest experiences for patients, caregivers, faculty, staff, nurses and doctors. Colleges also offer an opportunity for growth.

“We’ve done some really cool pop-ups with the University of Houston, where we brought the rest experience on campus,” Guillory says. “That means we bring a portable, full-size, organic mattress with disposable sheets, as well as our virtual reality experience.”

Nap Bar will also serve companies, office buildings, and even sports venues, according to Guillory.

“We can literally go any and everywhere,” she says. “Our collected data suggests that we’ve just got to go where sleepy people are so that they can get restorative sleep.”

From a pricing standpoint, Nap Bar’s model is a dollar a minute. Depending on where the client is, the pop-up experience is based on a day rate or a half-day rate, starting at $4,000.

Add-ons include a full-size organic mattress or hosting a masseuse or massage therapist onsite.

With the Grammys already under her belt, Guillory would like to see Nap Bar utilized at the 2028 Olympics and build partnerships with other virtual reality companies to bring its licensed MetaSnooze software to the masses.

She also sees opportunities in athletic treatment, sleep apnea, and insomnia.

“We have done several studies with proven results that MetaSnooze has reduced mental stressors and anxiety,” Guillory says. “I'm excited about what the future holds for MetaSnooze. It definitely is a game-changer … We will continue to innovate sleep or provide sleep resources and tools in a very innovative way.”