Kelsey Hultberg, executive vice president of corporate communications and sustainability at Sunnova Energy, joins the Houston Innovators Podcast. Photo courtesy of Sunnova

Several years ago, Kelsey Hultberg decided to make a pivot. Looking for a role with career growth opportunities, the communications professional thought she'd find something at an oil and gas company, but then she met John Berger, founder and CEO of Sunnova, who was looking for someone to stand up their communications team amidst the solar energy company's growth.

"He hooked me," Hultberg shares on the Houston Innovators Podcast. "He said, 'I've got big plans for this company. I see where this energy industry is going, I see that we're prime for a transition, and I want to take this company public.' And I started a few weeks later."

Hultberg has been telling the story for Sunnova — which equips customers with solar and storage technology, providing them with energy independence — ever since, through scaling, new technologies, and its IPO in 2019.



Each phase of the company represented different challenges for Hultberg and her communications team. As she explains on the podcast, consistently conveying a strong message is key in any industry, but especially energy.

"Communication is critical," Hultberg says, "having a strategy and really being able to articulate who you are, what you stand for, what is your mission, what is your vision — and really beyond that, what is your strategy for how you move forward. ... You can never say the same thing to the same people too many times, especially when you're a company that some people have never heard of before."

And while there's a unique challenge to communications for energy transition companies, Hultberg says she views it as a huge opportunity as long as you have the right structure in place.

"Of course communications and being as strategic as possible with the story that you're telling and the narrative that you're weaving for your different audiences, but then you layer on an industry that's rapidly changing and is tumultuous at times," she says. "Being able to come back to the core mission and values is really incredible."

Hultberg says that when she originally joined the team in 2017, she thought a solar energy company in Houston was an interesting choice — and it was. Texas was not one of Sunnova's biggest markets at the time, Hultberg explains, but things are different now.

"Over the last couple of years, especially after Winter Storm Uri, where you saw a lot of people go without power. ... We had a lot of customers say, 'That can't happen again,'" she says. "You're seeing the adoption and uptick in solar in storage because they are looking for grid reliability and affordability and they aren't getting it from their utility providers."

This week's innovators to know includes John Berger, Mary Beth Snodgrass, and Gene Austin. Courtesy photos

3 Houston innovators to know this week

Who's who

Houston is still — but most accounts — emerging as a tech and innovation hub, which could seem to mean that the startups that make up the innovation ecosystem reside in early stages of business scale.

However, this week's sampling of Houston innovators to know demonstrate the scope in scale of Houston's companies — from a CEO to a newly public company and recently hired CEO of a rapidly scaling software company to a health tech leader fresh out of the gates.

John Berger, CEO of Sunnova

Photo courtesy of Sunnova

Taking a company public brings on a slew of changes. One that might be overlooked is the change for the leader of that company. John Berger —CEO of Sunnova, a Houston-based solar energy company that went public last summer — joins the Houston Innovators Podcast to discuss the changes and where his company is headed.

Transitioning from a private company CEO to a public company CEO has been eye opening, Berger says on the podcast, joking that he now has to watch what he says. But change is ultimately something Berger says he embraces.

"I really look at myself and how I can change myself," Berger says. "I'm a different CEO today than I was 12 months ago, and hopefully I'll be a different CEO in 12 months, because the company demands it." Read more and stream the episode here.

Mary Beth Snodgrass, co-founder of Healthiby

Mary Beth Snodgrass is convinced she can help people make life-enhancing changes that affect health and financial situations because, well, science.

The co-founder of Healthiby created the platform to use financial incentives to drive positive health and wellness decisions. The Houston company is in pilot mode but has plans to expand.

"What we're really focused on this year is, in addition to our incentives, digital content and coach guidance, is making sure that participants are engaging among themselves," Snodgrass tells InnovationMap. "Science shows there are benefits to surrounding yourself with other people who share similar health goals." Read more.

Gene Austin, CEO of Quorum Software

Photo courtesy of Quorum

A new CEO is tasked with exponential growth at a Houston-based software company. Gene Austin joined Houston-based Quorum Software last year at a time of rapid M&A activity.

The energy industry software solutions provider, which is a portfolio company of California-based private equity firm Thoma Bravo LLC since 2018, has big plans to continue the exponential growth with more acquisitions that diversify their portfolio of services and a Houston office expansion later this year. According to Austin, he expects this growth spurred by M&A activity to double Quorum's revenue of $200 million in the next 3 to 5 years.

"We are always thinking about how to best serve our customers," Austin says. "We've made millions of dollars of investments in our support organization and cloud team services that are foundational to reinvigorate innovation and help our customers see how the future can unfold for them." Read more.

John Berger, CEO of Houston-based Sunnova, is this week's Houston Innovators Podcast guest. Courtesy of Sunnova

Houston solar energy exec shines light on company growth and IPO

HOUSTON INNOVATORS PODCAST EPISODE 15

It was all about the timing for John Berger, founder and CEO of Sunnova, a Houston-based residential solar energy company.

When he founded his company in 2012 in Houston, solar energy wasn't the trendy sustainability option it is today, but Berger saw the potential for technology within the industry. So, with a lot of perseverance and the right team behind him, he scaled Sunnova through nationwide expansion, billions of money raised, and a debut on the stock market last July — something that also happened with great timing.

About 72 hours after Sunnova went public last July, the Federal Reserve System announced it was going to cut rates. Additionally, Sunnova's IPO occurred ahead of WeWork's failed IPO.

"We went public in a market that still isn't back open again, I think, for IPOs," Berger says on this week's episode of the Houston Innovators Podcast. "We had pretty good timing when we went out the door."

However great the timing was, Sunnova's success is built on the hard work and skills of the company's employees, Berger explains on the podcast, and now running a public company requires a dynamic leader.

"I really look at myself and how I can change myself," Berger says. "I'm a different CEO today than I was 12 months ago, and hopefully I'll be a different CEO in 12 months, because the company demands it."

In the episode, Berger lifts the curtain on Sunnova's IPO, explains where he sees the solar energy industry headed, how battery storage technology has evolved, and why he's not worried about who ends up in the White House. Listen to the full episode below — or wherever you get your podcasts — and subscribe for weekly episodes.


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Houston VC funding surged in 2024, fueled by major Q4 activity

by the numbers

The venture capital haul for Houston-area startups jumped 23 percent from 2023 to 2024, according to the latest PitchBook-NVCA Venture Monitor.

The fundraising total for startups in the region climbed from $1.49 billion in 2023 to $1.83 billion in 2024, PitchBook-NVCA Venture Monitor data shows.

Roughly half of the 2024 sum, $914.3 million, came in the fourth quarter. By comparison, Houston-area startups collected $291.3 million in VC during the fourth quarter of 2023.

Among the Houston-area startups contributing to the impressive VC total in the fourth quarter of 2024 was geothermal energy startup Fervo Energy. PitchBook attributes $634 million in fourth-quarter VC to Fervo, with fulfillment services company Cart.com at $50 million, and chemical manufacturing platform Mstack and superconducting wire manufacturer MetOx International at $40 million each.

Across the country, VC deals total $209 billion in 2024, compared with $162.2 billion in 2023. Nearly half (46 percent) of all VC funding in North America last year went to AI startups, PitchBook says. PitchBook’s lead VC analyst for the U.S., Kyle Stanford, says that AI “continues to be the story of the market.”

PitchBook forecasts a “moderately positive” 2025 for venture capital in the U.S.

“That does not mean that challenges are gone. Flat and down rounds will likely continue at higher paces than the market is accustomed to. More companies will likely shut down or fall out of the venture funding cycle,” says PitchBook. “However, both of those expectations are holdovers from 2021.”

Justice Department sues to block Houston-based HPE's $14B buyout of Juniper

M&A News

The Justice Department sued to block Hewlett Packard Enterprise's $14 billion acquisition of rival Juniper Networks on Thursday, the first attempt to stop a merger by a new Trump administration that is expected to take a softer approach to mergers.

The Justice complaint alleges that Hewlett Packer Enterprise, under increased competitive pressure from the fast-rising Juniper, was forced to discount products and services and invest more in its own innovation, eventually leading the company to simply buy its rival.

The lawsuit said that the combination of businesses would eliminate competition, raise prices and reduce innovation.

HPE and Juniper issued a joint statement Thursday, saying the companies strongly oppose the DOJ's decision.

“We will vigorously defend against the Department of Justice’s overreaching interpretation of antitrust laws and will demonstrate how this transaction will provide customers with greater innovation and choice, positively change the dynamics in the networking market,” the companies said.

The combined company would create more competition, not less, the companies said.

The Justice Department's intervention — the first of the new administration and just 10 days after Donald Trump's inauguration — comes as somewhat of a surprise. Most predicted a second Trump administration to ease up on antitrust enforcement and be more receptive to mergers and deal-making after years of hypervigilance under former President Joe Biden’s watch.

Hewlett Packard Enterprise announced one year ago that it was buying Juniper Networks for $40 a share in a deal expected to double HPE’s networking business.

In its complaint, the government painted a picture of Hewlett Packard Enterprise as a company desperate to keep up with a smaller rival that was taking its business.

HPE salespeople were concerned about the “Juniper threat,” the complaint said, also alleging that one former executive told his team that “there are no rules in a street fight,” encouraging them to “kill” Juniper when competing for sales opportunities.

The Justice Department said that Hewlett Packard Enterprise and Juniper are the U.S.'s second- and third-largest providers of wireless local area network (WLAN) products and services for businesses.

“The proposed transaction between HPE and Juniper, if allowed to proceed, would further consolidate an already highly concentrated market — and leave U.S. enterprises facing two companies commanding over 70% of the market,” the complaint said, adding that Cisco Systems was the industry leader.

Many businesses and investors accused Biden regulatory agencies of antitrust overreach and were looking forward to a friendlier Trump administration.

Under Biden, the Federal Trade Commission sued to block a $24.6 billion merger between Kroger and Albertsons that would have been the largest grocery store merger in U.S. history. Two judges agreed with the FTC’s case, blocking the proposed deal in December.

In 2023, the Department of Justice, through the courts, forced American and JetBlue airlines to abandon their partnership in the northeast U.S., saying it would reduce competition and eventually cost consumers hundreds of millions of dollars a year. That partnership had the blessing of the Trump administration when it took effect in early 2021.

U.S. regulators also proposed last year to break up Google for maintaining an “abusive monopoly” through its market-dominate search engine, Chrome. Court hearings on Google’s punishment are scheduled to begin in April, with the judge aiming to issue a final decision before Labor Day. It’s unclear where the Trump administration stands on the case.

One merger that both Trump and Biden agreed shouldn’t go through is Nippon Steel’s proposed acquisition of U.S. Steel. Biden blocked the nearly $15 billion acquisition just before his term ended. The companies challenged that decision in a federal lawsuit early this year.

Trump has consistently voiced opposition to the deal, questioning why U.S. Steel would sell itself to a foreign company given the regime of new tariffs he has vowed.

Houston space company lands latest NASA deal to advance lunar logistics

To The Moon

Houston-based space exploration, infrastructure, and services company Intuitive Machines has secured about $2.5 million from NASA to study challenges related to carrying cargo on the company’s lunar lander and hauling cargo on the moon. The lander will be used for NASA’s Artemis missions to the moon and eventually to Mars.

“Intuitive Machines has been methodically working on executing lunar delivery, data transmission, and infrastructure service missions, making us uniquely positioned to provide strategies and concepts that may shape lunar logistics and mobility solutions for the Artemis generation,” Intuitive Machines CEO Steve Altemus says in a news release.

“We look forward to bringing our proven expertise together to deliver innovative solutions that establish capabilities on the [moon] and place deeper exploration within reach.”

Intuitive Machines will soon launch its lunar lander on a SpaceX Falcon 9 rocket to deliver NASA technology and science projects, along with commercial payloads, to the moon’s Mons Mouton plateau. Lift-off will happen at NASA’s Kennedy Space Center in Florida within a launch window that starts in late February. It’ll be the lander’s second trip to the moon.

In September, Intuitive Machines landed a deal with NASA that could be worth more than $4.8 billion.

Under the contract, Intuitive Machines will supply communication and navigation services for missions in the “near space” region, which extends from the earth’s surface to beyond the moon.

The five-year deal includes an option to add five years to the contract. The initial round of NASA funding runs through September 2029.