University of Houston's new hub scores $100,000 grant from energy co.

seeing green

The University of Houston has received a grant from the Baker Hughes Foundation. Photo courtesy of University of Houston

A Houston school is cashing in a major gift from a local energy company in order to support the industry's future workforce, research, and more.

The University of Houston Energy Transition Institute received a $100,000 grant from the Baker Hughes Foundation last week, which will work towards the ETI’s goals to support workforce development programs, and environmental justice research.

The program addresses the impact of energy transition solutions in geographical areas most-affected by environmental impacts.

“We are proud to support the University of Houston in its environmental justice research and workforce development programs; at Baker Hughes, we strive to take energy forward, and are committed to a fair and just energy transition,” says Chief Sustainability Officer Allyson Book in a news release. “Novel educational approaches centered around social, climate and environmental justice are crucial to creating a sustainable future for generations to come.”

The grant aims to help ETI in analyzing environmental footprints of energy use processes, energy use processes, impact on health, and emissions, as well as support the university’s Energy Scholars Program, which focuses on research programs on carbon management, hydrogen, and circular plastics for undergraduate students.The donation also supports Baker Hughes’ work with the United Nations’ Sustainable Development Goals (SDGs) that work to ensure “inclusive and equitable quality education for all.”

“We look forward to working with the Baker Hughes Foundation to address grand challenges in energy and chemicals and create a sustainable and equitable future for all,” says Ramanan Krishnamoorti, vice president of energy and innovation at UH.

ETI launched a year ago through a $10 million grant from Shell USA Inc. and Shell Global Solutions (US) Inc., and is led by Joe Powell, who opted to take the helm of the program over retiring, telling EnergyCapital that it was an opportunity he couldn't pass up.

UH has announced a central campus innovation hub that will house UH's programs for STEM, social sciences, business and arts. Slated to open in 2025, the 70,000 square foot hub will house a makerspace, the Cyvia and Melvyn Wolff Center for Entrepreneurship, the Energy Transition Institute, innovation programs, and Presidential Frontier Faculty labs and offices.

“The University of Houston aims to transform lives and communities through education, research, innovation and service in a real-world setting," Krishnamoorti says in a news release. “I am confident that working together we will make a greater impact.”

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This article originally ran on EnergyCapital.

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This week's roundup of Houston innovators includes Richard Seline of the Resilience Innovation Hub, Joy Jones of Code Wiz, and Joseph Powell of the University of Houston. Photos courtesy

3 Houston innovators to know this week

who's who

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from energy transition to resiliency — recently making headlines in Houston innovation.

Richard Seline, co-founder of the Resilience Innovation Hub

Richard Seline joins the Houston Innovators Podcast to explain what all Houston has accomplished within resilience innovation — as well as what's next for the city. Photo courtesy of Richard Seline

For Richard Seline, a major advocate for resilience innovation across Houston and beyond, 2022 was a year of recognizing new technologies and processes — as well as threats — to resiliency.

However, 2023 is the year to implement, he says on this week's episode of the Houston Innovators Podcast.

"What really happened in 2022 is the recognition that there are enough technologies, equipment, and data science tools that if you were to deploy all of that more efficiently and effectively, you're going to get a one-to-six better cost benefit. It's kind of a no-brainer," says Seline, co-founder of the Resilience Innovation Hub, a national organization headquartered in Houston. Read more.

Joy Jones, owner of Code Wiz Oak Forest

Joy Jones is opening her Oak Forest location of Code Wiz later this month. Screenshot via Code Wiz

A Houstonian has switched up her career to focus on inspiring and equipping children STEM-focused skills.

Joy Jones, who has worked for a decade in the corporate world, is starting the new year with a new career — this one focused on her passion of providing more STEM programming access to students. In 2021, she came across Code Wiz, a coding school franchise based in Massachusetts with 19 locations across the country, and met with Ruth Agbaji, CEO and "nerd-in-chief" of the company.

“Talking with Ruth and hearing the story of her mission to touch 1 million kids through Code Wiz, I found exactly what I’ve been looking for, a mission that aligned with mine,” says Jones, in a news release. Read more.

Joseph Powell, director of the University of Houston Energy Transition Institute

Former Shell Chief Scientist Joseph Powell has joined UH to lead its new Energy Transition Institute. Photo via uh.edu

The University of Houston has announced the first leader of its Shell-backed Energy Transition Institute.

Joseph Powell has been named the founding director of the institute, which was founded following a $10 million donation from Shell in spring of last year. Powell is the former chief scientist for Shell and member of the National Academy of Engineering, according to a news release from UH.

“What excites me about my new role is the opportunity to work with students, faculty and industry to make a difference on problems that truly matter," Powell says in the release. "Who could pass that up? Imagine the difficulties that arise when you don’t have access to energy. Read more.

Former Shell Chief Scientist Joseph Powell has joined UH to lead its new Energy Transition Institute. Photo via uh.edu

University of Houston names new leader to Shell-supported energy transition initiative

new hire

The University of Houston has announced the first leader of its Shell-backed Energy Transition Institute.

“At this point in time, the global transformation to energy abundance is not complete, so we must grow the energy system while reducing its impact on climate and the environment, and also develop circular systems to recycle materials and reduce waste," he continues. "That’s a tall order, but a necessity to bring clean energy and sustainable chemicals into play globally and develop solutions that improve the quality of life for all.”

The appointment was funded by a matching grant from the Governor’s University Research Initiative, a program that was created in 2015 to help Texas's public universities recruit the top researchers. In addition to his role at the institute, Powell will also serve as a faculty member in the Department of Chemical & Biomolecular Engineering at the UH Cullen College of Engineering.

“Dr. Powell brings extensive experience, insight and passion to the position. I anticipate the institute growing under his leadership to further strengthen UH’s position as the Energy University," says Ramanan Krishnamoorti, vice president for energy and innovation at UH, in the release. "We are grateful Governor Abbott prioritizes funding to bring recognized researchers to Texas through GURI and believe Dr. Powell will play a pivotal role in finding solutions to critical local and global challenges around the energy transition."

Powell's name is associated with over 125 patent applications, with more than 60 granted. He has 36 years of chemical engineering experience and has led research and development programs in new chemical processes, biofuels and enhanced oil recovery.

The new institute — through its faculty and industry partnerships — is geared at education and research into the future of affordable and cleaner energy, including hydrogen, carbon management and circular plastics.

“We must be the trusted voice for stakeholders and the community that is objective and knowledgeable, where industry comes to present ideas and challenges, where faculty come with their research interests and expertise to partner and achieve more together, and where students are transformed into the energy workforce and leaders of tomorrow," he says in the release.

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Property Showcase

Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

NASA unveils Artemis III astronauts at Johnson Space Center in Houston

To the moon

NASA on Tuesday, June 9, revealed the crew for its Artemis III mission, the next step in the space agency's plan to eventually land astronauts on the moon.

The announcement came two months after Artemis II's record-breaking trip around the moon that surpassed the distance record of Apollo 13.

NASA's Randy Bresnik, Frank Rubio, Andre Douglas and the European Space Agency's Luca Parmitano won't fly to the moon or land on the surface. Instead, they’ll orbit Earth while practicing docking their Orion capsule with two lunar landers.

“To the Artemis III crew, we wish you Godspeed on the journey ahead,” said NASA administrator Jared Isaacman.

Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin are racing to deliver the lunar landers. The two-week demo is targeted for 2027. Blue Origin suffered a recent setback when its massive rocket exploded during an engine-firing test on the launch pad in Florida, shaking nearby homes and illuminating the sky with an orange fireball.

NASA's Jeremy Parsons said the setback is a learning opportunity and that the space agency is confident Blue Origin's rocket will be ready in time.

NASA's Artemis program aims to return astronauts to the moon's surface for the first time since the 1970s. A recent revamp of the program announced by Isaacman aims to fast-track it similarly to the Apollo era, adding the upcoming spaceflight around Earth before eyeing a lunar landing in 2028.

“We are certainly humbled as a crew to be able to be your crew that executes this Artemis III mission in space,” said Bresnik, Artemis III commander.

Added Douglas, mission specialist: “My brain — it is going a mile a minute right now. But my heart, it is so warm. It is so full."

In May, NASA awarded hundreds of millions of dollars in contracts to four companies, including Blue Origin, to build landers, rovers and drones for a future moon base. Isaacman said the goal of the moon base is to lay the foundation for a Mars expedition.

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