Houston hospital receives anonymous $50M donation to support specialty treatments

big time gift

Houston Methodist received its second largest gift in the hospital's 102-year history. Courtesy of Methodist Hospital/Facebook

On the heels of kicking off construction for a $1.4 billion hospital tower at the Texas Medical Center, Houston Methodist has announced an anonymous $50 million gift.

The donation is the second largest received in the 102-year history of Houston Methodist.

Coupled with matching gifts and other sources of money, the gift’s overall impact will exceed $154 million, Houston Methodist says. Among the areas that will benefit from the funds are orthopedics, sports medicine, neuroprosthetics, gastrointestinal medicine, and immunology.

“Houston Methodist is honored to have the support of generous donors who entrust us to continue building on our legacy of leading medicine,” Dr. Marc Boom, president and CEO of Houston Methodist, says in a news release.

“This donor represents the giving spirit of the Houston community and believes in the unparalleled work our physicians, researchers, and staff do to bring lifesaving and life-changing treatments to our patients throughout the city and the country,” Boom adds. “We’re humbled to have this support and excited for what it will help us accomplish in the future.”

Highlights of the gift’s impact include:

  • Creation of an endowed position for the Houston Methodist Neuromodulation & Recovery Laboratory in collaboration with Rice University’s George R. Brown School of Engineering.
  • Support of the Center for Musculoskeletal Regeneration and Joint Preservation and Outcomes Laboratory.
  • Establishment of at least 20 endowments and support of special programs in areas such as imaging, nursing, ophthalmology, reconstructive surgery, surgery, and women’s health.

Earlier this month, Houston Methodist said it started construction on the 26-story Centennial Tower at the Texas Medical Center.

Set to open in 2027, the tower will include a larger emergency department and hundreds of patient beds, among other features. The new tower will replace Houston Methodist’s Houston Main building and West Pavilion.
Houston Methodist received millions in donations to support cancer patients. Courtesy of Methodist Hospital/Facebook

Houston hospital receives $37M in donations to continue its life-saving cancer care

guardian angels

A $25 million gift will support expansion of research conducted at the Houston Methodist Cancer Center and may help the center earn top-tier federal designation.

In honor of the $25 million donation from Dr. Mary Neal and husband Ron Neal, the cancer center is being renamed the Houston Methodist Dr. Mary and Ron Neal Cancer Center. The hospital system will raise an additional $12 million in matching funds, bringing the total to $37 million.

Dr. Marc Boom, president and CEO of Houston Methodist, says the Bellaire couple's gift "plays an important role in advancing our leading medicine mission and bringing potentially life-saving cancer treatments to more patients throughout Houston and the nation."

Mary Neal, previously in private practice as an obstetrician-gynecologist, is now a part-time volunteer physician at Houston Methodist's San Jose Clinic. Ron Neal is co-founder and co-owner of offshore development company Houston Energy. He also is CEO of Houston-based HEQ Deepwater, a more than $400 million venture formed earlier this year by Houston Energy and Houston-based private equity firm Quantum Energy Partners to buy deepwater assets in the Gulf of Mexico.

With the donation from Dr. Mary Neal and husband Ron Neal, the cancer center is being renamed the Houston Methodist Dr. Mary and Ron Neal Cancer Center. Photo courtesy of Houston Methodist

The Neals' donation will boost ongoing research led by Dr. Jenny Chang, director of the cancer center and Emily Herrmann Presidential Distinguished Chair in Cancer Research. Chang's research has advanced cancer therapy with breakthroughs such as targeted drugs for treatment of breast cancer.

Mary Neal says she and her husband believe their contribution "will further advance pivotal and innovative research beyond chemotherapy and radiation."

The gift also will fund and retain three endowed chairs and complementary funding for early stage research and therapies, support recruitment and fellowship training, and expand clinical trials at all of the community hospitals within Houston Methodist. Part of the gift is dedicated to cancer innovation efforts within the Center for Drug Repositioning and Development.

"Our vision for the Dr. Mary and Ron Neal Cancer Center is to grow our network of cancer physicians offering comprehensive care with the latest technologies and clinical trials so that patients across the region have the best access to cancer care," Chang says. "While the gift from the Neal family will have direct impact for patients at the community level in areas that are often deserts for cancer care, my hope is that it will also propel our ongoing research and work to the national level toward NCI designation."

Cancer centers designated by the National Cancer Institute (NCI) meet rigorous standards for research and clinical care. The Neals' gift is aimed at elevating research done at the cancer center and helping retain talent to accelerate Houston Methodist's pursuit of NCI designation.

Texas is home to four NCI-designated cancer centers:

  • Dan L Duncan Comprehensive Cancer Center at Houston's Baylor College of Medicine.
  • University of Texas MD Anderson Cancer Center, also in Houston.
  • Harold C. Simmons Comprehensive Cancer Center at the University of Texas Southwestern Medical Center in Dallas.
  • Mays Cancer Center at the University of Texas Health Science Center in San Antonio.

NCI designation represents "the highest federal rating a cancer center can achieve," according to the University of Chicago's NCI-designated cancer center. "It's the gold standard for cancer programs, and is bestowed upon the nation's top cancer centers in recognition of their innovative research and leading-edge treatments."

This designation can lead to benefits such as more research grants, quicker access to clinical trials for cancer treatments, and stepped-up recruitment of high-profile cancer researchers.

"At any given time, hundreds of research studies are under way at the cancer centers, ranging from basic laboratory research to clinical assessments of new treatments," the NCI says. "Many of these studies are collaborative and may involve several cancer centers, as well as other partners in industry and the community."
Houston Methodist is offering COVID-19 monoclonal antibody treatment thanks to a new partnership with Soleo Health. Photo via Getty Images

Houston hospital taps Texas company to offer in-home COVID-19 treatment

home care

Houston Methodist has tapped Frisco-based Soleo Health to provide in-home monoclonal antibody therapy for COVID-19 patients in the Houston area.

The Houston Methodist health care system has a partnership with the U.S. Department of Health and Human Services aimed at boosting access to COVID-19 monoclonal antibody treatment for underserved and disadvantaged patients in the Houston area.

Monoclonal antibodies are laboratory-made proteins that mimic the immune system's ability to fight off harmful pathogens such as viruses. If administered within 10 days of the onset of COVID-19 symptoms, the one-time therapy can neutralize the virus and prevent symptoms from worsening.

Soleo, a provider of specialized pharmacy services that has a location in Houston, says treating COVID-19 patients at home with monoclonal antibodies is expected to help reduce hospital admissions.

"By teaming up with Houston Methodist to help patients receive therapy and stay in their homes, we are helping reduce the chance of increased infections and the spread of COVID-19 in a hospital setting," Shahram Badrei of Houston, regional business leader at Soleo, says in a news release.

Houston Methodist reported in May that it had administered monoclonal antibodies to nearly 4,200 patients since the U.S. Food and Drug Administration (FDA) issued emergency use authorization for the treatment last November. The health care system said it was rolling out monoclonal antibody therapy at its more than 40 clinics in the Houston area. Houston Methodist ranks among the largest providers of monoclonal antibodies in the U.S.

Harris County, the state's most populous county, has recorded the most COVID-19 cases (539,000) and deaths (nearly 7,900) of any county in Texas.

"Houston Methodist continues to serve the Houston area and beyond in the fight against COVID-19 through patient care and its commitment to research that brings promising new therapies to fight the disease," Dr. Marc Boom, president and CEO of Houston Methodist, said in May.
Peter Pisters is one of the top 10 CEOs, according to Glassdoor. Photo courtesy of MD Anderson

3 Houston head honchos rank among America's top CEOs in new report

best of

Three Houston-area CEOs are doing a exemplary job of leading, says a new report.

Dr. Peter Pisters (MD Anderson Cancer Center), Dr. Marc Boom (Houston Methodist), and Worthing Jackman (Waste Connections) appear on Glassdoor's new list of the top 100 CEOs for 2021.

Pisters scored particularly well; he ranked third overall on the prestigious list and earned a 99-percent approval rating from MD Anderson employees who shared anonymous feedback on the Glassdoor platform, which publishes reviews and salary information for employers.

Meanwhile, Boom ranked 60 overall with a 93 percent approval, while Jackman came in at 76 overall with a 92 percent approval.

Other Texas executives appearing on the new Glassdoor list are:

  • Seventh-ranked Charles Butt, CEO of San Antonio-based H-E-B (96 percent).
  • Fourth-ranked Gary Kelly, who just announced he's stepping down as CEO of Dallas-based Southwest Airlines (98 percent approval).
  • 55th-ranked Sean Yalamanchi, chairman and president of Richardson-based Infovision (93 percent approval).

"Over the past year, company leaders around the world faced unprecedented challenges to support employees during the COVID-19 crisis. Now, the employees have spoken and it's clear that these CEOs excelled and found new ways to support their people when the world of work flipped upside down," Christian Sutherland-Wong, Glassdoor's CEO, says in a news release.

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This article originally ran on CultureMap.
Health care leaders joined a virtual panel to discuss the effects of COVID-19 and more. Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

Overheard: Houston health care experts sound off on how tech and COVID-19 have affected the industry

eavesdropping in houston

There has been an undeniable paradigm shift in the health care industry due to COVID-19 as well as the growth of technology. A group of professionals sat down to discuss what in particular has changed for the industry as a whole as well as at local institutions.

At a panel for Venture Houston, a two-day conference put on by the HX Venture Fund on February 4th and 5th, a few health care professionals weighed in on all the changes to the industry for the startups, investors, corporations, and more who attended the virtual event. Here are some significant overheard moments from the virtual panel — Thinking Past a COVID World.

“For most of health care, this last year has been probably five years of rapid cycle re-innovation and movement forward — particularly in the digital realm.”

— Marc Boom, president and CEO of Houston Methodist. From rapid adoption of telemedicine to developing a COVID-19 vaccine in less than a year, health care has seen rapid growth. However, there's fine tuning still needed, Boom continues.

"At the end of the day there's only so much we can do virtually," he adds.

“The most incredible thing was how the vaccines got developed so quickly.”

— Chris Rizik, CEO of Renaissance Venture Partners. A large portion of the industry wasn't excited about RNA vaccines, but the COVID-19 vaccines might have changed some minds. It took 11 months to get it out into the world, but 10 of that was purely regulatory, he adds.

"One of the sustaining changes of the COVID-19 pandemic is I think RNA vaccines are here to stay."

​— Paul Klotman, executive dean of Baylor College of Medicine. Klotman adds that the vaccine's trials were so impressively quick because there were just so many COVID patients sick and eligible to enroll.

“I think one of the things the TMC institutions did really well was to decide really early on was to share data.”

— Boom says, adding that the TMC represents around 70 percent of Houston's adults and around 90 percent of the city's pediatric patients. This opportunity for data is "one of the most robust sources of real-time data."

"Yes, you're going to compete clinically, but there's a lot of collaboration to be done especially during a pandemic," Boom says of the TMC's member organizations prioritizing collaboration with data sharing.

“Houston has done better than almost all major metropolitan areas because we have came together as a city and a community.”

— Klotman says, adding that the vast patient base the TMC is key.

"There's a huge opportunity here for early biotech development," he says. "Because there are so many patients, there are huge opportunities to do new trials."

“The real challenge is for investors to be in tune to know what’s here to stay, and to invest around that."

— Rizik says, adding that 2020 was the biggest year for health care investment with more money going into deals, rather than more deals occuring.

“We’re seeing a huge uptick in people interested in health professions, thanks to COVID.”

— Boom says of the industry's workforce, which has usually been hard to recruit and grow.

“The medical school communities are all racing to change the way we teach and the kind of information we teach.”

— Klotman says of the future of the workforce.

“Unlike most industries, technology is tended to be cumbersome in health care.

​— Boom says adding that new technology means added costs and slowed down processes that can't replace the human touch. Houston Methodist is looking for innovations that don't take health care professionals away from patients.

“If there’s anything this last year has shown us is that as fast as we thought we were going, we need to go faster. We’re excited to work with companies with great ideas.”

— Boom says of the future of tech in health care. "I think we're on a very transformational era in digital health right now — but there's a lot of work to be done still."
Houston Methodist stood out yet again on an annual best hospitals report, but several other Houston institutions were recognized as well. Courtesy of Methodist Hospital/Facebook

New report recognizes best hospitals in Houston

better than all the rest

Hospitals across Houston were ranked by their patient care, patient safety, outcomes, nursing, advanced technology and reputation in an annual report that identifies the top medical facilities in the country.

U.S. News & World Report released its 31st annual best hospital rankings this week, which included both adult and children's hospital tracks across several categories. The report released both overall and local rankings after evaluating over 4,500 medical centers nationwide in 16 specialties, and 134 hospitals were ranked in at least one specialty.

For the ninth year in a row, the top hospital in Houston and Texas, according to the report, is Houston Methodist, which ranked at No. 20 nationally and made the report's Honor Roll.

"Our U.S. News rankings are especially meaningful right now as this has been an exceptionally difficult time for our health care workers," says Marc Boom, M.D., president and CEO of Houston Methodist, in a news release. "We have always served our community by providing exceptional care — during the COVID-19 pandemic and before. It's a true testament to our commitment to being unparalleled."

Houston Methodist Sugar Land Hospital tied for No. 4 in Houston and No. 6 (three-way tie) in Texas. Additionally, the hospital was recognized on the top lists for 11 specialties:

  • No. 12 for cardiology/heart surgery
  • No. 13 for orthopedics
  • No. 14 for gastroenterology/GI surgery
  • No. 17 for cancer
  • No. 19 (tie) for nephrology
  • No. 20 for pulmonology and lung surgery
  • No. 23 for neurology/neurosurgery
  • No. 26 for geriatrics
  • No. 26 (tie) for gynecology
  • No. 28 for diabetes and endocrinology
  • No. 49 for ear, nose and throat

The second-best hospital in Houston on this year's ranking was Baylor St. Luke's Medical Center, which was also named the No. 3 hospital in the state.

"At Baylor St. Luke's, we are transforming the way we deliver care for our patients through groundbreaking technologies and a multidisciplinary approach that allows us to give the best possible care to patients and their families," says Doug Lawson, CEO of St. Luke's Health, in a news release. "I praise our dedicated staff and physicians for helping us achieve this recognition."

Baylor St. Luke's also made an appearance across five specialties:

  • No. 17 for cardiology/heart surgery
  • No. 21 for gastroenterology/GI surgery
  • No. 21 for neurology/neurosurgery
  • No. 27 for cancer
  • No. 47 for geriatrics

"This is a great report that confirms the efforts of our partnership at Baylor St. Luke's and our affiliated hospitals to provide unsurpassed care to patients, conduct research that will change lives and train the next generation of physicians", says Dr. Paul Klotman, president, CEO, and executive dean at Baylor College of Medicine. "Baylor St. Luke's high ranking in Texas is in parallel with Baylor College of Medicine being the highest ranked medical school in Texas. Together, we are an outstanding academic medical center and learning health system."

Memorial Hermann - Texas Medical Center came in No. 3 in Houston and No. 5 in Texas. The hospital ranked in one adult specialty and two children's specialties.

  • No. 43 for ear, nose and throat (adult)
  • No. 22 for cardiology/heart surgery (pediatric)
  • No. 31 for neurology/neurosurgery (pediatric)

On the children's hospital track, Houston's Texas Children's Hospital ranked as No. 4 nationally and was recognized in all 10 pediatric specialties, which included:

  • No. 1 for pediatric cardiology/heart surgery
  • No. 2 for pediatric nephrology
  • No. 2 for pediatric neurology/neurosurgery
  • No. 3 for pediatric pulmonology and lung surgery
  • No. 4 for pediatric cancer
  • No. 5 for pediatric diabetes and endocrinology
  • No. 5 for pediatric gastroenterology/GI surgery
  • No. 6 for pediatric urology
  • No. 10 for neonatology
  • No. 15 for pediatric orthopedics

Zooming in on the specific specialties, several other Houston hospitals in addition to these top tier hospitals, secured spots in the top 10 rankings.

University of Texas MD Anderson Cancer Center was ranked No. 1 nationally for adult cancer treatment. Additionally, the hospital made an appearance in six other adult specialties and one pediatric specialty.

  • No. 4 for ear, nose and throat
  • No. 6 for urology
  • No. 14 for gynecology
  • No. 27 for diabetes and endocrinology
  • No. 41 for geriatrics
  • No. 46 for gastroenterology/GI surgery
  • No. 38 for cancer (pediatric)
TIRR Memorial Hermann in Houston ranked No. 3 nationally for rehabilitation.
For all 31 years, The Menninger Clinic has been recognized as a top hospital in the psychiatric speciality. This year, the clinic ranked at No. 9 nationally.

"Our clinical teams provide personalized care with the right blend of art and science. We have pioneered measuring the effectiveness of this treatment, and the results consistently demonstrate that patients sustain their well-being for at least a year after they leave Menninger," says Armando Colombo, president and CEO, in a news release. "Going forward, we will improve access to make it easier for more Texans to access these life-changing results."
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Houston startups raise funding, secure partnerships across space, health, and sports tech

short stories

It's been a new month and a few Houston startup wrapped up November with news you may have missed.

In this roundup of short stories within Houston startups and tech, three Houston startups across health care, space, and sports tech have some news they announced recently.

Houston digital health company launches new collaboration

Koda Health has a new partner. Image via kodahealthcare.com

Houston-based Koda Health announced a new partnership with data analytics company, CareJourney.

"This collaboration will aim to develop benchmarking data for advance care planning and end-of-life metrics," the company wrote on LinkedIn. "Koda will provide clinical and practice-based expertise to guide the construction of toolkits, dashboards, and benchmarks that improve ACP programs and end-of-life outcomes."

Koda Health announced the partnership in November..

“Beyond the checkbox of a billing code or completed advance directive, it’s important to build and measure a process that promotes thoughtful planning among patients, their care team, and their loved ones,” says Desh Mohan, MD, Koda's chief medical officer, in the post.

CareJourney was founded in 2014 in Arlington, Virginia.

"I'm hopeful next-generation quality measures will honor the patient’s voice in defining what it means to deliver high quality care, and our commitment is to measure progress on that important endeavor," noted Aneesh Chopra, CareJourney's co-founder and president.

Sports tech startup raises $500,000 pre-seed investment

BeONE Sports has created a technology to enhance athletic training. Photo via beonesports.com

Houston-founded BeONE Sports, an athlete training technology company, announced last month that it closed an oversubscribed round of pre-seed funding. The company announced the raise on its social media pages that the round included $500,000 invested.

Earlier in November, BeONE Sports completed its participation in CodeLaunch DFW 2022. The company was one of six finalists in the program, which concluded with a pitch event on November 16.

Space tech company snags government contracts

Graphic via cognitive space.com

The U.S. Air Force has extended Houston-based Cognitive Space’s contract under a new TACFI, Tactical Funding Increase, award. According to the release, the contract "builds on Cognitive Space’s work to develop a tailored version of CNTIENT for AFRL to achieve ultimate responsiveness and optimized dynamic satellite scheduling via a cloud-based API.

The $1.2 million award follows a $1.5 million U.S. Air Force Small Business Innovation Research award that the company won in 2020 to integrate CNTIENT with commercial ground station providers in support of AFRL’s Hybrid Architecture Demonstration program.

“The TACFI award allows Cognitive Space to continue supporting AFRL’s vitally important HAD program to help deliver commercial space data to the warfighter,” says Guy de Carufel, the company’s founder and CEO, in the releasee. “CNTIENT’s tailored analytics platform will enable HAD and the GLUE platform to integrate modern statistical approaches to optimize mission planning, data collection, and latency estimation.”

Houston airport powers up new gaming lounge for bored and weary travelers

game on and wheels down

Local gamers now have a new option to while away those flight delays and passenger pickup waits at Hobby Airport.

Houston's William P. Hobby Airport is now one the first airports in the country to offer what's dubbed as the "ultimate gaming experience for travelers." The airport has launched a premium video game lounge inside the international terminal called Gameway.

That means weary, bored, or early travelers can chill in the lounge and plug into15 top-of-the-line, luxury gaming stations: six Xbox stations, five Playstation stations, four PC stations, all with the newest games on each platform. Aficionados will surely appreciate the Razer's Iskur Gaming Chairs and Kraken Headsets, along with dedicated high speed internet at each PC station.

The Gameway lounge pays homage to gaming characters, with wall accents that hark to motherboard circuits Crucial for any real gamer: plenty of sweet and savory snacks are available for purchase to fuel up on those fantasy, battle, or sporting endeavors. As for the gaming console stations, players can expect high definition screens, comfortable seating, and plenty of space for belongings.

Make video games a part of your pre-flight ritual. Photo courtesy of Gameway

This gaming addition comes just in time for the holiday rush, when travelers can expect long lines, delays, and are already planning for extended time for trips. As CultureMap previously reported, Hobby will see a big boost in travelers this season — the largest since 2019. Now, those on a long journey can plug in, decompress, and venture on virtual journeys of their own.

Texan travelers may be familiar with Gameway; the company opened its first two locations at Dallas Fort-Worth Airport. The buzzy lounge an industry wave of acclaim: Gameway was awarded Best Traveler Amenity in 2019 at the ACI-NA Awards and in 2020, voted “Most Innovative Customer Experience” at the Airport Experience Traveler Awards, per press materials.

Two new locations followed in 2021: LAX Terminal 6 and Charlotte Douglas International Airport. The first of Gameway's Ultra lounge brand opened in September at Delta's Terminal 3 in LAX.

Gaming culture is a way of life in the Bayou City , which hosts Comicpalooza, the largest pop culture festival in Texas, and is home to several e-sports teams, including the pro esports squad, the Houston Outlaws.

A delayed flight never seemed so ideal for gamers flying out of Hobby. Photo courtesy of Gameway

“Gameway is the real reason to get to the airport early,” said Co-Founder Jordan Walbridge in a statement. “Our mission is to upgrade the typical wait-at-the-gate experience with a new stimulating, entertaining option for travelers of all ages.”

Here's guessing Hobby might just see an increase in missed or late flight arrivals — as travelers simply must beat those big bosses, solve puzzles, or win sports matches in the lounge.

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This article originally ran on CultureMap.

5 most popular innovation stories in Houston last week

what's trending

Editor's note: Another week has come and gone, and it's time to round up the top headlines from the past few days. Trending Houston tech and startup news on InnovationMap included a roundup of December business events, an interview with the new leader of TMC's accelerator, and more.


3 Houston innovators to know this week

This week's roundup of Houston innovators includes Zimri Hinshaw of BUCHA BIO, Kelly Klein of Easter Seals of Greater Houston, ad John Mooz of Hines. Photos courtesy

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

Innovative health tech startups en route to Houston, says new accelerator leader

Devin Dunn leads TMC's HealthTech Accelerator, which is getting ready to welcome its next cohort in January. Photo via TMC.edu

For almost a decade the Texas Medical Center has been cultivating health tech innovation by accelerating life science startups. As it has evolved to meet the needs of both its early-stage companies and its member institutions, TMC Innovation has re-evaluated existing programming, introduced new initiatives, and on boarded leaders to represent the organization's mission — the latest of whom, is Devin Dunn.

Earlier this year, Dunn joined TMC Innovation as head of TMC's HealthTech Accelerator, a career move that represented Dunn's move to a different side of the startup world. As an early employee at London-based Huma, Dunn was instrumental in growing the health tech company from its early stages to international market expansion.

"I really like working with the dreamers and helping them work backwards to (figure out) what are the milestones we can work toward to make the grand vision come true in the future," Dunn says on this week's episode of the Houston Innovators Podcast. "The opportunity to work with different founders on that same journey that we had been through was really appealing." Continue reading.

Houston energy storage startup secures $10M in federal funding

Houston-based Quidnet Energy has secured funding from a Department of Energy program. Image via quidnetenergy.com

A Houston-based company that's got a solution to renewable energy storage has just secured funding from a federal entity.

The U.S. Department of Energy Advanced Research Projects Agency-Energy, or ARPA-E, is granting Quidnet Energy $10 million in funding, the Houston company announced this week. The funding is a part of the ARPA-E Seeding Critical Advances for Leading Energy technologies with Untapped Potential, the SCALEUP program. This initiative is aimed at providing funding to previous ARPA-E teams "that have been determined to be feasible for widespread deployment and commercialization domestically," per a news release.

“We’re honored that ARPA-E has selected Quidnet Energy as an awardee of the SCALEUP program,” says Joe Zhou, CEO of Quidnet Energy, in the release. Continue reading.

7+ can't-miss Houston business and innovation events for December

Here's your one-stop shop for innovation events in Houston for December. Photo via Getty Images

Houstonians have yet another good batch of in-person and online innovation events, and you and your tech network need to know about them.

Here's a roundup of virtual events not to miss this December — like pitch nights, workshops, conventions, and more. Continue reading.

Houston low-carbon fuel company scores United investment, plans to IPO via spac

Just after announcing an investment from United, NEXT Renewable Fuels Inc. scored a SPAC-based IPO. Photo via nextrenewables.com

It’s been a momentous month for Houston-based NEXT Renewable Fuels Inc.

On November 15, United Airlines Ventures announced an investment of up to $37.5 million in the next-generation, low-carbon fuel producing company.

Just a week later, the company revealed it’s going public through a SPAC merger with Industrial Tech Acquisitions II Inc. The deal, expected to close in the second quarter of 2023, assigns a $666 million equity value to NEXT. The publicly traded company will be named NXTCLEAN Fuels Inc.

NEXT, founded in 2016, produces low-carbon fuels from organic feedstock. The company plans to open a biofuel refinery in Port Westward, Oregon, that’s set to start production in 2026. The refinery could produce up to 50,000 barrels per day of sustainable aviation fuel, renewable diesel, and other renewable fuels. Continue reading.

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