Houston energy transition tech SPAC goes public through IPO

BLANK CHECK

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.

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A deal that's been a year in the making has officially closed. Photo via Getty Images

Houston SPAC deal closes, high-tech monitoring device co. IPOs

sealed the deal

A sports tech-focused special purpose acquisition company has sealed the deal on its acquisition of a company with thermal imaging and sensing platform technology.

SportsMap Tech Acquisition Corp. (NASDAQ: SMAP) announced the close of its acquisition of Beaumont-based Infrared Cameras Holdings Inc. (ICI), which will be the name of the combined company. The new ticker symbol for the combined company’s common stock and public warrants will be ticker symbols “MSAI” and “MSAIW,” respectively.

“The close of the business combination represents a monumental milestone for our company, as we view the business to be well-suited for the public market," Infrared Cameras’ CEO Gary Strahan says in a news release. Strahan and his executive team will continue to lead the company.

Originally announced in the fall of 2021, the $100 million blank-check company is led by David Gow, CEO and chairman. Gow is also chairman of Gow Media, which owns digital media outlets InnovationMap, EnergyCapitalHTX, SportsMap, and CultureMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The SPAC revealed it would be acquiring ICI just over a year ago. According to the news release, SMAP’s stockholders approved the deal at a special meeting held on December 8.

"I’m happy to complete the business transaction, and equally excited to see Gary and his team deliver a unique product and solution to a diversified sub-set of market verticals," Gow says in the release. "We view this event to serve as the initial catalyst for the Company to deliver long-term shareholder returns.”

ICI's technology includes a patented single pane-of-glass view that can be used to monitor and analyze live imaging and sensing data across industries, including monitoring overheating equipment and methane gas leaks in the oil patch. ICI provides both the physical technology as well as a software-as-a-service component. Following the close of the deal, ICI reports that it will be focused on "new customer expansion, becoming a global online retailer, solidifying operational excellence, and continual improvements" to its technology.

“We have built a diversified integrated thermal imaging and sensing platform that is enhanced by our cloud-enabled technology, allowing for improved operations and critical asset protection," Strahan says. "We believe the support of investors as a public entity will aid our ultimate strategic objective of driving growth through increased enterprise customers, while, over time, positively transforming our margins as a result of our SaaS unit economics.”

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

Houston space tech startup closes deal to IPO

now trading

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.

“Today marks an incredible milestone for Intuitive Machines, and we will continue to support them on their historic voyage as a public company,” says Michael Blitzer, co-CEO of Inflection Point, in the release. “The company is exceptionally well positioned to capitalize on growing commercial and governmental interests in space, and it has been a privilege to partner with the Company as it positions itself as a strategic national asset.”

Per the release, Inflection Point has been renamed “Intuitive Machines, Inc.” and trading will begin on February 14. Intuitive Machines’ common stock and warrants planned to trade on Nasdaq under the ticker symbols “LUNR” and “LUNRW,” respectively.

“Intuitive Machines is playing a critical role in America’s return to the Moon by providing technologies and services to establish long-term lunar infrastructure and commerce,” says Kam Ghaffarian, Ph. D., co-founder and executive chairman of Intuitive Machines, in the release. “This merger accelerates and strengthens Intuitive Machines’ strategic plan to help expedite a thriving commercial ecosystem for space for the benefit of human civilization.”

This Houston-based SPAC has announced the tech company it plans to merge with. Photo courtesy of Gow Media

Houston SPAC announces merger with Beaumont-based tech company in deal valued at $100M

speaking of spacs

A Houston SPAC, or special purpose acquisition company, has announced the company it plans to merge with in the new year.

Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, and Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly-traded SPAC with $117 million held in trust, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets SportsMap, CultureMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

The deal between Intuitive Machines and a SPAC is expected to close in the first quarter of 2023 and would value the combined company at $815 million. Photo courtesy of Intuitive Machines

Houston-based space tech company to go public via SPAC merger

M&A

A Houston-based space exploration company that’s been tapped by NASA to take cargo to the moon plans to go public through a SPAC merger with a New York-based shell company.

Intuitive Machines LLC, founded in 2013, aims to merge with New York City-based Inflection Point Acquisition Corp., a special purpose acquisition company (SPAC). Once the merger is completed, shares of the combined company (Intuitive Machines) will trade on the Nasdaq stock market under the ticker symbol LUNR.

The deal, expected to close in the first quarter of 2023, would value the combined company at $815 million.

Inflection Point Acquisition’s IPO last year raised $300 million. A SPAC is a publicly traded shell company without any business operations whose only goal is to merge with or acquire another company.

Intuitive Machines is experiencing dramatic growth in revenue. The company forecasts annual revenue will reach $102 million in 2022, $291 million in 2023, and $759 million in 2024. The company has a backlog of $262 million in NASA contracts.

NASA announced in 2019 that Intuitive Machines was one of three companies being awarded contracts to carry cargo to the lunar surface ahead of an intended mission to the moon. That mission, dubbed Artemis, won’t happen until at least 2026. Intuitive Machines also plans to deliver commercial payloads to the moon.

Intuitive Machines is developing lunar landers and other space-related technology and equipment.

“We are building on a nearly 10-year operating history, a solid foundation of contracted business, a highly capital efficient model, and fiscal discipline, [which are] hallmarks we intend to continue,” says Erik Sallee, chief financial officer of Intuitive Machines.

To fuel growth, the combined company has secured commitments for $55 million in capital from entities affiliated with Inflection Point’s sponsor and from a founder of Intuitive Machines, as well as a $50 million equity facility from CF Principal Investments LLC, an affiliate of financial services provider Cantor Fitzgerald & Co.

In another move to support growth, Intuitive Machines is relocating next year from its current facility at the Houston Spaceport to a new 125,000-square-foot building on a 12.5 acres at the spaceport.

Kam Ghaffarian, co-founder and executive chairman of Intuitive Machines, says the company seeks to capitalize on an expanding space exploration market whose major players include SpaceX, Virgin Galactic, Blue Origin, and Orbital Sciences.

Steve Altemus, co-founder, president, and CEO of Intuitive Machines, says his company hopes to become “a foundation of U.S. space exploration.”

“Each successive mission will allow us to extend our advantage as we deliver satellites to lunar orbit, deliver systems to the lunar surface, and collect critical scientific and engineering data,” Altemus says.

Intuitive Machines is based in the Houston area. Photo courtesy of Intuitive Machines

Houston-based Nauticus Robotics has hit the public market. Image via Nauticus

Houston-based robotics tech company goes public via SPAC

ipo-ed

Fresh off its September 13 debut as a publicly traded company, Webster-based Nauticus Robotics Inc. is aiming for $90 million in revenue next year as it dives deeper into the ocean economy.

The stock of Nauticus now trades on the NASDAQ market under the ticker symbol KITT. Nauticus went public following its SPAC (special purpose acquisition company) merger with New York City-based CleanTech Acquisition Corp., a “blank check” company that went public in July 2021 through a $150 million IPO. The SPAC deal was valued at $560 million when it was announced in December.

Nauticus continues to be led by CEO Nicolaus Radford and the current executive team.

“The closing of this business combination represents a pivotal milestone in our company’s history as we take public our pursuit of transforming the ocean robotics industry with autonomous systems,” says Radford, who founded what was known as Houston Mechatronics in 2014. “Not only is the ocean a tremendous economic engine, but it is also the epicenter for building a sustainable future.”

That “tremendous economic engine” is valued at $2.5 trillion.

Radford says money from the sale of Nauticus shares will enable the company to move closer toward developing a fleet of subsea and surface robots that can perform an array of ocean-related tasks.

Nauticus’ ToolKITT autonomy software powers the company’s robotic fleet of Aquanauts and Hydronauts. Nauticus hopes to ultimately replace human-operated ships that deploy other submersible vehicles with its better-for-the-environment robotic fleet. The company envisions widespread use of its RaaS platform by the oil and gas, offshore renewables, and government sectors.

Nauticus estimated its 2021 revenue stood at $8.2 million. It forecasts next year’s revenue will reach $90 million.

The company is staking out its position in an emerging sector known as robotics as a service, or RaaS. The RaaS model lets companies lease robotic devices through a cloud-based subscription service. The global RaaS market was valued at $14.5 billion in 2021 and is projected to reach $44 billion by 2028, according to market research company Fact & Factors.

In August, Nauticus announced a deal with energy conglomerate Shell to advance ways to obtain subsea integrity data using Nauticus robots and technology. Three months earlier, Nauticus unveiled a strategic partnership with consulting and engineering giant Wood.

“The passion and conviction of our team at Nauticus has fueled the creation of a truly disruptive and innovative company in the ocean space, and we are eager to take the next step in our growth trajectory as a public company,” Radford said in December. “A substantial core of our team has been together, first starting at NASA and now at Nauticus, for 15 to 20 years, and I am inspired by their relentless pursuit toward this dream.”

Nicolaus Radford is the founder of Nauticus Robotics Inc. Photo courtesy

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3 Houston innovators who made headlines in May 2025

Innovators to Know

Editor's note: Houston innovators are making waves this month with revolutionary VC funding, big steps towards humanoid robotics, and software that is impacting the agriculture sector. Here are three Houston innovators to know right now.

Zach Ellis, founder and partner of South Loop Ventures

Zach Ellis. Photo via LinkedIn

Zach Ellis Jr., founder and general partner of South Loop Ventures, says the firm wants to address the "billion-dollar blind spot" of inequitable distribution of venture capital to underrepresented founders of color. The Houston-based firm recently closed its debut fund for more than $21 million. Learn more.

Ty Audronis, CEO and founder of Tempest Droneworx

Ty Audronis, CEO and founder of Tempest Droneworx

Ty Audronis, center. Photo via LinkedIn.

Ty Audronis and his company, Tempest Droneworx, made a splash at SXSW Interactive 2025, winning the Best Speed Pitch award at the annual festival. The company is known for it flagship product, Harbinger, a software solution that agnostically gathers data at virtually any scale and presents that data in easy-to-understand visualizations using a video game engine. Audronis says his company won based on its merits and the impact it’s making and will make on the world, beginning with agriculture. Learn more.

Nicolaus Radford, CEO of Persona AI

Nicolaus Radford, founder and CEO of Nauticus RoboticsNicolaus Radford. Image via LinkedIn

Houston-based Persona AI and CEO Nicolaus Radford continue to make steps toward deploying a rugged humanoid robot, and with that comes the expansion of its operations at Houston's Ion. Radford and company will establish a state-of-the-art development center in the prominent corner suite on the first floor of the building, with the expansion slated to begin in June. “We chose the Ion because it’s more than just a building — it’s a thriving innovation ecosystem,” Radford says. Learn more.

Pharmaceutical giant plans $5.9B Houston facility and more news to know

Trending News

Editor's note: It's time to look back at the top Houston innovation news from the second half of May 2025. From exciting VC raises to major manufacturing facilities in the works, here are the most-read InnovationMap stories from May 16-30.

1. Pharmaceutical giant looks to bring $5.9 billion facility to Houston

Eli Lilly is looking to build an active pharmaceutical ingredient manufacturing facility at Generation Park. Rendering courtesy of McCord

Pharmaceutical company Eli Lilly and Company is looking to build a $5.9 billion active pharmaceutical ingredient (API) manufacturing facility in Houston, according to a recent filing with the state of Texas.

The proposal states that the project plans to employ 604 full-time direct employees at the site upon ramp-up completion. Construction is projected to begin in 2026, with a completion target of 2030 and commercial operations beginning in 2031. Continue reading.

2. Houston VC firm closes $21M fund for underrepresented founders

Zach Ellis, founder and general partner of South Loop Ventures, which recently closed its debut fund. Photo via LinkedIn

Houston-based South Loop Ventures recently closed its debut fund for more than $21 million, led by investments from Rice Management Company and Chevron Technology Ventures.

The funds will go toward teams with at least one underrepresented founder of color working in the energy, health, space, sports and fintech sectors. Additional investments came from The Great Commission Foundation of the Episcopal Diocese of Texas, Texas CapitalBank and others organizations. Continue reading.

3. Houston-founded startup raises $1.2M and moves headquarters to Detroit

ChurchSpace, founded in Houston by Day Edwards and Emmanuel Brown, is moving to Detroit. Photo courtesy ChurchSpace.

Houston-founded ChurchSpace, known as the Airbnb for churches, has formed an official partnership with the City of Detroit and will relocate its headquarters.

The announcements come as the company successfully closed a $1.2 million oversubscribed funding round. The round was led by California-based Black Ops Ventures, with participation from Michigan Rise and Dug Song of Minor Capital, who is also the founder of the Song Foundation, another Michigan-based organization. Continue reading.

4. Houston aerospace co. soars with first U.S. test flight of hypersonic engine

Venus Aerospace successfully completed the flight test of its hypersonic engine, the first of an American-developed engine of its kind. Photo courtesy Venus Aerospace

Houston-based Venus Aerospace successfully completed the first U.S. flight test of its proprietary engine at a demonstration at Spaceport America in New Mexico.

Venus’ next-generation rotating detonation rocket engine (RDRE) is supported by a $155,908 federal Small Business Innovation Research (SBIR) grant from NASA and aims to enable vehicles to travel four to six times the speed of sound from a conventional runway. The recent flight test was the first of an American-developed engine of its kind. Continue reading.

5. Houston regenerative medicine company expands lab for future trials

FibroBiologics has opened a new 10,000-square-foot Houston lab to scale up research efforts and pave the way for in-house manufacturing. Photo via Fibrobiologics.com

A Houston regenerative medicine company has unveiled new laboratory space with the goal of expanding its pioneering science.

FibroBiologics uses fibroblasts, the body’s most common type of cell, rather than stem cells, to help grow new cells. With its new space, the publicly traded company, which has more than 240 patents issued or pending, will be even better equipped to power forward with its research. Continue reading.

Houston university to launch artificial intelligence major, one of first in nation

BS in AI

Rice University announced this month that it plans to introduce a Bachelor of Science in AI in the fall 2025 semester.

The new degree program will be part of the university's department of computer science in the George R. Brown School of Engineering and Computing and is one of only a few like it in the country. It aims to focus on "responsible and interdisciplinary approaches to AI," according to a news release from the university.

“We are in a moment of rapid transformation driven by AI, and Rice is committed to preparing students not just to participate in that future but to shape it responsibly,” Amy Dittmar, the Howard R. Hughes Provost and executive vice president for academic affairs, said in the release. “This new major builds on our strengths in computing and education and is a vital part of our broader vision to lead in ethical AI and deliver real-world solutions across health, sustainability and resilient communities.”

John Greiner, an assistant teaching professor of computer science in Rice's online Master of Computer Science program, will serve as the new program's director. Vicente Ordóñez-Román, an associate professor of computer science, was also instrumental in developing and approving the new major.

Until now, Rice students could study AI through elective courses and an advanced degree. The new bachelor's degree program opens up deeper learning opportunities to undergrads by blending traditional engineering and math requirements with other courses on ethics and philosophy as they relate to AI.

“With the major, we’re really setting out a curriculum that makes sense as a whole,” Greiner said in the release. “We are not simply taking a collection of courses that have been created already and putting a new wrapper around them. We’re actually creating a brand new curriculum. Most of the required courses are brand new courses designed for this major.”

Students in the program will also benefit from resources through Rice’s growing AI ecosystem, like the Ken Kennedy Institute, which focuses on AI solutions and ethical AI. The university also opened its new AI-focused "innovation factory," Rice Nexus, earlier this year.

“We have been building expertise in artificial intelligence,” Ordóñez-Román added in the release. “There are people working here on natural language processing, information retrieval systems for machine learning, more theoretical machine learning, quantum machine learning. We have a lot of expertise in these areas, and I think we’re trying to leverage that strength we’re building.”

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