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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5 Houston deep tech startups pushing the boundaries of their industries

meet the finalists

Houston has long been at the forefront of innovation, from NASA’s Johnson Space Center to its startup ecosystem using technology to disrupt industries.

As part of the 2026 Houston Innovation Awards, our Deep Tech Business category will honor an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics and space sectors.

Five deep tech companies have been named finalists for the 2026 award.

Read more about these businesses, their founders and their breakthrough technologies below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Casimir

Battery tech startup Casimir develops semiconductor chips that produce continuous electrical power straight from the quantum vacuum, without the need for a battery, cord or external charge source. The company is targeting commercialization for its first-generation MicroSparc chip by 2028.

Harold “Sonny” White founded Casimir in 2023 after nearly two decades at NASA. The company emerged from stealth with a $12 million seed round in 2026. It was also awarded an STTR Phase I contract from the U.S. Space Force's SpaceWERX to support the development of the company's solid-state generator for potential use by the Department of the Air Force earlier this year.

FocisAI

Artificial intelligence startup FocisAI helps refinery owner-operators unlock actionable insights from 3D scans and images.

FocisAI was founded by CEO Tyler Wooten, COO Colin Snell and CTO Kyle Snell in 2026. It is a member of Greentown Labs and launched a seed round in September, which is expected to close by the end of the year, according to the company's application. It has rolled out 10 pilot programs and is looking to move into recurring, facility-scale deployments and scale its team in Houston this year.

Machine Saver Inc.

Industrial tech startup Machine Saver Inc. builds wireless and wired vibration and proximity sensors to tell heavy industry when a machine is about to fail. The company's technology runs on an 8-plus-year battery life and helps operators reduce downtime, improve maintenance and extend equipment life.

Machine Saver was founded by CEO Colton Bach and Quentin Bach in 2013. Its customers and partners include Houston Methodist, Blue Bell, Genemco, as well as energy and heavy industry, food and beverage, and cold chain companies, according to its application. The company is raising a Series A.

Square Robot

Energytech startup Square Robot develops and operates submersible inspection robotics that inspect aboveground storage tanks while they remain in service. The robots reduce downtime and costs, improve worker safety and limit hydrocarbon emissions.

Square Robot launched its Houston office in 2019 and closed a Series B in 2025. It plans to complete its first U.S. Navy demonstrator tank in November and is also developing real-time inspection software.

Venus Aerospace

Spacetech company Venus Aerospace is developing a high-thrust rotating detonation rocket engine (RDRE) that replaces the subsonic combustion used in conventional rocket engines. The RDRE is a compact, simpler engine that can deliver up to 15 percent greater efficiency for defense and space applications. It completed its first U.S. flight test of the engine last summer.

Venus Aerospace was founded in 2020 by CEO Cassie Duggleby and CTO Andrew Duggleby. It raised a $20 million Series A in 2022 and $42 million Series A2 in 2025. It closed a $91 million Series B earlier this year and expanded its leadership team. The company is working toward longer-duration and higher-thrust testing and advancing its flight program.

Houston leads U.S. with the biggest surge in millionaire renters

Rent Report

The number of millionaire renters and homeowners in the U.S. has surged over the last five years, and Houston has soared ahead of the rest with the largest growth rate among these affluent renter households.

Houston leads the nation with the No. 1 increase in millionaire renters from 2020 to 2024, a new RentCafe study found. The number of these wealthy households increased from 18 to 232 over the last five years, representing a 1,189 percent growth rate.

"The pandemic accelerated the shift as remote work pushed the wealthy to relocate to lower-tax metros like Houston, where millionaire renters grew 13-fold, versus 3.9-fold for owners," the report said. "Granted, 232 households is still a tiny fraction of the Houston metro’s roughly 2.7 million households, but the growth rate far outpaces any other major metro."

Nationwide, the number of millionaire renter households grew 229 percent from 2020 to 2024, outpacing the 193 percent growth rate among millionaire homeowners.

Dallas was the only other Texas metro to crack the top 10. The number of millionaire renter households in North Texas has more than quintupled, from just 30 in 2020 to 165 in 2024. That represents a growth rate of 450 percent, which — surprisingly — is only the eighth highest nationwide.

But when it comes to the largest populations of millionaire renters, New York City and San Francisco still lead the way. New York claimed the No. 1 spot with nearly 7,300 millionaire renters living in the city in 2024. Houston ranked 12th on that list.

Elsewhere in Texas, Austin and Dallas ranked as the 16th and 17th, respectively, for the largest population of millionaire renters. There were 206 millionaire renters living in Austin in 2024, and 165 in Dallas.

This is who the typical millionaire renter is
The report also revealed a surprising statistic about the typical millionaire renter in the U.S. — a lot of them are millennials working in "white-collar, high-earning fields."

"Nearly half (49 percent) of millionaire renters are Millennials, and the number of affluent Millennial renter households surged 392 percent during the five-year period," the report said. "Gen X follows with 33 percent of millionaire Gen X households renting after increasing by 147 percent."

The report continued, "Although Gen Z still represents a small share of millionaire renters (just 2 percent of the total), no generation has expanded faster: Gen Z millionaire renter households leaped from fewer than a dozen to more than 400 — a tiny cohort today, but one that was virtually nonexistent five years ago."

The top three most common professions for millionaire renters are chief executives, software developers, and managers, the report additionally found. In Houston, the surge of wealthy newcomers are mostly executives, professional athletes, and entertainers.

"These roles tend to generate steady, substantial income without necessarily tying workers to one location, making renting a practical fit, rather than a financial necessity," the report said.

Hotspots for millionaire homeowners
In RentCafe's separate list comparing the top 10 most popular U.S. metros for millionaire homeowners, Houston ranked 12th nationally with 4,374 millioniare homeowners living in the metro as of 2024. These wealthy Houstonians are most likely working as chief executives, physicians, managers, and lawyers and judges.

Houston has already proven to be a hotspot for millennial homebuyers, and the latest RentCafe data says millennials make up 19 percent of all millionaire homeowners in the U.S. Gen Xers and Baby Boomers still maintain the largest shares of millionaire homeowners nationwide, at 45 and 33 percent, respectively.

Dallas (No. 10) and Austin (No. 20) also appeared among the hottest metros for millionaire homeowners.

Only one Texas city appeared among RentCafe's list of the 20 fastest-growing metros for millionaire homeowners: College Station ranked 13th nationwide with a growth rate of 1,329 percent. From 2020-2024, the number of millionaire homeowners residing in College Station grew from 14 to 200.

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This article originally appeared on CultureMap.com.

Houston ranks high on best cities for small-business expansion report

business growth

For small businesses looking to expand, Houston might be the right place.

Among 56 major U.S. metros, Houston grabbed the No. 6 spot on a new list of the metros boasting the strongest environments for small-business expansion.

A 2025 report from the state comptroller’s office showed roughly 970,000 small businesses operate in the 13-county Gulf Coast region. The region includes the majority of the Houston metro area.

“Whether it’s a family-owned shop on Main Street or a fast-growing startup, small businesses power our state’s economic engine, create opportunity, and strengthen the character of every Texas community,” Kelly Hancock, who was interim state comptroller when the report was released, said in a press release.

Business lending platform Clarify Capital analyzed five factors to develop the list: job growth, business entry and exit, net job creation, and unemployment.

Overall, the Nashville area claimed the No. 1 spot on the list. Other major Texas metros also cracked the top 10, including Austin at No. 3 and Dallas-Fort Worth at No. 7.

“The highest-ranking metros combine labor-market momentum with steady business formation and relatively favorable local employment conditions,” Clarity Capital says.

The Houston metro ranked sixth for job growth, 11th for business entry rate, 38th for business exit rate, second for net job creation rate, and 50th for unemployment rate.

“For business owners, the ranking is a starting point rather than a guarantee,” Clarify Capital says. “Local demand, competition, operating costs, and access to capital still shape whether an expansion works.”

“Building enough cash-flow room for hiring, equipment, and unexpected expenses can help small and midsize business owners take advantage of a strong market without stretching the business too thin,” the company adds.

Of course, money fuels small-business expansion in the Houston area or anywhere else.

According to an analysis of SBA loan data by feasibility consulting firm MMCG, the Houston metro area saw 1,685 approvals for 7(a) loans and 101 approvals of 504 loans in the federal government’s 2025 budget year. The approval numbers for both loan categories increased from the previous year.

Altogether, the 7(a) and 505 loans exceeded $1 billion.

The data from the U.S. Small Business Administration suggests small-business expansion may be on the rise in the Houston area.

Further potential evidence of small-business expansion in the Houston area: The region experienced a 92 percent rise in account applications from 2024 to 2025 submitted to Bluevine, a small-business banking platform. The Houston metro ranked fifth for the number of Bluevine small-business applications in 2025.

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