3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators includes Dan Purvis of Velentium, Tony Sanchez of OneNexus Environmental, and Kevin Doffing of Energy Capital of the Future. Courtesy photos
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This new Houston startup is tackling the increasingly dangerous problem of methane-emitting inactive oil and gas wells. Photo courtesy of OneNexus

Houston energy exec launches well-plugging fintech company

future of O&G

Long-time Houston energy executive Tony Sanchez has launched a new fintech company that aims to help oil and gas exploration and production operators decommission orphaned wells and cut down on greenhouse gas emissions.

The company, OneNexus Environmental, was formed in partnership with Houston-based private equity firm BlackGold Capital Management LP and offers exploration and production companies "the equivalent of a universal life insurance policy for their oil & gas wells," according to a statement.

Through OneNexus's model, operators will be able to transfer the title of their wells over to OneNexus, thus absolving all Asset Retirement Obligations (AROs) related to decommissioning inactive wells that are known to release dangerous levels of methane. OneNexus will then assume the financial and operation obligations around properly plugging the wells in a safe, reliable, and cost-effective manner.

"The drastic decline in energy demand that arose from the pandemic forced many operators to walk away from their wells," Sanchez said in a statement. "When orphaned wells started multiplying around the world overnight, what was previously the so-called elephant in the oilfield could no longer be ignored."

Tony Sanchez has founded OneNexus in Houston. Photo courtesy

In addition to the fintech operation, OneNexus will also introduce a 501(c)(3) non-profit foundation that will call on the international oil and gas community to support the innovative solutions to suppressing greenhouse gas emissions.

"Existing solutions are inadequate," Sanchez adds. "We started a company that is capable of tackling the problem head-on and that enables energy companies to proactively be part of the solution."

Sanchez was the founder and former CEO of Sanchez Energy Corporation, a multi-billion dollar energy production company with assets in the Eagle Ford Shale, and has held finance and analysis positions at JP Morgan Investment Banking and Zix Corp. (NASDAQ: ZIXI). He has brought over energy industry specialists and financial professionals to build out his team, with subject matter experts in petroleum engineering, chemical engineering, data science, and systems management.

OneNexus joins a growing group of Houston organizations focused on clean energy and reduction of greenhouse gas emissions. Recent research from Rice University showed that the city is uniquely ready for the energy transition.

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Houston startup expands DOD partnership to provide clean energy at Texas site

seeing green

Expanding on its partnership with the United States Department of Defense's Defense Innovation Unit, Sage Geosystems has been selected to conduct geothermal project development initiatives at Naval Air Station in Corpus Christi.

Along with the Environmental Security Technology Certification Program, Sage will provide its proprietary Geopressured Geothermal Systems technology, will be able to evaluate the potential for geothermal baseload power generation to provide clean and consistent energy at the Naval Air Station base.

“We’re pleased to expand our partnership with the DOD at NAS Corpus Christi to demonstrate the advantages of geothermal technology for military energy independence,” Cindy Taff, CEO of Sage Geosystems, says in a news release.

Sage is also conducting initiatives at Fort Bliss and has completed an analysis at the Ellington Field Joint Reserve Base. The analyses could “pave the way for expanding geothermal energy solutions across additional U.S. military installations,” according to Sage.

The company’s proprietary technology works by leveraging hot dry rock, which is a more abundant geothermal resource compared to traditional hydrothermal formations, and it provides energy resilience for infrastructures. In addition, Sage is building a 3 megawatt commercial EarthStore geothermal energy storage facility in Christine, Texas, which is expected to be completed by December. Sage also announced a partnership with Meta Platforms. With Meta Platforms, Sage will deliver up to 150 megawatt of geothermal power generation east of the Rocky Mountains.

The Naval Air Station Corpus Christi is considered a critical training and operations hub for the U.S. Navy, and the partnership with Sage shows the Navy's commitment to achieving net-zero carbon emissions by 2045. Sage’s technology will be assessed for its ability to create a microgrid, which can reduce reliance on the utility grid and ensure power supply during outages.

“As we advance our Geopressured Geothermal Systems, we see tremendous potential to not only provide carbon-free power, but also strengthen the operational capabilities of U.S. military installations in an increasingly digital and electric world,” Taff adds.

In September, the Air Force awarded Sage a grant of $1.9 million in a first-of-its kind contract to determine whether a power plant using Geopressured Geothermal Systems is able to generate clean energy needed for a base to achieve energy resilience.

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This article originally ran on EnergyCapital.

3 Houston innovators to know this week

who's who

Editor's note: Every week, I introduce you to a handful of Houston innovators to know recently making headlines with news of innovative technology, investment activity, and more. This week's batch includes three Houston startup founders celebrating big wins.

Shreyans Chopra, founder of Mstack

Shreyans Chopra, founder of Mstack, is celebrating the close of his company's $40 million series A. Photo courtesy of Mstack

Houston-based Mstack, whose platform helps manufacturers source specialty chemicals, has raised $40 million in a series A funding round. The company says the infusion of cash will enable it to “double down on its mission to disrupt a historically flawed supply chain for specialty chemicals.”

“This new funding affirms investor confidence in our vision and technology to transform global markets. It enables us to expand geographically and intensify our R&D efforts,” Mstack founder Shreyans Chopra says. Read more.

Scott Deans, co-founder and CEO of BeOne Sports

Rice University's athletic programs will be supported by Houston startup BeOne Sports' technology. Photo via LinkedIn

Rice University — in an effort to enhance athletics and research-driven innovation — has formed a partnership with a startup founded by its alumni.

BeOne Sports, a sports performance technology company developed a platform for mobile motion-capture AI and advanced data analytics, will integrate its technology within Rice's sports medicine and rehabilitation programs.

“BeOne Sports was born from the collaborative environment at Rice, where business leaders and engineers work together to solve real-world problems” Scott Deans, co-founder and CEO of BeOne Sports, says. “Our mission is to provide cutting-edge technology to maximize potential in the simplest, fastest and most versatile ways possible. This partnership with Rice is an exciting step toward democratizing access to sports technology for athletes and coaches at all levels.” Read more.

Henal Patel, founder and CEO of DocJuris

Henal Patel, CEO of DocJurisDocJuris has raised its first round of venture funding to grow its team to keep up with demand for its legal software platform. Photo courtesy of DocJuris

Houston-based DocJuris, a leader in AI contract review, announced the successful closure of its series A funding round by raising $8 million in new capital. This brings the total capital raised to date to $11.2 million.

"DocJuris AI has become an industry-leading platform that empowers enterprise legal, procurement, and sales teams to close deals faster while reducing risk," DocJuris CEO and Founder Henal Patel says in a news release. "With this funding, we will continue scaffolding our platform around generative AI, expand our customer success team, and grow our user base." Read more.

Houston biotech VC firm's portfolio cos. score $5.3M in federal funding

money moves

Three portfolio companies of Houston venture capital firm First Bight Ventures have received a combined $5.25 million from the U.S. Defense Department’s Distributed Bioindustrial Manufacturing Program.

“The allocation of funds by the federal government will be critical in helping grow biomanufacturing capacity,” Veronica Breckenridge (née Wu), founder of First Bight, says in a news release. “We are very proud to represent three dynamic companies that are awardees of this competitive and widely praised program.”

The three companies that were awarded Defense Department funds are:

  • Hayward, California-based Visolis, received $2.25 million to plan a facility for production of a chemical that can be transformed into rocket propellants, explosive binders, and sustainable aviation fuel.
  • Alameda, California-based Industrial Microbes received $1.55 million to plan a facility for converting ethanol feedstock into acrylic acid. This acid is a key component used in coatings, adhesives, sealants, lubricants, corrosion inhibitors, and wound dressings.
  • San Diego-based Algenesis received $1.5 million to plan and develop a facility that’ll produce diisocyanates, which are chemical building blocks used to make polyurethane products.

“This award is a testament to our commitment to advancing sustainable materials and will enable us to contribute to both national security and industrial resilience. Our planned facility represents a key step towards securing a domestic supply of critical components for polyurethanes,” says Stephen Mayfield, CEO of Algenesis.

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