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Four Companies Join Halliburton Labs Clean Energy Accelerator

Helix Power, Icarus RT, SolvCor, and Strayos become industrial scaling program participants

November 17, 2021 07:00 AM Eastern Standard Time

HOUSTON–(BUSINESS WIRE)–Halliburton Labs today announced it selected a new group of companies to participate in its collaborative environment where entrepreneurs, academics, and investors come together to advance cleaner, affordable energy. By joining Halliburton Labs, Helix Power, Icarus RT, SolvCor, and Strayos will gain access to industrial capabilities, technical expertise, and mentorship to scale their respective businesses.

“This strong group of companies further establishes Halliburton Labs as the place where innovative companies come together with technical and operational scaling resources to advance commercial success,” said Dale Winger, managing director of Halliburton Labs. “We are excited to collaborate with the founders and their respective teams to support their clean energy solutions.”

“New materials, new design and manufacturing techniques and a passionate, brilliant engineering team enabled us to achieve commercial readiness for the Icarus Quartet hybrid PV/T system. The Halliburton Labs scale up program is an important step forward to de-risk commercialization and enhance fund raising options.”

Helix Power aims to provide high power, high cycle and short duration energy storage with its patented flywheel energy storage technology. Helix’s technology is designed to support both generation and long duration storage in multiple markets, including the power grid, rapid transit, and large ship-to-shore seaport cranes. “Helix Power’s technology has the potential to be a core asset in the design of clean, efficient and resilient power systems worldwide,” said president and co-founder Matthew Lazarewicz. “We are thrilled to join Halliburton Labs and believe their engineering expertise, supply chain, and global network are a great fit to help achieve the commercial potential of Helix Power’s technology,” added co-founder Kevin Blackman.

Icarus RT is working to develop a power boosting and energy storage technology to improve system performance and return on investment in commercial and utility scale solar photovoltaic systems. Icarus RT’s technology is designed to cool the solar panels, collect rejected heat, and convert the heat into additional power to improve system efficiency and output. “New materials, new design and manufacturing techniques and a passionate, brilliant engineering team enabled us to achieve commercial readiness for the Icarus Quartet hybrid PV/T system. The Halliburton Labs scale up program is an important step forward to de-risk commercialization and enhance fund raising options,” said Mark Anderson, Founder and CEO, Icarus RT.

SolvCor developed a patented technology platform to significantly improve heat transfer versus water for use in a wide range of industrial applications such as cooling systems and thermal storage. Adding SolvCor liquids to a chilled water-cooling system is designed to notably increase cooling capacity, improve energy efficiency, and reduce CO2 emissions. Anticipated applications of SolvCor’s technology include commercial buildings, district cooling, industrial process cooling, and data centers. “Together with Halliburton’s industrial capabilities, we are excited to accelerate the widespread deployment of SolvCor solutions to reduce global energy consumption and greenhouse gas emissions,” said Ethan Novek, CEO of SolvCor Technologies.

Strayos helps mining and cement companies more efficiently extract raw minerals by adding artificial intelligence (AI) powered tools to certain essential steps of the mining value chain. Strayos applies visual sensing technology and AI software to model subsurface geology and enable optimal extraction plans, thereby increasing yields to reduce waste and carbon emissions. “The strategic collaboration with Halliburton Labs will allow us to expand the capabilities of our technology, and its global presence and industry leadership will help us scale our technology around the world and drive the future of more sustainable mining,” said Ravi Sahu, Strayos, CEO.

ABOUT HALLIBURTON LABS

Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship, and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).

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For Investors:
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Investor Relations
investors@halliburton.com
281-871-2688

For News Media:
William Fitzgerald
External Affairs
pr@halliburton.com
281-871-5267

Big oil courts U.S. clean-energy startups in bid to speed green transition

Big oil courts U.S. clean-energy startups in bid to speed green transition

Author of the article:

Reuters

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HOUSTON — U.S. clean-energy startups are booming as oil companies are giving them more attention and cash in a bid to speed up their own green transitions.

Investors want oil producers to accelerate a move away from fossil fuels by selling cleaner energy and developing technology to eliminate climate-warming gases.

Entrepreneurs proposing to harness energy from offshore wind and waves, generate hydrogen from waste gas and build fuel storage networks from old wells are attracting attention from Big Oil.

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Oil companies are often partnering with and investing in new enterprises that have started at clean-energy incubators. Some oil firms have set up their own incubators and venture teams to find and fund greentech.

U.S. oilfield services firm Halliburton works with eight clean-tech fledglings and is recruiting more for an in-house startup accelerator that provides each $100,000 in seed money.

Baker Hughes is collaborating with incubator Greentown Labs to get a window into emerging technologies and provide advice to startups. Oil majors Eni SpA and Repsol SA have approached U.S. clean-tech ventures through investment arms.

There are roughly 20 clean-tech U.S. incubators tracked by the Electric Power Research Institute. But that number likely undercounts the total because of their rapid growth, said Julia Travaglini, vice president of marketing for Greentown Labs.

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“We’re seeing across-the-board an uptick in clean energy” incubators, added Lindsay Schuenke, director of content at the International Business Innovation Association, which works with business development groups.

Crunchbase, which measures venture capital investments, says clean-energy startups so far this year have taken in $11 billion, up from $5.6 billion for all of 2020. Startups still in business after five years is a key measure of success, said Chris Ilsley, chief executive of North Shore InnoVentures, a 12-year-old clean tech incubator outside of Boston.

It and Greentown Labs say 80% to 85% of their fledglings are still in business after that period, compared to just 20% of startups overall.

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Another measure is corporate interest in the companies.

One of the companies that spent a year at North Shore InnoVentures developing a fast-charge battery, SES Holdings, later won deals with automakers General Motors and Hyundai Motors. Another, low-power semiconductor designer Arctic Sand Technologies, was bought by Japanese chip maker Murata Manufacturing for $68 million.

POWER FROM OLD WELLS

Moonflower Technologies’ subsidiary PowerWell, a startup that proposes to convert abandoned oil wells into gravity-based energy storage systems, hopes to turn its concept into a commercial product, by winning support from Halliburton’s incubator.

The Houston-based venture also drew interest from energy technology provider Baker Hughes, which has suggested helping with efforts to source materials, said co-founder Carrie Criado. Incubators have allowed it to “learn a lot and learn it faster with the resources they offer,” she said.

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Thiozen Inc, a Massachusetts startup developing a way to turn a waste gas into a clean-burning fuel, talked to three incubators before choosing North Shore InnoVentures, said President Ryan Gillis.

Oil giant ENI recently agreed to help finance a pilot test of Thiozen’s technology to generate hydrogen from sour gases that must be heavily processed.

Another startup, NanoTech Inc, aims to reduce energy waste in oil, chemical and construction industries through a unique fire-proofing and insulation coating. It won seed financing from Halliburton Labs.

TOUGH TRANSITIONS

Established businesses gain from incubators because the relationship “diversifies and distributes the risk” of new technologies, said Thomas McNulty, a managing director at business consultants ValueScope Inc.

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It lets internal R&D teams “focus on commercialization and scale as the scouts find technologies out in the incubators,” McNulty added.

But the risk for big oil companies looking to create new revenue steams is that these ventures may not grow fast enough or generate enough profit to replace declines in traditional businesses.

“If history is a guide, they will not be successful,” said Chris Duncan, a research analyst at investment firm Brandes Investment Partners.

FLOCKING TO INCUBATORS

That has not stopped energy companies including BHP, Chevron, Engie or investment bank Tudor Pickering Holt & Co. from partnering with Greentown Labs’ Houston operation.

Baker Hughes sends staff to listen to technology pitches, view work by researchers and to provide commercialization advice, said Nigel Jenvey, a Baker Hughes executive for strategy and growth initiatives.

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Roy Robinson, CEO of Excipio Energy, which designs floating platforms that convert wind, ocean waves and tides to energy, said the relationships formed are mutually beneficial.

“The energy companies see that there is a transition, and that there is money to be made,” said Robinson, a former Repsol manager.

The payoff can include a stake in a promising new venture. Halliburton gets a 5% share of startups that join its accelerator, said one startup founder who met with its executives.

(Reporting by Liz Hampton in Denver, additional reporting by Gary McWilliams in Houston; Editing by Cynthia Osterman)

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Energy Transtion: A new model for bridging the chasm to scale

The energy transition is creating the need for a new model of interaction between startups and enterprises. Whereas the former will continue to focus on ‘will it work?’, the latter need to have a greater say in ‘will it scale?’ Halliburton Labs was set up with this mission in mind.

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Constellation is a collaborative work between Village Insights and Halliburton Labs that seeks to foster a virtual extension of the global startup community solving clean energy challenges. The platform allows community stakeholders to gather around clean energy topics, to meet peers, to share insights, to seek funding, and to find technology demonstration opportunities. It is built to be the go-to location for clean energy events and news.