Houston-based Halliburton Co. (NYSE: HAL) named four more companies to its clean technology accelerator, Halliburton Labs.
Launched last summer, the Halliburton Labs program leverages the oil field service giant's expertise and industrial capabilities to support entrepreneurs developing clean energy technologies. The accelerator is housed within Halliburton's Houston headquarters and gives startups access to financing opportunities and Halliburton's lab facilities.
Houston-based Nanotech, a startup developing fireproofing and insulation coating tech, was the first startup selected to Halliburton Labs when the accelerator was announced in July 2020. The startup went on to close a $5 million seed financing round in December 2020 — which resulted in the conversion of Halliburton Labs' previously issued simple agreement for future equity with Nanotech.
Three companies — Enexor BioEnergy, Momentum Technologies and OCO Inc. — joined the program in early 2021. Four more firms — Alumina Energy, Ionada, Parasanti and SurgePower Materials — joined in Halliburton Labs' second cohort this summer.
On Nov. 17, the accelerator unveiled its latest group of clean tech companies to take part in the program: Helix Power, Icarus RT, SolvCor and Strayos.
- Helix Power — Somerville, Massachusetts-based Helix Power Corp. develops a patented flywheel energy storage technology to provide high power, short duration energy storage. Amid the shift to greater supply of renewable energy and growing demand for power as automobiles, mass transit and other industries are electrified, Helix can store energy when there is a surplus and redistribute energy when demand rises.
- Icarus RT — San Diego-based Icarus RT is using technology to collect rejected heat from solar panels and convert the heat into additional usable power. The firm aims to improve system performance and return on investment for commercial and utility scale solar energy systems.
- SolvCor — Princeton, New Jersey-based SolvCor develops a patented tech platform to improve cooling capacity and improve energy efficiency in chilled water-cooling systems. SolvCor's technology could have broader industrial applications for district cooling, industrial process cooling, data centers and commercial buildings, Halliburton said.
- Strayos — Buffalo, New York-based Strayos develops artificial intelligence-powered visual sensing technology to model subsurface geology and extraction plans for mining and cement companies. Through more efficiently extracting raw minerals, Strayos aims to increase yields and reduce carbon emissions.
"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.
