How Halliburton Drives Cleantech Innovation Through Startup Acceleration

Halliburton, one of the world’s largest providers of products and services for the ever-evolving needs of the energy industry, is leveraging their expertise, talent, and resources to lead the energy evolution. Looking beyond fossil fuels and prioritizing clean energy, they wanted to invest in promising cleantech startups and provide them with an open and collaborative environment where they could accelerate their growth. However, they were aware that accelerators can be risky and resource-intensive endeavors, and in 2020 enlisted Mach49 to help build Halliburton Labs in the company's North Houston headquarters.

The inception and evolution of Halliburton Labs’ new accelerator centered around answering: How might we help scale innovative companies that are developing sustainable businesses in ways that meaningfully change the energy industry so that our world has cleaner, efficient sources to enable future economic growth?

With this in mind, we collaborated with Halliburton Labs to:

  • Define the accelerator’s overall vision and objectives 
  • Design the website and branding for the program
  • Perfect the startup application and selection process
  • Provide mentorship and a world-class VC network

Our extensive experience in cleantech, established venture building process, and experience in “mothership” alignment were all contributing factors to a solid foundation that Halliburton Labs will be able to build upon independently in the future.

Since accepting its first startup in September 2020, the Halliburton Labs’ program has accelerated 12 ventures. As part of Halliburton Labs’ “scalerator,” the startups have access to Halliburton’s world-class facilities, and expert mentorship across the company’s worldwide network. 

The most recent milestone of this ongoing collaboration is Halliburton Labs’ selection of a third cohort to its accelerator program: Helix Power, Icarus RT, SolvCor, and Strayos. Helix Power provides a novel solution to energy storage using flywheels, while Icarus RT improves the efficiency of solar panels. SolvCor optimizes heat transfer in cooling systems, and Strayos incorporates AI into the mining value chain.

Previous cohorts are accelerating in the market and have gone on to raise subsequent rounds of funding, including Nanotech which won a 2022 CES award, and raised $64 million.

Learn more about Halliburton Labs’ commitment to shape the energy system of the future here.

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