Houston oil field service giant Halliburton has launched a new tech lab with the goal of speeding the development of clean energy technology.
The company announced Thursday that Halliburton Labs will seek to create a collaborative environment where startup companies, entrepreneurs, academics, investors, and industry experts can come together to advance cleaner and more affordable sources of energy.
Located at the company’s headquarters off the Sam Houston Tollway in north Houston and led by executive director Scott Gale, the lab will house innovative and early-stage startup companies that will receive access to Halliburton’s labs, technical expertise and business network.
“Halliburton Labs reflects our commitment to the science and continued evolution of sustainable, reliable energy,” Halliburton CEO Jeff Miller said. “We firmly believe that oil and gas will remain an affordable and reliable energy resource for decades to come. At the same time, we recognize the importance of developing alternative energy sources.”
Houston tech firm Nanotech Inc. is the first participant at Halliburton Labs. The company is developing technology to improve insulation and fireproofing materials.
“Access to Halliburton Labs’ resources and world-class facilities will help accelerate our growth and deliver our transformative line of products,” Nanotech CEO Mike Francis said. “Through this collaboration, we intend to fundamentally shift the fireproofing and thermal insulation markets towards more effective and environmentally friendly solutions.”
Halliburton’s move comes five months after rival Schlumberger appointed executive vice president Ashok Belani to lead that company’s new energy division and nine months after Baker Hughes appointed Allyson Book to the newly created role of vice president of energy transition.