Halliburton Company has announced the creation of Halliburton Labs (HL), which it describes as a collaborative environment where entrepreneurs, academics, investors and industrial labs come together to advance cleaner, affordable energy.
HL will accelerate the growth of innovative, early-stage companies by providing access to Halliburton’s lab facilities, technical expertise and business network, the company noted. Accepted applicants will work with HL advisors to advance their products, secure financing and prepare for further scale, Halliburton outlined.
Located at Halliburton’s Houston headquarters, HL will be led by the company’s executive director Scott Gale.
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“Halliburton Labs reflects our commitment to the science and continued evolution of sustainable, reliable energy,” Jeff Miller, Halliburton’s chairman, president and chief executive officer, said in a company statement.
“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,” he added.
“We are excited to help advance solutions that have the potential for a long term, meaningful impact and that align well with our sustainability objectives,” Miller continued.
The first participant of HL will be Nanotech, Inc., which is described as a leading-edge materials science innovator transforming the fireproofing and insulation markets. Its technologies are said to significantly reduce global energy consumption, while improving energy efficiency, fireproofing capabilities and safety.
“We are incredibly excited to have been selected as an anchor for Halliburton Labs and help drive meaningful change and innovation in the energy sector,” Mike Francis, the CEO of Nanotech, said in a company statement.
“Access to Halliburton Labs’ resources and world class facilities will help accelerate our growth and deliver our transformative line of products. Through this collaboration, we intend to fundamentally shift the fireproofing and thermal insulation markets towards more effective and environmentally friendly solutions,” he added.
The formal application process for HL goes live in September, when additional companies are expected to join the program. Halliburton says interested companies must have progressed their technology beyond the proof-of-concept phase.