Halliburton targets Israeli energy startups

Over the past 15 years, energy giant Halliburton has undergone significant change as it shifted its focus from new drilling to a model focused on enhanced profitability and demanding technology solutions. These developments help improve work methods, produce more efficient and safer products, and reduce pollution as much as possible. This is where Halliburton Labs, the innovation arm of the energy services giant, founded in 2020, comes in.

“We’re engaged in the challenge of connecting innovation to industry whether in transportation, storage or efficacy,” says Scott Gill, CEO of Halliburton Labs. “There are many technologies that require examination and our goal is to create an environment that works for them.”

Halliburton Labs takes a 12-month program that includes close in-company training and mentoring. As part of the program, startups receive help designing their products, working with customers, and creating and learning about their supply chain. In addition, the goal is for those involved in promoting clean energy at a fair price.

Among the 24 startups participating in the program are Singapore’s SunGreenH2, which develops components for hydrogen electrolysis, Finnish company Rocsole, which develops tomography, and India’s RenKube, which designs solar glass. Over the past 30 months, 70 companies have participated in the program out of the 250 registered companies.

Israel and its innovation – on the radar

So what is the company really looking for in Israel? Gil says, “The startup community in Israel is one of the most developed in the world. This is reflected in the management, the university, and the number of participants.

“So Israel and its innovation community are on the radar. I was in Israel in October and I’m excited to be here again, to do exploration and have one-on-one meetings. I already saw the passion, so I asked the question why not Israel?”

Israeli startups supporting energy companies

Energy companies are often seen as outdated. Therefore, oil, natural gas and even refineries are looking for solutions in Israel due to the extensive experience gained by the local technology industry.

For example, Mobideo Technologies, founded in 2008 by Chairman Yaron Ebel and CEO Amir Green, provides a platform for digitizing industrial workforce operations for companies with a focus on building and refurbishment of facilities, maintenance and routine operations.

The company has 50 employees and operates a research and development center in Rosh Ha’ayin as well as offices in Houston, Texas. Its clients include Delek US and Dow Chemical.

“Each working day for plants in the energy business is worth millions of dollars, if not more,” Ebel tells Globes. “This investment requires constant involvement in maintenance and operation, when these facilities must be closed and renovated from time to time. Also, sometimes they may occur Unexpected breakdowns and shutdowns cause a great deal of damage. These breakdowns have environmental consequences and this is another reason why it is so important to prevent and ensure that the correct work procedures are implemented.”

Ebel explains: “As advice to other companies, it is a mistake to focus only on technology, because even if it is the best, it must be supported by a correct integration methodology. You need to know the soul of the organization and the people who work in it. In this way, the integration is done correctly.”

“When you think of energy, it is usually associated with maintenance costs.”

Another Israeli startup that has grown in recent years is Locusview, which was founded in 2015 by CEO Shahar Levy. The company provides contractors with an accurate picture of the project, and enables management and synchronization between them during work. The Locusview platform simplifies work for energy companies that want to take care of upgrading their systems.

Levy says, “We started collaborating with the American Energy Institute, which is owned by the largest energy companies in this market. Through the same connection, we learned from the energy companies that infrastructures need to be upgraded, whether it be power grids or gas pipelines.”

Over the past year, Locusview has managed projects worth $15 billion, and entered the UK and Australian markets. “When you think of an energy infrastructure company, those costs are usually related to maintenance,” Levy explains. “They are always performed under pressure, with the aim of providing a service at a low cost.

“Besides, there is the investment budget where companies allocate money from profits. They turn to the regulator and talk about an upgrade, while asking as much as possible. Their goal is to carry out projects in a safe way, and to prove that investing in them pays off.”

Full disclosure: On Tuesday, May 30, the ENERGY 2023 Globes Conference will be held in Tel Aviv in collaboration with Energean and Halliburton.

Published by Globes, Israel business news – en.globes.co.il – on May 29, 2023.

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