Halliburton targets Israeli energy startups

Over the past 15 years, energy ã÷øäïá÷ã giant Halliburton has undergone a major change in which it has shifted its focus from new drilling to a model that emphasizes enhanced profitability and requires technological solutions. These developments help in improving work methods, better more efficient and safer production, and reducing pollution as much as possible. This is where Halliburton Labs comes in, the innovation arm of the energy services giant, which was founded in 2020.

Halliburton Labs executive director Scott Gale says, “We are engaged in the challenge of connecting innovation with the industry whether in transport, storage or effectiveness. There are many technologies that require examination and our aim is to create a successful environment for them.”

Halliburton Labs takes in companies for a 12-month program that includes training and close mentoring. As part of the program, startups receive assistance in designing their product, working with customers, and creating and learning about the supply chain. In addition, the aim is that the participants will work in promoting cleaner energy at a fair price.

Among the 24 startups participating in the program are Singaporean company SunGreenH2, which develops electrolysis components for hydrogen, Finnish company Rocsole, which develops tomography imaging and Indian company RenKube, which designs solar energy glass. Over the past 30 months, 70 companies have taken part in the program out of 250 who registered.

“Israel and its innovation – on the radar

So what is the company actually looking for in Israel? Gale says, “Israel’s startup community is one of the world’s most developed. This is reflected in the administration, the university and the number of participants.

“Therefore Israel and its innovation community are on the radar. I was in Israel in October and I’m excited to be here again, to undertake scouting and hold one-on-one meetings. I’ve already seen the passion, so I asked the question why not Israel?”

Israeli startups supporting energy companies

Energy companies are frequently perceived as outdated. Oil, natural gas and even refineries are therefore seeking solutions in Israel due to the extensive experience that the local tech industry has gained.

For example, Mobideo Technologies, which was founded in 2008 by chairman Yaron Eppel and CEO Amir Green, provides a platform for the digitalization of industrial workforces processes for companies with an emphasis on building and renovating installations, and routine maintenance and operations.

The company has 50 employees and operates an R&D center in Rosh Ha’ayin as well as offices in Houston, Texas. Its clientsinclude Delek US and Dow Chemical.

Eppel tells “Globes,” “Each working day for factories in the energy field is worth millions of dollars, if not more. This investment requires constant involvement in maintenance and operation, when from time to time these facilities must be shut down and renovated. Also, sometimes unexpected malfunctions and shutdowns may occur that cause large amounts of damage. These malfunctions have environmental consequences and this is another reason for the importance of prevention and ensuring that correct work processes are carried out.”

“As a tip for other companies,” explains Eppel, “It is a mistake to focus only on the technology, because even if it is the best, it needs to be supported by the right integration methodology. You need to know the soul of the organization and the people working in it. In this way, integration is conducted correctly.”

“When thinking about energy, it is usually connected to the costs of maintenance”

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

Levi says, “We started as a collaboration with the US Energy Institute, which is owned by the largest energy companies in this market. Through the same connection, we learned from energy companies that there is a need to upgrade infrastructures, whether electricity networks or the gas pipelines.”

Over the past year, Locusview has managed projects worth $15 billion, and entered the UK and Australian markets. “When you think about an energy infrastructure company, usually those costs are related to maintenance,” Levi explains. “It is always conducted under pressure, with the aim being how to provide a service at a low cost.

“Alongside this is the investment budget where the companies put aside money from profits. They turn to the regulator and talk about an upgrade, while asking for as much as possible. Their aim is to carry out projects in a safe manner, and to prove that the investment in them pays off.”

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

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

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