Halliburton Co. continued to move forward with its plans to augment its exposure to clean energy end markets by announcing the inaugural group of its Halliburton Labs program, which analysts believe could represent a potential revenue growth avenue.

Located at Halliburton’s headquarters in Houston, the century-old oilfield services company launched Halliburton Labs in July 2020 as a program to provide a collaborative environment where entrepreneurs, academics, investors and industrial labs could come together to advance cleaner, affordable energy.

Analysts with Tudor, Pickering, Holt & Co. (TPH) described the venture as an “incubator/accelerator for early-stage companies with the aim to advance cleaner, affordable forms of energy at an accelerated pace by providing these nascent entities access to Halliburton’s lab facilities, technical expertise and business network.”

In a July company release, Halliburton CEO Jeff Miller said the project reflects the company’s commitment to the science and continued evolution of sustainable, reliable energy.

“We firmly believe that oil and gas will remain an affordable and reliable energy resource for decades to come,” Miller said in a statement. “At the same time, we recognize the importance of developing alternative energy sources.”

On Feb. 9, Halliburton Labs welcomed Enexor BioEnergy, Momentum Technologies and OCO Inc. as the inaugural group of companies of its clean tech accelerator program.

“We’ll be keeping our eyes and ears peeled for more info on HAL Labs moving forward given the importance of this potential revenue growth avenue as it pertains to HAL’s long term equity upside,” the TPH analysts wrote in a Feb. 9 research note.

Enexor BioEnergy, based in Franklin, Tenn., manufactures an on-site, renewable energy solution to help solve the world’s organic and plastic waste problems. The company’s patented bioenergy system converts almost any organic, plastic or biomass waste in any combination, into affordable, renewable power and thermal energy.

“We are seeing tremendous inbound customer demand for Enexor’s renewable energy solution from across the world. We are honored to join Halliburton Labs. Their broad global network and deep manufacturing expertise will assist Enexor in meeting its significant worldwide demand while making a significantly positive environmental impact. This is a major step forward in our worldwide launch.”
—Lee Jestings, founder and CEO of Enexor BioEnergy

Momentum Technologies, located in Dallas, works with lithium battery recyclers and manufacturers to recover critical materials from waste for reuse. Developed in partnership with the U.S. Department of Energy, Momentum’s patented MSX technology efficiently recovers pure critical materials from spent lithium batteries, rare earth permanent magnets and other valuable waste products. MSX allows Momentum to build processing plants where the waste is generated, eliminating shipping costs and associated carbon emissions.

“Halliburton Labs is the ideal environment to scale our cutting-edge lithium battery recycling technology. We are excited to tap into Halliburton’s Labs engineering and supply chain expertise and global business network to accelerate Momentum to the forefront.”
—Preston Bryant, CEO of Momentum Technologies.

OCO Inc., born and based in the Pacific Northwest, transforms CO₂, water, and zero-carbon electricity into a hydrogen-rich platform chemical that can be used to make a wide variety of zero-carbon chemicals, materials and fuels. OCO's process is highly carbon negative and much less expensive than existing fossil-based processes and feedstocks.

“The valuable industrial expertise and network of Halliburton Labs will support our build, deployment, and demonstration of a full-size commercial grade system, the next step on our commercialization journey towards an industrial scale plant.”
—Todd Brix, founder and CEO of OCO Inc.

Enexor BioEnergy, Momentum Technologies and OCO Inc. will have access to Halliburton’s deep business and technical expertise, facilities and network to accelerate their respective offerings, according to the company release.