Energy industry giant Halliburton and investment firm Siguler Guff & Company together have launched Envana Software Partners of Houston, Texas. The venture provides emissions management software-as-a-service (SaaS) solutions to track greenhouse gas (GHG) emissions in the oil and gas industry. Support for additional industries is planned.
Halliburton and Sigular Guff did not disclose ownership percentages or valuation estimates for the new venture. As of February 2023, Envana had between two and 10 employees, according to the company's LinkedIn profile.
Envana Software Partners' first offering, Envana Catalyst, is a SaaS solution that helps increase transparency of the environmental impact of drilling, completions, and production operations, the startup said. Application programming interfaces (APIs) allow the software to integrate with customers' existing IT applications, the companies said.
Halliburton Landmark, the E&P (exploration, development and production) software arm of Halliburton, is Envana's initial channel partner for sales support and customer engagements.
Although Halliburton has a sustainability strategy, some critics often raise concerns about the company's fracking operations and other initiatives that can potentially impact the environment.
Meanwhile, investment firm Siguler Guff has pumped more than $500 million into the energy sector across at least five companies as of February 2023, according to the company's website.
The typical Siguler Guff investments range from $50 million to $100 million in size. Key areas of focus include upstream oil and gas, along with energy transitions that promote sustainability, cleantech, energy transportation and storage, and decarbonization.
Also of note: M&A activity involving clean energy in the Oil and Gas market has been surging. The evidence: Clean energy reached a record 15% of the total deal value by Gas Firms firms in 2022, and one-third (31%) of joint ventures are now in the clean energy space, Deloitte reported.