Nasdaq-listed energy provider Exelon and its non-profit foundation have selected 10 startups to receive a combined $1m in direct funding to develop new technologies to mitigate and build resiliency to the impacts of climate change.
The application process for year two of the company’s $20m Climate Change Investment Initiative (2c2i) is now open.
Chris Gould, senior vice-president of corporate strategy and chief innovation and sustainability officer at Exelon, said: “We purposely designed the 2c2i initiative to support early-stage, often-overlooked startups with the potential to make a meaningful, on-the-ground impact on our communities’ climate goals, health and environment.”
The Exelon Foundation will invest $10m over 10 years in early-stage startups working on climate change mitigation, adaptation and resiliency. Exelon as a corporation will match those funds with up to a $10m investment of in-kind services, including mentoring entrepreneurs on ways to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements.
Any return on investment will go back to the Exelon Foundation to support its philanthropic mission.
Of the startups selected in the first round of funding, 50% are minority- or women-owned businesses, 60% of the projects are focused on greenhouse gas mitigation, 40% are addressing resiliency and adaptation, and all but one startup is either headquartered or already actively engaged in communities within Exelon’s service area.
The first-round startups that received $100,000 each from the Exelon Foundation were:
Amidus Resilience, which designs, develops and delivers solar and battery storage solutions for affordable housing communities.
ATP-MD, which uses two patented bio-crops and their resulting biomass and turns it into filler powders that make better-performing plastics, animal bedding and biochars that improve soil productivity.
BlocPower, whose software platform allows building owners to identify and complete energy efficiency and electrification upgrades in urban communities.
Dynamhex, a software platform for carbon-reduction goals.
Greenprint Partners, a B-Corporation that reduces water pollution and flooding by working with water utilities and landowners to design, build, finance and maintain high-impact green stormwater infrastructure (GSI).
GrowFlux, a cultivation technology for indoor farms and automated greenhouses.
Netenergy, a thermal energy storage alternative to standard air conditioners.
New Ecology, a remote monitoring and optimization (ReMO) system to improve the performance of buildings with central boilers.
Propagate Ventures, an analytics and project development platform to integrate fruit, nut and timber trees with agriculture crops.
Radiator Labs, a wireless, low-cost and easily installed retrofit that drops on top of steam heat radiators.