US utility Exelon Corporation and the Exelon Foundation have announced the beneficiaries of the first round of the $20 million Climate Change Investment Initiative (2c2i).
Ten startups have been selected to participate in the 2c2i initiative to receive a combined $1 million in direct funding.
The startups will develop new technologies to mitigate and build resiliency to the impacts of climate change.
Of the selected startups, 50% are a minority- or women-owned businesses, 60% focus on greenhouse gas mitigation and 40% are addressing resiliency and adaptation.
Selected startups will leverage Exelon’s internal innovation programmes for counsel. Any return on investment will go back to the nonprofit Exelon Foundation to support its philanthropic mission.
Selected startups demonstrated how their projects would meaningfully advance state and local jurisdictions’ own sustainability goals under the US Climate Alliance.
Exelon Foundation is leading the initiative with the aim to provide funding to build resiliency to health and environmental pressures in under-resourced communities within Exelon’s service area.
The foundation will direct $10 million to startups for a period of ten years.
Exelon Corporation will match the $10 million investment in-kind services, including mentoring entrepreneurs on ways to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements.
The year two application process is now open for startup projects addressing climate change in Atlantic City, New Jersey, Baltimore, Chicago, Philadelphia, Washington, D.C., and Wilmington, DE.
Learn more about the winning startups.