US utility Exelon and its startup accelerator initiative Exelon Foundation has announced up to $20 million in funding to support the development of technologies that help mitigate climate change.
The funding will be provided to startups through the Climate Change Investment initiative and was unveiled during Climate Week NYC.
Exelon and the Exelon Foundation will provide $10 million each towards the project.
The funding will focus on funding research, development and commercialisation of clean energy and environmental technologies including:
- Energy efficiency and/or supply to reduce GHG emissions.
- Electrification of transportation to reduce GHG emissions.
- Infrastructure/community resilience to increasing heat, storm and flood risks.
The 12 startups to be selected will receive $1 million in funding each.
Startups can apply to participate via exelonfoundation.org. The deadline to submit proposals to participate in the 2019 edition of the project is 25 October. The first funded class of entrepreneurs will be announced in December.
The startup companies can hail from anywhere but they must be doing work that benefits one of Exelon’s six major urban markets, including Washington, D.C., Atlantic City, Baltimore, Chicago, Philadelphia and Wilmington, Del.
Participating startups will be mentored on how to structure business plans, allocate financial resources and meet regulatory requirements.
The start-ups also will be able to tap Exelon’s internal innovation programmes – Exelorate Growth, Constellation Technology Ventures and Partnership R&D – for counsel.
Joe Dominguez, CEO at ComEd, said: “The effects of climate change are being seen across the United States, and we need to be taking the necessary steps today, to ensure a cleaner and brighter future for tomorrow.
“This initiative complements our own efforts to advance transportation electrification, energy efficiency, distributed energy and other clean energy technologies across our northern Illinois service area.”