Exelon Foundation, Exelon Corporation launch Climate Change Investment Initiative
The Exelon Foundation and Exelon Corporation launched Wednesday a $20 million Climate Change Investment Initiative (2c2i) to support startups working on technologies to reduce greenhouse gas emissions and mitigate climate change.
The Exelon Foundation will contribute $10 million over the next 10 years to fund the initiative. Exelon Corporation will provide up to $10 million in an in-kind investment of pro-bono services, including mentoring entrepreneurs on how to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements. The startups will also be able to tap the company’s internal innovation programs, Exelorate Growth, Constellation Technology Ventures and Partnership R&D, for counsel.
“Exelon stands with the majority of our customers who want cleaner air and affordable, reliable energy,” Chris Crane, Exelon CEO and chairman of the Exelon Foundation, said. “With recent advances in technology, these are no longer mutually exclusive objectives. The Exelon Foundation Climate Change Investment Initiative will put us a step closer to a clean energy future by helping entrepreneurs translate their ideas for reversing climate change into practical solutions.”
To qualify for the initiative, startups must be doing work that has the potential to mitigate greenhouse gas emissions, increase the resiliency of urban infrastructure, support adaption to climate change or help achieve a state or city’s sustainability or climate goals. The work must also benefit one or more of Exelon’s six major urban markets. Minority and women-owned businesses will receive particular consideration.
The 2019 submission deadline is Oct. 25. Following initial reviews and finalist presentations, the Exelon Foundation plans to announce its first funded class of entrepreneurs in December and provide $1 million in total funding to eight to 12 seed-stage startups.
The initiative was formally announced at a clean-energy forum hosted by The Climate Group as part of Climate Week NYC.
