The nation’s largest utility holding company and its non-profit wing have launched a $20 million campaign to cultivate startups focused on reducing greenhouse gas emissions and mitigating climate change.
Exelon Corp. and the Exelon Foundation announced the Climate Change Investment Initiative. The effort will support clean energy and environmental technologies with the potential for wide-scale commercialization, according to the company release.
“Exelon stands with the majority of our customers who want cleaner air and affordable, reliable energy,” said Chris Crane, Exelon CEO and chairman, Exelon Foundation. “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.”
The Exelon Foundation will contribute $10 million over the next 10 years to fund the initiative. Exelon Corp. will match that grant with up to $10 million in-kind investment of pro-bono services, including mentoring of startups on accessing capital, structuring business plans and meeting regulatory edicts, among other services.
The selected and supported startups can also access Exelon’s internal programs such as Exelorate Growth, Constellation Technology Ventures and Partnership R&D.
The company announced the Climate Change Investment Initiative this week during a clean energy forum as part of Climate Week NYC. The event is a joint initiative of the United Nations and the city of New York.
Exelon Corp. is owner of several utilities in the Midwest and eastern U.S., including Commonwealth Edison, Constellation, Pepco, Delmarva Power, Baltimore Gas & Electric and more. Its Exelon Generation division operates more than 40 wind farms and owns hydroelectric and solar assets.
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