Southern California Power Innovation Community Corporations Surpass $250 Million Fundraising Milestone
Funds Serving to Regional Corporations Advance Breakthrough Clear Power Applied sciences for the Good thing about California Ratepayers
SAN DIEGO, CA, February 8, 2022 – Cleantech San Diego in the present day introduced that corporations in its Southern California Power Innovation Community (SCEIN) program have collectively attracted $268.5 million in follow-on funding since being accepted into this system, breaking the quarter billion greenback funding milestone in simply 5 years.
Launched in 2016, SCEIN is an accelerator program for clear vitality startups primarily based in San Diego, Riverside, San Bernardino, and Imperial counties which might be growing applied sciences to assist California meet its clear vitality objectives. This system provides free enterprise companies by means of a consortium of regional associate organizations to assist vitality entrepreneurs efficiently carry their improvements to market.
So far, SCEIN member corporations have attracted over $213 million in personal follow-on funding and $55 million in public follow-on funding. This mixed $268.5 million represents a tripling of the capital that these corporations got here into this system with, and a 50-fold return on funding on the $4.95 million in whole program expenditures.
“Maybe much more essential than the SCEIN program’s very tangible influence in numbers is our member corporations’ demonstrated capacity to speed up market transformation in transportation electrification, constructing decarbonization, 100% renewable vitality, grid resilience, security, and fairness – all the key parts of California’s local weather change mitigation focus,” mentioned SCEIN Govt Director Marty Turock.
Cleantech San Diego launched the SCEIN program in 2016 after successful a grant from the California Power Fee. Over this system’s first 5 years of operation, SCEIN member corporations have commercialized revolutionary applied sciences which might be accelerating market transformation in transportation electrification, grid and constructing decarbonization, vitality effectivity, and resiliency. In June 2021, the California Power Fee authorized follow-on funding for SCEIN to proceed supporting vitality entrepreneurs for an additional 5 years.
“Over its first 5 years, SCEIN has shortly develop into Cleantech San Diego’s flagship program, and we’re pleased with the influence it’s making on financial improvement for San Diego, Imperial Valley, and Inland Empire,” mentioned Cleantech San Diego President and CEO Jason Anderson. “It’s thrilling and rewarding to see SCEIN corporations offering new revolutionary options which might be enabling Cleantech San Diego members to increase their enterprise choices and offering cost-effective clear vitality applied sciences that may assist all Californians cut back their vitality prices and environmental influence.”
2021 SCEIN Successes:
Along with reaching this cumulative funding milestone, 2021 was a serious landmark 12 months in and of itself for SCEIN and its member corporations, who’re advancing breakthrough clear vitality applied sciences for the good thing about California ratepayers:
- Program: The California Power Fee authorized extra funding that will allow the SCEIN program to function for an additional 5 years.
- Members: Eight new corporations had been accepted, bringing whole SCEIN membership to 37 energetic corporations. Three corporations graduated: Aquacycl, Kitu Methods, and Nuvve.
- Capital: 29 corporations raised $171 million in follow-on capital, a 175% enhance in funding over 2020.
- Jobs: SCEIN corporations elevated employment by 45% in 2021, bringing whole present SCEIN firm employment as much as 525 full-time staff.
- Variety: 27 of the present 37 member corporations (73%) had various illustration on their C-Suite management groups.
- Patents: SCEIN corporations had 62 new patents authorized in 2021 for a complete of 388 new patents.
- Recognition: Aquacycl CEO Orianna Bretschger received the Cartier Ladies’s Initiative Science & Know-how Pioneer Laureate; XENDEE received the Edison Electrical Gold Award for Vital Human Infrastructure; Smartville received the DOE American-Made Li-ion Battery Recycling Prize; ReJoule received the 2021 International Automotive Mobility Innovation Problem; and Nuvve was chosen to affix the Russell Microcap Index.
- Strategic Milestones: Nuvve closed a SPAC and is now listed on the Nasdaq Trade; UCAP Energy accomplished the acquisition of property of Maxwell Applied sciences/Korea; Common Motors reached a strategic funding and business collaboration deal for battery-grade lithium from Managed Thermal Assets.
SCEIN functions are accepted on a rolling foundation. Anybody all for making use of as an entrepreneur, changing into a mentor, becoming a member of the Technical Advisory Committee, or internet hosting a pilot demonstration venture, can study extra at cleantechsandiego.org/scein.
Shannon Bresnahan, Cleantech San Diego, 858-568-7777, email@example.com