Southern California Vitality Innovation Community Corporations Surpass $250 Million Fundraising Milestone
Funds Serving to Regional Corporations Advance Breakthrough Clear Vitality Applied sciences for the Good thing about California Ratepayers
SAN DIEGO, CA, February 8, 2022 – Cleantech San Diego at the moment introduced that firms in its Southern California Vitality 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 based mostly in San Diego, Riverside, San Bernardino, and Imperial counties which might be creating applied sciences to assist California meet its clear vitality objectives. This system provides free enterprise providers by way of a consortium of regional companion organizations to assist vitality entrepreneurs efficiently convey their improvements to market.
Up to now, SCEIN member firms 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 firms 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 necessary than the SCEIN program’s very tangible affect in numbers is our member firms’ demonstrated capacity to speed up market transformation in transportation electrification, constructing decarbonization, 100% renewable vitality, grid resilience, security, and fairness – all the key components of California’s local weather change mitigation focus,” stated SCEIN Govt Director Marty Turock.
Cleantech San Diego launched the SCEIN program in 2016 after profitable a grant from the California Vitality Fee. Over this system’s first 5 years of operation, SCEIN member firms 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 Vitality 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 turn into Cleantech San Diego’s flagship program, and we’re happy with the affect it’s making on financial growth for San Diego, Imperial Valley, and Inland Empire,” stated Cleantech San Diego President and CEO Jason Anderson. “It’s thrilling and rewarding to see SCEIN firms offering new revolutionary options which might be enabling Cleantech San Diego members to develop their enterprise choices and offering cost-effective clear vitality applied sciences that may assist all Californians scale back their vitality prices and environmental affect.”
2021 SCEIN Successes:
Along with reaching this cumulative funding milestone, 2021 was a serious landmark yr in and of itself for SCEIN and its member firms, who’re advancing breakthrough clear vitality applied sciences for the good thing about California ratepayers:
- Program: The California Vitality Fee authorized extra funding that will allow the SCEIN program to function for an additional 5 years.
- Members: Eight new firms had been accepted, bringing whole SCEIN membership to 37 energetic firms. Three firms graduated: Aquacycl, Kitu Programs, and Nuvve.
- Capital: 29 firms raised $171 million in follow-on capital, a 175% improve in funding over 2020.
- Jobs: SCEIN firms 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 firms (73%) had various illustration on their C-Suite management groups.
- Patents: SCEIN firms had 62 new patents authorized in 2021 for a complete of 388 new patents.
- Recognition: Aquacycl CEO Orianna Bretschger gained the Cartier Ladies’s Initiative Science & Expertise Pioneer Laureate; XENDEE gained the Edison Electrical Gold Award for Vital Human Infrastructure; Smartville gained the DOE American-Made Li-ion Battery Recycling Prize; ReJoule gained 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 Alternate; UCAP Energy accomplished the acquisition of property of Maxwell Applied sciences/Korea; Basic Motors reached a strategic funding and industrial collaboration deal for battery-grade lithium from Managed Thermal Assets.
SCEIN purposes are accepted on a rolling foundation. Anybody considering making use of as an entrepreneur, changing into a mentor, becoming a member of the Technical Advisory Committee, or internet hosting a pilot demonstration undertaking, can study extra at cleantechsandiego.org/scein.
Shannon Bresnahan, Cleantech San Diego, 858-568-7777, email@example.com