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HomeGreen TechnologySouthern California Power Innovation Community Corporations Surpass $250 Million Fundraising Milestone

Southern California Power Innovation Community Corporations Surpass $250 Million Fundraising Milestone


Southern California Power Innovation Community Corporations Surpass $250 Million Fundraising Milestone


  |   Press Releases

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 immediately introduced that firms 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 based mostly in San Diego, Riverside, San Bernardino, and Imperial counties which can be creating applied sciences to assist California meet its clear vitality targets. This system presents free enterprise companies by means of a consortium of regional companion organizations to assist vitality entrepreneurs efficiently deliver their improvements to market.

 

Thus far, SCEIN member firms have attracted over $213 million in non-public 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 vital than the SCEIN program’s very tangible influence in numbers is our member firms’ demonstrated capability to speed up market transformation in transportation electrification, constructing decarbonization, 100% renewable vitality, grid resilience, security, and fairness – the entire key components of California’s local weather change mitigation focus,” mentioned SCEIN Government Director Marty Turock.

 

Cleantech San Diego launched the SCEIN program in 2016 after profitable a grant from the California Power Fee. Over this system’s first 5 years of operation, SCEIN member firms have commercialized progressive applied sciences which can 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 rapidly change 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 firms offering new progressive options which can be enabling Cleantech San Diego members to broaden their enterprise choices and offering cost-effective clear vitality applied sciences that may assist all Californians scale 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 firms, who’re advancing breakthrough clear vitality applied sciences for the advantage of California ratepayers:

 

  • Program: The California Power Fee authorized further funding that will allow the SCEIN program to function for an additional 5 years.
  • Members: Eight new firms have been accepted, bringing whole SCEIN membership to 37 lively firms. Three firms graduated: AquacyclKitu Methods, and Nuvve.
  • Capital: 29 firms raised $171 million in follow-on capital, a 175% enhance 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.
  • RecognitionAquacycl CEO Orianna Bretschger gained the Cartier Ladies’s Initiative Science & Expertise Pioneer Laureate; XENDEE gained the Edison Electrical Gold Award for Crucial 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 Trade; UCAP Energy accomplished the acquisition of property of Maxwell Applied sciences/Korea; Normal Motors reached a strategic funding and industrial collaboration deal for battery-grade lithium from Managed Thermal Sources.

 

SCEIN functions are accepted on a rolling foundation. Anybody concerned with making use of as an entrepreneur, turning 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.

 

Media Contact:
Shannon Bresnahan, Cleantech San Diego, 858-568-7777, shannonb@cleantechsandiego.org

 

 

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