Energy Foundry, an early-stage energy-tech venture fund, has been launched in Chicago.
Created by the Illinois Energy Infrastructure Modernization Act (EIMA) and backed by electric utilities ComEd and Ameren, the $22.5M fund aims to stimulate an innovation ecosystem focused on the emerging energy-technology marketplace by making investments in Illinois-based grid-tech startups.
In addition to taking a direct financial stake in companies, Energy Foundry also provides a) support to help entrepreneurs focus on launching their business, validate their value proposition and explore new opportunities with utility-owned test-bed proving grounds, as well as b) an advisor/mentor board of business executives, technical experts, investors, and entrepreneurs with subject matter expertise and a personal experience to help move young companies.
Led by Jason Blumberg, managing director and CEO, Energy Foundry is a non-profit fund designed to be evergreen so that profits are reinvested into other businesses.
FinSMEs
01/02/2013