Southern California Vitality Innovation Community Firms Surpass $250 Million Fundraising Milestone

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    Southern California Vitality Innovation Community Firms Surpass $250 Million Fundraising Milestone


      |   Press Releases

    Funds Serving to Regional Firms Advance Breakthrough Clear Vitality Applied sciences for the Advantage of California Ratepayers

     

    SAN DIEGO, CA, February 8, 2022 – Cleantech San Diego right this 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 power startups primarily based in San Diego, Riverside, San Bernardino, and Imperial counties which might be creating applied sciences to assist California meet its clear power targets. This system presents free enterprise companies by means of a consortium of regional associate organizations to assist power entrepreneurs efficiently deliver their improvements to market.

     

    To this point, 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 essential than the SCEIN program’s very tangible impression in numbers is our member firms’ demonstrated capability to speed up market transformation in transportation electrification, constructing decarbonization, 100% renewable power, grid resilience, security, and fairness – the entire key components of California’s local weather change mitigation focus,” stated SCEIN Government Director Marty Turock.

     

    Cleantech San Diego launched the SCEIN program in 2016 after successful a grant from the California Vitality Fee. Over this system’s first 5 years of operation, SCEIN member firms have commercialized progressive applied sciences which might be accelerating market transformation in transportation electrification, grid and constructing decarbonization, power effectivity, and resiliency. In June 2021, the California Vitality Fee authorized follow-on funding for SCEIN to proceed supporting power entrepreneurs for one more 5 years.

     

    “Over its first 5 years, SCEIN has shortly turn into Cleantech San Diego’s flagship program, and we’re happy with the impression it’s making on financial improvement 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 progressive options which might be enabling Cleantech San Diego members to develop their enterprise choices and offering cost-effective clear power applied sciences that may assist all Californians cut back their power prices and environmental impression.”

     

    2021 SCEIN Successes:

    Along with reaching this cumulative funding milestone, 2021 was a significant landmark 12 months in and of itself for SCEIN and its member firms, who’re advancing breakthrough clear power 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 one more 5 years.
    • Members: Eight new firms have been accepted, bringing whole SCEIN membership to 37 energetic firms. Three firms graduated: AquacyclKitu Techniques, 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.
    • Range: 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 Girls’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 Change; UCAP Energy accomplished the acquisition of property of Maxwell Applied sciences/Korea; Normal Motors reached a strategic funding and business collaboration deal for battery-grade lithium from Managed Thermal Sources.

     

    SCEIN purposes are accepted on a rolling foundation. Anybody excited about 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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