Exelon Corporation (Nasdaq: EXC), the nation’s largest utility company, has announced the latest companies to receive venture capital investments as part of Exelon’s Climate Change Investment Initiative (2c2i). These companies are leading the way with products, services and technologies that are focused on reversing or mitigating the damage done by climate change, while also working to improve the communities where they operate.
Each year through a competitive process, the Exelon Foundation provides equity investments to companies with operations in its service areas that are working toward innovative climate-focused technologies and solutions. In addition to the Exelon Foundation’s $10 million financial investment over a 10-year period, Exelon Corporation will invest up to a $10 million of in-kind support, including mentoring entrepreneurs on ways to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements. The 2c2i companies that received investments this year have operated for less than 10 years. Overall, 2c2i companies have gone on to raise more than $266 million in follow-on investments, in turn making a measurable impact on their communities.
“At Exelon, we understand the urgent need for climate change solutions and we’re investing in companies we believe can create measurable change,” said Sunny Elebua, Exelon’s Chief Strategy and Sustainability Officer. “The investments that we have made in 2024, together with those made since we launched this program, are going directly to businesses that harness cutting-edge technology and innovative projects. These businesses are driving the energy transformation in the communities where Exelon operates. Together, we’re creating a cleaner, more sustainable future for our customers.”
To qualify for 2c2i consideration, companies must be doing work that will benefit one or more of Exelon’s six regions – Atlantic City, Baltimore, Chicago, Philadelphia, Washington, D.C., and Wilmington, Del. Their work must have the potential to do one of the following:
- Mitigate greenhouse gas emissions
- Boost the resiliency of urban infrastructure (e.g., the power grid, transportation systems, buildings, vacant land) against flood, stormwater and rising temperatures
- Help cities, businesses and communities adapt to climate change; or
- Help achieve a state or city’s specific sustainability and climate goals
Companies with innovative climate change solutions looking for investment should apply here now through September 30.
Companies Selected to Receive Investments in 2024:
Metal Light (Newark, New Jersey): Metal Light is utilizing the earth’s most abundant materials as circular fuels to allow for clean and sustainable mobile power generation. We seek to replace diesel generators with a quiet metal-air generator that uses low-cost metals to provide power for maritime, freight, and mobile power applications at more than twice the energy density of Li-ion batteries.
“We are grateful to work with the Exelon Foundation. Their investment in Metal Light and their deep expertise in the energy delivery industry will increase the impact and reach of our technologies.” – Metal Light CEO, Ryan Goethals
Learn more about Metal Light here.
ReVert Technologies (New York, New York): ReVert is a technology company focused on energy savings. ReVert’s enterprise software platform leverages smart IoT power adapters, utility grid pricing analytics and machine learning to help companies manage large networks of appliances, saving up to 30% on their electricity bills.
“ReVert Technologies is honored and excited to have Exelon as a strategic investor and partner through its 2c2i Climate Change Investment Initiative. While Exelon delivers reliable, affordable, and clean energy to businesses and communities across its service regions, ReVert’s smart plug load management technology will help Exelon’s clients ensure this energy is put to good use and not wasted by appliances draining power when they don’t need to! We look forward to working with Exelon’s team to demonstrate that turning idle appliances off from time to time is not only the lowest hanging way to save electricity but also to reduce carbon emissions.” – ReVert CEO, Ryan Li
Learn more about ReVert Technologies here.
Station A (San Francisco, California): Station A is a marketplace reimagining how clean energy is bought and sold. We help customers decarbonize buildings at speed and scale by substantially lowering the cost to evaluate and transact.
“Station A is honored to receive an investment from The Exelon Foundation as part of the Climate Change Investment Initiative. We are thrilled to partner with Exelon to drive real impact and change in the way that buildings decarbonize.” – Station A CEO, Kevin Berkemeyer
Learn more about Station A here.
Eion (Princeton, New Jersey): Eion provides permanent and verifiable carbon removal from the atmosphere by placing special silicate rocks on agricultural fields, using a naturally occurring process called enhanced rock weathering. As the silicate minerals weather, they remove carbon from the atmosphere and alkalize the soil, simultaneously improving soil health and reducing GHG emissions.
“Eion is honored and incredibly excited to be a member of Exelon’s latest 2c2i cohort. By working with Exelon’s utility companies, Eion will generate new insights and commercial opportunities necessary to scale high-quality CDR and reach our decarbonization goals.” – Eion CEO, Anastasia Pavlovic Hans
About 2c2i
Launched in 2019, 2c2i (Climate Change Investment Initiative) combines the social and environmental impact objectives of the Exelon Foundation with the investment objectives and approach of venture capital. Over the past five years, 2c2i has invested in 36 companies, with 66% of the portfolio being minority or women-led and 41% of the portfolio being headquartered in Exelon’s footprint. Thus far the 2c2i portfolio has created more than 430 jobs and reduced, displaced, or avoided over 31,000 metric tons of GHG emissions through innovative solutions.
For more information on the 2c2i program, including previous investees and their continued impact, visit exelonfoundation.org/environment
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on X, @Exelon
About the Exelon Foundation
The Exelon Foundation is an independent, nonprofit organization funded solely by Exelon Corporation through shareholder dollars. The mission of the Foundation is to encourage respect for the environment, support innovative STEM education programs and strengthen the social and economic fabric of the community by providing a match to Exelon employee contributions.
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