As a new era of redevelopment begins in LA, there has been much speculation about the fate of CRA funded projects across the city. Despite the uncertainty, at the City’s clean technology business incubator things are moving forward as planned.
Quote from Fred Walti, Executive Director of LACI: “Whatever the ultimate fate of the CRA, LACI has a solid financial foundation, enabling us to continue operations for the next several years, and putting us on a path toward sustainable growth and continued success. The CRA’s expected financial contribution for the permanent campus build-out represents only a fraction of the financing currently in place for the project. We have the support of the Mayor, Councilmembers, the Los Angeles Department of Water and Power as well as the local business community, and we remain on track to open the La Kretz Innovation Campus in the summer of 2013.”
Los Angeles Mayor Antonio Villaraigosa also expressed his continued support for the incubator.
Quote from Los Angeles Mayor Antonio Villaraigosa: “The Los Angeles Cleantech Incubator is an important component of the city’s economic development strategy. The project has already made significant progress, and we are committed to helping it to succeed and grow well into the future.”
In the short time since the incubator’s official launch in October of last year it has already:
- Opened a temporary facility in the downtown Arts District with space for up to nine startups.
- Recruited its first four portfolio companies: 350Green, Clearwater Holdings, Eliosolar, and Gridtest Systems.
- Completed conceptual drawings for the La Kretz Campus, and moved into basic engineering of the facility.
- Held a grand opening with over 400 attendees, an informational panel event with over 300 attendees, and several smaller educational and networking events.
- Achieved 50% capacity at its temporary facility more than six months ahead of plan.
- Received sponsorships from significant corporate and non-profit partners.
- Formalized relations with top-tier research and educational institutions including: UCLA, USC, Caltech, JPL, and Art Center College of Design.
The incubator expects to build on this progress in the coming year as it continues to serve as a hub for the emerging cleantech ecosystem in Los Angeles.