Updated Incubation Program Includes the First Ever Equity Earn Back Option for Founders; New Cohort are Advancing Zero Emissions Mobility, Clean Energy, and Other Climate Tech Solutions While Creating Green Jobs
LOS ANGELES, CA (April 20, 2020) – Today the Los Angeles Cleantech Incubator (LACI) announced the first cohort of 16 startups selected to participate in its renewed LACI Incubation Program.
The startups are led by the most diverse slate of founders in LACI history, with 31% of the participating entrepreneurs female, 56% persons of color, and 6% veterans. Half of the startups in the new cohort are focused on zero emissions mobility, 25% on clean energy, and 25% on the circular economy. A more detailed overview of each of the 16 startups is below.
“LACI is committed to not only incubating startups whose solutions are key in tackling the climate crisis and creating green jobs, we need to support underrepresented entrepreneurs who reflect our energetic, diverse, and innovative city,” says Matt Petersen, CEO of the Los Angeles Cleantech Incubator. “Cleantech entrepreneurs and startups are key to restarting our economy and ensuring that the improved air quality we are enjoying right now remains permanent.”
The new two-year incubation program was created to help entrepreneurs, including entrepreneurs from underrepresented groups, with game-changing climate and clean technologies to become market and investor ready. The program also includes the first-of-its-kind equity earnback approach, where LACI returns a portion of the equity stake to founders as they and their startups make demonstrated, lasting commitments to key impact milestones. Linking social, economic and environmental goals to finances embeds LACI’s commitment to impact and provides an attractive investment for impact-focused investors.
The 2020 LACI Incubation Program officially kicked off on April 20, 2020.
About the 2020 LA Cleantech Incubator Cohort:
- Alumina Energy
- Alumina Energy is a U.S based energy storage technology company designing and building Alumina Packed Bed Energy Storage systems for the utility, industrial, and commercial scale power generation and process heat markets.
- CERO Bikes
- CERO Bikes is a family-owned and operated business that designs and produces compact electric cargo bike, purpose-built to move people and goods.
- The ChargerHelp! App enables on-demand repair of electric vehicle charging stations by utilizing local workforces.
- ePAVE is a revolutionary high performance cold applied Polymer Enhanced Composite overlay product for roads that can reduce greenhouse gas effects.
- InPipe Energy
- InPipe Energy is a renewable energy and smart water technology company focused on generating low cost, clean electricity from the flow of water in gravity fed water pipelines to improve resiliency in cities and communities around the world.
- Jump Watts
- Jump Watts is working to create zero emission infrastructure for e-mobility by building charging stations that are mobile and efficient, as well as stationary and convenient.
- Maxwell Vehicles
- Maxwell Vehicles designs and manufactures electric powertrains for commercial vehicles bringing operators a cost-effective and environmentally friendly solution.
- NeoCharge manufactures smart splitters that allows safe, easy, and fast electric vehicle home charging without the need of a panel upgrade or making changes to the home.
- Noria is revolutionizing the way critical infrastructure and industrial processes are run using real-time surface monitoring and machine learning.
- Prime Lightworks
- Prime Lightworks makes breakthrough electric propulsion systems for space satellites that are solar powered, fully renewable, and consume zero fuel.
- SEED offers a full-service, technologically-advanced “farm in a box” that offers easy technical skills to anyone who wants to grow their own produce to help fight world hunger and impact climate change.
- SparkCharge makes a modular electric vehicle charging unit and partners with roadside assistance providers to service electric vehicle owners when they run out of range.
- Substance Power and Mobility
- Substance Power and Mobility builds energy storage hardware aiming to revolutionize the way we store renewable energy and distribute power across infrastructure, industry and transportation.
- Sustainable Building Council
- The Sustainable Building Council manufactures low-cost, steel modular structures with grid independent water and power to combat the affordable housing crisis.
- TBM Designs
- TMB produces self-shading window systems using a thermo-bimetal that dramatically reduces artificial cooling needs by reducing solar heat gain.
- Xeal is an electric car charging platform that makes EV chargers profitable assets to own for apartments and workplaces.
Thanks to the City of Los Angeles Mayor and City Council’s support, the Economic and Workforce Development Department provides LACI with CDBG economic development funding to run our incubation programming. LACI and startups we support are housed at the La Kretz Incubation Campus (LKIC), a world class LEED Platinum and WELL Gold certified facility owned by the Los Angeles Department of Water and Power and managed by LACI.
The Los Angeles Cleantech Incubator (LACI), a City of Los Angeles established nonprofit organization, is creating an inclusive green economy by: unlocking innovation through working with startups to accelerate the commercialization of clean technologies, transforming markets through partnerships with policymakers, innovators and market leaders in transportation, energy and sustainable cities; and enhancing communities through workforce development, pilots and other programs. Founded as an economic development initiative by the City of Los Angeles and its Department of Water & Power (LADWP), LACI is recognized as one of the most innovative business incubators in the world by UBI. In the past eight years, LACI has helped 78 portfolio companies raise $221M in funding, $220M in revenue, create 1,750 jobs, and deliver more than $393M in long term economic value. Learn more at laci.org.