The Broad Foundation Two-Year Grant Marks LACI’s Single Largest Philanthropic Commitment To Date, and is Joined by Paul Jennings’ $1 Million Pledge Over 5 Years to Support LACI’s Mission to Build an Inclusive Green Economy in Los Angeles
Los Angeles, April 3, 2024 – The Los Angeles Cleantech Incubator (LACI) is proud to announce a two-year, $2 million, two-year commitment from the Eli and Edythe Broad Foundation. The general operating support grant from The Broad Foundation is joined by a $1 million personal pledge over 5 years by Paul Jennings. Both gifts will empower LACI to advance our mission to create an inclusive green economy for Los Angeles, including training and growing the green workforce as well as advancing bold targets for transportation electrification and clean energy by the time the world arrives for the 2028 Olympic and Paralympic Games.
The $2 million grant from The Broad Foundation marks the single largest philanthropic commitment in LACI’s history. This support not only mirrors the foundation’s vision but also connects communities to emerging opportunities, advancing pathways for a more sustainable, equitable economy in Los Angeles.
“Our support for LACI’s pioneering efforts in workforce development and clean technology is an investment in the future of Los Angeles,” said Gerun Riley, president of The Eli and Edythe Broad Foundation. “In keeping with our vision for LA, LACI’s programs, investments and advocacy are designed to create pathways to upwardly mobile jobs for historically marginalized Angelenos.”
Thanks in part to previous support from The Broad Foundation in 2021, LACI emerged from the economic challenges of the pandemic as a stronger organization. We attracted new resources to help reduce air pollution by accelerating transportation electrification infrastructure and clean energy innovations, bringing underrepresented populations into the green economy through workforce training, startup incubation, and other key initiatives.
In the past six months alone, LACI has launched a groundbreaking public-private partnership focused on accelerating the path to 100% clean energy by the time of the 2028 Olympic and Paralympic Games; updated nation-leading targets to electrify transportation and goods movement by 2028; and secured $15.5M in new funding–and built political will–for the first public electric truck charging depot at the Port of LA plus two additional charging depots along the I-710–all while supporting diverse entrepreneurs.
“We are tremendously grateful to The Broad Foundation for their confidence in and support of LACI–we share the Foundation’s unyielding commitment to creating economic opportunity for our communities and bringing resources to the region to create a sustainable future,” said Matt Petersen, LACI President and CEO. “Joined by our board member Paul Jennings’ personal pledge, the Broad grant will help LACI to accelerate equitable climate action in Los Angeles before the world arrives for the 2028 Olympic and Paralympic Games and beyond.”
“I have long been committed to expanding opportunities in education, investing in clean energy solutions like EV charging, and giving back to our community,” said Paul Jennings, Principal at PCS Energy. “That is why as a board member and donor I am so passionate about supporting LACI’s mission and programs, whether it is preparing the green workforce of the future, investing in underrepresented cleantech founders to grow our economy, or ensuring our region leads the way on transportation electrification.”
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ABOUT LACI:
The Los Angeles Cleantech Incubator (LACI) is creating an inclusive green economy by unlocking innovation through scaling cleantech startups, transforming markets through catalytic partnerships with policymakers, innovators, and market leaders in transportation, energy, and sustainable cities, like the Transportation Electrification Partnership, and enhancing communities through green jobs workforce training, pilots and other programs. Founded as an economic development initiative by the City of Los Angeles and its Department of Water & Power (LADWP) in 2011, LACI is recognized as one of the top 10 innovative business incubators in the world by UBI. LACI has helped 375 portfolio companies raise over $1 billion in funding, generated $335 million in revenue, and created 2,626 jobs throughout the Los Angeles region, with a long term economic impact of more than $587 million.
ABOUT THE ELI AND EDYTHE BROAD FOUNDATION:
The Eli and Edythe Broad Foundation steadfastly stewards our groundbreaking institutions in education, science, and the arts, while elevating organizations, initiatives and leaders that boldly address the challenges of our time and expand opportunity for Los Angeles’ historically marginalized communities. We envision a world where everyone can shape and participate in a sustainable, equitable economy that serves the public good and builds a brighter future. We see our community as a place of opportunity where all Angelenos, inclusive of their backgrounds, have pathways and tools to grow and thrive. To learn more, visit: https://broadfoundation.org/los-angeles/
