Elemental Excelerator Enters the U.S. Mainland Market and Expands Impact to Three Fast-Growing Sectors: Mobility, Agriculture and Water
Infrastructure innovation accelerator receives additional $30 million commitment from the Office of Naval Research to expand its successful "place-based innovation" approach
Elemental Excelerator releases 2018 Impact Report with funding and project milestones that have launched the accelerator into new industries
By the Numbers:
- 12 new portfolio companies, 63 total
- 44 demonstration projects co-funded by Elemental Excelerator
- 4 exits
- An uptick by 22% in applications from companies based outside the U.S.
- $542K in average revenue in applicant companies
- 30% of all applicant companies in 2018 were water, mobility, and agriculture startups
PALO ALTO, Calif. and HONOLULU, July 25, 2018 /PRNewswire/ -- Today, Elemental Excelerator, a global infrastructure innovation growth accelerator, announced plans to expand to the U.S. mainland market. Elemental Excelerator's Bay Area operations will support the accelerator's strategic growth into California markets and new industry sectors: mobility, agriculture, and water. The announcement comes as the accelerator reveals its 2018 Impact Report, documenting annual progress in environmental and economic impact and outlining new efforts to advance communities toward a clean, resilient, and equitable future. Elemental Excelerator revealed additional details of these milestones and plans to drive lasting improvements at EEx Interactive, its annual flagship event focused on influential investors, corporates and entrepreneurs.
The Office of Naval Research (ONR) has committed an additional $30M to Elemental Excelerator, bringing its total funding commitment to more than $60M. The majority of the funding will go directly to fund startups, up to $1M per company. The funding commitment from ONR advances the goals of the Asia-Pacific Technology and Education Partnership (APTEP), an initiative of the Office of Naval Research. APTEP promotes commerce and partnerships in the Asia-Pacific region through advancements in alternative energy research, technology development and education.
"Elemental Excelerator has developed a one-of-a-kind model with a strong track record of accelerating innovation and community change," said Andrew Beebe, who serves on the Board of Advisors for the Elemental Excelerator sidecar venture fund and is a managing director at the impact investor Obvious Ventures. "The Navy's commitment validates the growth and diversity of Elemental Excelerator's portfolio, and the ecosystem of resources the organization surrounds each portfolio company with."
In addition to new funding, Elemental Excelerator has launched new operations in California's Bay Area. The accelerator was founded in Honolulu, Hawaii in 2012, and continues to expand its work in Hawaii while broadening its geographic reach to California, where 43 percent of its portfolio companies are headquartered. Demand for the new headquarters stems from the rapid growth of the accelerator and the unique "place-based innovation" model it created and designed. The place-based approach to innovation addresses the unique needs of each community, based on its geography, resources, cultures, and people. This signature model has proven successful, impactful, and long-lasting in the regions Elemental Excelerator currently serves. With a scalable design, the accelerator is poised to tackle and address challenges in communities across North America, starting with California's low to moderate-income (LMI) communities.
Elemental Excelerator is funding new project partnerships between three of its portfolio companies and a diverse array of California community organizations and local nonprofits. PastureMap (EEx 2018 cohort) and Point Blue Conversation Science are building the foundation for an agricultural carbon credit market in California's Central Valley. Pono Home (EEx 2017 cohort), Acterra and Sustainable Silicon Valley are offering home-efficiency services to residents in East Palo Alto. And, Sighten (EEx 2017 cohort) and GRID Alternatives are providing solar to families in LMI households in a number of Bay Area communities.
Since Elemental Excelerator launched its systems and place-based approach, it now counts 63 portfolio companies. Its funding, $22M toward its portfolio companies, has been catalytic in launching and scaling 44 commercial projects in Hawaii and Asia Pacific. To demonstrate the trajectory of these startups and companies, nearly all have raised follow-on funding — $350M total as of December 2017 — and nearly half of its portfolio is generating revenue.
"At Elemental Excelerator, we are inspired by the innovation we see from hundreds of startup companies at the intersection of world-class technology, environmental sustainability, and community resilience," says Dawn Lippert, CEO of Elemental Excelerator. "With this expansion to the continental U.S. and into new industry sectors, we are well poised to help create a future for our world that is cleaner, more resilient and more equitable, one community at a time."
See the full Impact Report at www.elementalexcelerator/impact.
About Elemental Excelerator
Elemental Excelerator helps startups change the world, one community at a time. Each year, they find 15-20 companies that best fit their mission and fund each company up to $1 million to improve systems that impact people's lives: energy, mobility, water, agriculture, and beyond. To date, they have awarded over $22 million to more than 60 companies. What makes them unique? They co-fund, co-design, and co-develop projects and strategies that improve infrastructure and sustainably enhance communities. Their program is funded by a diverse coalition of utility partners, corporate partners, the U.S. Navy, the U.S. Department of Energy, state government, and philanthropic organizations. For more information, please visit elementalexcelerator.com.
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