SOMERVILLE, Mass., Sept. 8, 2020 /PRNewswire/ -- Greentown Labs, the largest climatetech startup incubator in North America, and Schneider Electric, the global leader in the digital transformation of energy management and automation, have selected four startups for Greentown Labs Bold Ideas 2020 in partnership with Schneider Electric. The six-month partnerships accelerator program is focused on enabling the swift deployment, integration, and operation of energy storage assets at scale.
More than 115 startups from six countries applied to Bold Ideas 2020. After a highly competitive recruitment and deliberation process, four companies were selected to participate in the accelerator program:
- e-Zinc, based in Toronto, develops a low-cost, flexible, and long-duration electrochemical technology solution that stores energy in zinc metal.
- Packetized Energy, based in Vermont, develops a platform solution to transform existing energy devices in homes and businesses into smart, valuable, and flexible energy resources. Packetized Energy has been a Greentown Labs member since January 2020.
- Salient Energy, based in Nova Scotia, makes a unique zinc-ion battery with a water-based chemistry that is cheaper, safer, and longer-lasting than lithium-ion batteries.
- Sensai Analytics, based in Massachusetts and Cork, Ireland, develops a prescriptive analytics engine that rapidly produces robust forecasting models for prescriptive maintenance, demand forecasting, and operations management.
"We are excited to work with Greentown Labs and the selected entrepreneurs to help scale their energy storage ventures," said Edison Almeida, Business Incubation Leader at Schneider Electric. "Energy storage is key to transitioning the world to renewable energy and tackling climate change, and we need bold ideas like these to get there. Accelerator programs are core to Innovation at the Edge, where we incubate new businesses, partner, joint venture, or invest through SE Ventures, a €500 million fund."
Over the next six months, Bold Ideas 2020 will provide the four participating startups with a structured platform to explore potential partnership outcomes with Schneider Electric. In the process, it will connect them with experts, resources, and programming that will help them achieve their commercial and technical milestones. The program is based on Greentown Launch, Greentown Labs' flagship corporate partnerships accelerator platform.
Bold Ideas 2020 follows the success of the first Bold Ideas Challenge, a program run by Greentown Labs and Schneider Electric in 2018. The Bold Ideas Challenge resulted in Schneider Electric entering into a joint development agreement and investment with Titan Advanced Energy Solutions, a program participant whose technology increases charge capacity and battery life. SE Ventures co-led Titan's $10 million Series A funding round.
"Greentown Labs is proud to welcome these innovative young companies to Bold Ideas 2020 and we're excited to see all the progress they'll make during the six-month program," said Dr. Emily Reichert, CEO of Greentown Labs. "Based on the meaningful outcomes that came out of the 2018 Bold Ideas program, we're confident this program will catalyze great partnerships with Schneider Electric and develop solutions needed for the coming energy transition!"
All participating startups will receive:
- Acceptance into Greentown Launch, a six-month startup-corporate partnerships accelerator at Greentown Labs, the largest climatetech incubator in North America
- A structured platform to explore potential partnership outcomes with Schneider Electric, such as investments, incubations, commercial agreements, and joint ventures
- Access to the Schneider Electric network, including market access to a wide range of trusted customers across the world in segments including data centers, residential buildings, commercial and industrial buildings, utilities, communities, and more
- Leverage of Schneider Electric's global footprint and access to technical experts and business line leaders for team building, mentoring, and other support
- Mentorship, networking opportunities, and partnership-focused programming from the Greentown Labs community of climatetech startup experts
- $25,000 in non-dilutive grant funding
- Membership within Greentown Labs for the duration of the program
Greentown Labs and Schneider Electric will host a public Bold Ideas 2020 Kickoff event on Sept. 9 from 11:30 a.m. to 1 p.m. ET to introduce the participating startups and bring the climatetech ecosystem together around energy storage. At a final showcase event in March 2021, the program partners and participants will share the startups' progress, accomplishments, and successful results of working with Schneider Electric and Greentown Labs throughout the program. Registration for the kickoff event is open to the public here.
About Greentown Labs
As the largest climatetech startup incubator in North America, Greentown Labs brings together startups, corporates, investors, policymakers, and many others with a focus on scaling climate solutions. Driven by the mission of providing ground-breaking startups the resources, knowledge, connections, and equipment they need to thrive, Greentown Labs offers prototyping and wet lab space, shared office space, a machine shop, an electronics lab, software and business resources, a large network of corporate customers and investors, and more. Greentown Labs' 100,000-square-foot campus in Somerville, Mass. is home to more than 100 startups and has supported more than 280 startups since the incubator's founding in 2011. These startups have collectively created more than 6,500 direct jobs and have raised more than $850 million in funding. For more information, please visit www.greentownlabs.com or Twitter, Facebook, and LinkedIn.
About Schneider Electric
At Schneider, we believe access to energy and digital is a basic human right. We empower all to make the most of their energy and resources, ensuring Life Is On everywhere, for everyone, at every moment. We provide energy and automation digital solutions for efficiency and sustainability. We combine world-leading energy technologies, real-time automation, software and services into integrated solutions for Homes, Buildings, Data Centers, Infrastructure and Industries. We are committed to unleash the infinite possibilities of an open, global, innovative community that is passionate about our Meaningful Purpose, Inclusive and Empowered values.
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