SAN FRANCISCO, Nov. 29, 2018 /PRNewswire/ -- Bank of the West has awarded Los Angeles Cleantech Incubator (LACI) its annual Philanthropy Award and related grant in recognition of the nonprofit's mission to transition society to renewable energy sources and increase participation of women entrepreneurs and people of color in the new, green economy.
LACI will direct the Bank of the West Philanthropy Award's $100,000 grant toward integrating women entrepreneurs and underrepresented groups into the cleantech sector through access to capital, support within its world-class incubator, and workforce development programs.
"The Bank of the West Philanthropy Award is just one highlight of our business and philanthropic commitment to economic growth, inclusion of underserved populations, and preservation of resources," said Pierre Ramadier, Senior Executive Vice President and Head of the Wealth Management Group. "We are pleased to recognize Los Angeles Cleantech Incubator for their socially and environmentally responsive approach to a sustainable future. Their programs and leadership are creating scalable businesses with a positive impact on society."
Since 2011, LACI has helped more than 70 start-ups bring pioneering clean technology products or services to market. Their portfolio of companies, in areas such as zero emission transportation, water conservation, solar power, and eco-friendly consumer products, has generated $220 million in revenue and created approximately 1,700 jobs for diverse populations. View video to learn more about LACI.
Earlier this year, the bank announced a $1 billion commitment to finance clean, efficient and renewable energy as part of a new multi-year effort to support a sustainable energy future.
"We are honored to receive the 2018 Philanthropy Award," said LACI President and CEO Matt Petersen. "Recognition and support from Bank of the West will directly impact LACI's mission to provide pathways for underrepresented groups to work in the technology sector and participate in the new clean energy economy."
Padma Lakshmi, host and executive producer of Emmy-winning show Top Chef, women's rights advocate, and philanthropist, was the guest speaker at the Bank of the West Philanthropy Awards event held at the Segerstrom Center for the Arts on November 28.
About Bank of the West
The fundamental belief that a bank should have a positive impact on society drives Bank of the West. At a time when people demand more from companies, we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. That's why we are investing where we can have a real impact: supporting energy transition, helping enable female entrepreneurs and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas, which is one of the only financial organizations in the world to adopt the UN Sustainable Development Goals. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.
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About the Bank of the West Philanthropy Awards
Since 2010, the Bank of the West Philanthropy Awards have highlighted nonprofits that foster lasting impact and change lives for the better. The annual event introduces leaders from the philanthropic sector to like-minded individuals in the community and encourages participants to leverage personal and professional expertise for positive social impact. Awardees are chosen by a jury comprised of Bank of the West committee members along with external foundation and nonprofit leaders. Last year, Bank of the West provided philanthropic support to more than 450 nonprofit organizations. Volunteerism is integral to the bank's commitment to community. In 2017, bank employees volunteered 39,000 hours toward positive impact across the bank's footprint.
About Los Angeles Cleantech Incubator
The Los Angeles Cleantech Incubator (LACI) is a private nonprofit organization creating an inclusive green economy by unlocking innovation (through working with startups to accelerate the commercialization of clean technologies), transforming markets (through partnerships 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 six years, LACI has helped 73 portfolio companies raise $184M in funding, $220M in revenue, create 1,700 jobs, and deliver more than $379M in long term economic value. Learn more at laci.org.
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SOURCE Bank of the West