Pritzker, Crown, Polsky Among Organization Founders
CHICAGO--(BUSINESS WIRE)--The Clean Energy Trust has received a $1.05 million grant from the U.S. Department of Energy (DOE) to help transfer research from Illinois’ world-class universities and science labs into clean energy technologies and viable businesses. The new nonprofit corporation looks to connect applied scientists with entrepreneurs who have the finance and business expertise to fully develop new ideas for commercial deployment.
“Developing Illinois’ clean energy economy is vital to the continued economic recovery of our state”
The DOE grant will be used to initiate four separate university-based programs including seed money, business training, awareness education and sector-specific business development support. Founded by seven prominent business and civic leaders, the Clean Energy Trust seeks to leverage the area’s strengths, including its major corporations, proven manufacturing capabilities, transportation infrastructure and intellectual resources, to create a thriving clean energy ecosystem.
The founding board members are:
| Nicholas Pritzker, Hyatt Corporation (Trust Co-Chair) | |||||
| Michael Polsky, Invenergy (Trust Co-Chair) | |||||
| Paula Crown, Henry Crown & Company | |||||
| Richard Sandor, Chicago Climate Exchange | |||||
| Tim Schwertfeger, Former CEO Nuveen | |||||
| Antonio Gracias, Valor Equity Partners (Treasurer) | |||||
| Keith Crandell, ARCH Ventures |
"Developing Illinois’ clean energy economy is vital to the continued economic recovery of our state,” said Governor Pat Quinn. “We were excited to support the Clean Energy Trust for this important award because it will create new high-tech businesses, build a more sustainable future for our state and - most importantly - create good jobs right here in Illinois.” State of Illinois support is administered by the Illinois Department of Commerce and Economic Opportunity (DCEO), through the Illinois Science and Technology Coalition.
In order to qualify for this grant program, DOE required applicants to secure at least $262,500 in matching funds from non-federal partners. In a great show of enthusiasm for the mission, the Trust attracted more than $1.5 million in cash and in-kind services from universities, corporations, investors, foundations, trade groups, government agencies and others. Its university partners include: Illinois Institute of Technology, Northwestern University, University of Chicago and University of Illinois at Chicago. The Trust is located at TechNexus, a Chicago incubator developed by the Illinois Technology Association (ITA).
Nicholas Pritzker added, “This is an outstanding opportunity for Illinois to use two things for which we are known – manufacturing prowess and research universities – to create high-skill jobs that will make our state more competitive while helping to secure the nation’s future energy supply. Expanding the frontiers of successful clean energy technologies is vital to our planet and our economic future.”
Focusing on renewable energy, smart grid initiatives and transportation, the Clean Energy Trust will soon launch a Clean Energy Business Plan Competition, in which Illinois scientists and entrepreneurs will compete for $100,000 in seed funds and business services. It will also create the Clean Energy Boot Camp, giving entrepreneurs immersion training and a chance to develop new business networks.
“Our nation’s economic future depends on our ability to create a new innovation ecology—a working partnership of the private sector, government and academia,” said Eric Isaacs, director of Argonne National Laboratory. “Thanks to this grant, the Clean Energy Trust will be able to give timely, focused assistance to researchers and entrepreneurs throughout the Midwest as they join forces to harness our region’s extraordinary resources and bring innovative energy technologies swiftly to market.”
“The Clean Energy Business Plan Competition will help take creative, innovative concepts in clean energy and make them realities. Ideas will be presented to a bevy of investors and entrepreneurs, who can help these young leaders execute in the marketplace,” said Illinois DCEO Director Warren Ribley. “We look forward to working with the Trust to help bring future businesses to life.”
The competition will begin this fall with a call for applications. Venture capitalists, corporations and business leaders will judge applicants at an all-day event March 2, 2011 at the University of Chicago’s Gleacher Center.
Sector-specific business development support programs will provide assistance to entrepreneurs and start-up ventures, including fundraising, market and product strategy, legal assistance, customer introductions and financial modeling. As part of its mission, the Trust will raise awareness of existing and new regional energy resources by promoting relevant funding sources and Illinois-based innovation achievements.
Energy entrepreneur Michael Polsky noted how the Trust will impact up and coming business leaders. “The Clean Energy Trust is not about theory -- it's about making Illinois a dynamic center for clean-energy entrepreneurship. It’s about creating not just one but dozens of companies just like our own; companies that create hundreds of great jobs as they build our state’s economy. That is how we will judge our success.”
About Clean Energy Trust Partners
Clean Energy Trust has partnered with a diverse coalition of supporters. These include:
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Universities and Labs Illinois Institute of Technology Northwestern University University of Chicago University of Illinois at Chicago Argonne National Laboratory |
Foundations The Joyce Foundation The Chicago Community Trust The Kauffman Foundation and iStart Norwottuck Charitable Trust | |
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Corporations ComEd Sidley Austin, LLP McGuire Woods, LLP Lincoln Renewable Energy Deloitte SoCore Energy |
Investors Apex Venture Partners ARCH Venture Partners Illinois Ventures Intellectual Ventures LaSalle Investments, Inc. New World Ventures | |
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Trade Groups Chicagoland Entrepreneurial Center Center for Neighborhood Technology Global Midwest Alliance Illinois Science and Technology Coalition Illinois Technology Association |
Government Agencies Illinois Department of Commerce and Economic Opportunity City of Chicago Department of the Environment |
