For Immediate Release
Richard L, Yost
BALTIMORE (October 4, 2019) – Innovators from across Maryland can now take advantage of up to $20 million in funding from the Exelon Foundation and Exelon Corp., BGE's parent company, to support startups and the development of technologies that help mitigate climate change.
The effort is part of the company's Climate Change Investment Initiative, or 2c2i, launched last week as part of Climate Week NYC, a joint initiative of the United Nations and the City of New York that brings together business, government and institutional leaders to discuss climate-change actions.
The Exelon Foundation will contribute $10 million over the next 10 years to fund the initiative, which will focus on clean energy and environmental technologies with potential for wide-scale commercialization. Exelon Corp. will match that grant with up to a $10 million in-kind investment of pro-bono services, including mentoring entrepreneurs on ways to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements. The startups also will be able to tap into Exelon's internal innovation programs – Exelorate Growth, Constellation Technology Ventures and Partnership R&D – for counsel.
"Climate change challenges us to pursue innovative strategies that position both BGE and our customers to help deliver a cleaner and brighter future for our communities," said BGE's CEO, Calvin G. Butler Jr. "2c2i is a vital new element of that commitment. Exelon has a tremendous opportunity to power startups searching for ways to improve how we use energy, just as we continue to innovate through transportation electrification, piloting technologies like battery storage, improving our energy efficiency offerings, and searching for the next game-changer in our industry."
The initiative marks the company's latest effort to support programs that benefit the environment and adds to its continuing goal to create a clean, next-generation energy grid. Using the innovative approach of impact investing, the initiative will harness and unleash the power of private entrepreneurs that are working on cutting-edge technologies designed to generate a measurable, beneficial impact on climate change.
Through 2c2i, the Exelon Foundation will concentrate on startups working on greenhouse gas (GHG) mitigation or building local resiliency through climate change adaptation strategies, and that support achieving local sustainability goals that focus on:
While the startup companies can hail from anywhere, they must be doing work that benefits one of Exelon's six major urban markets, including Atlantic City, Baltimore, Chicago, Philadelphia, Washington, D.C., and Wilmington, Del.
Applications for the Exelon Climate Change Investment Initiative can be submitted online at exelonfoundation.org. The 2019 submission deadline is October 25. Following initial reviews and finalist presentations, the Exelon Foundation expects to announce its first funded class of entrepreneurs in December, providing $1 million in total funding to eight to 12 seed-stage startups.
BGE, founded in 1816 as the nation's first gas utility and headquartered in Baltimore, is Maryland's largest natural gas and electric utility. The company's approximately 3,200 employees are committed to safe and reliable energy delivery to more than 1.25 million electric customers and more than 650,000 natural gas customers in central Maryland. In the J.D. Power 2017 and 2018 Electric Utility Business Customer Satisfaction StudySM BGE was ranked Highest in Customer Satisfaction with Business Electric Service in the East among Large Utilities. In addition, in the J.D. Power 2018 Gas Utility Business Customer Satisfaction StudySM BGE received Best in Customer Satisfaction with Business Natural Gas Service in the East. BGE is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider. Like us on Facebook and follow us on Twitter, YouTube and Flickr.
Baltimore Gas and Electric Company (or "BGE") received the highest score in the East Large segment of the 2018 Electric Utility Business Customer Satisfaction Study and the East Region of the 2018 Gas Utility Business Customer Satisfaction Study of electric and gas utility customer satisfaction among business customers. Visit jdpower.com/awards.