Southern California Energy Innovation Network Companies Surpass $250 Million Fundraising Milestone
Funds Helping Regional Companies Advance Breakthrough Clean Energy Technologies for the Benefit of California Ratepayers
SAN DIEGO, CA, February 8, 2022 – Cleantech San Diego today announced that companies in its Southern California Energy Innovation Network (SCEIN) program have collectively attracted $268.5 million in follow-on funding since being accepted into the program, breaking the quarter billion dollar funding milestone in just five years.
Launched in 2016, SCEIN is an accelerator program for clean energy startups based in San Diego, Riverside, San Bernardino, and Imperial counties that are developing technologies to help California meet its clean energy goals. The program offers free business services through a consortium of regional partner organizations to help energy entrepreneurs successfully bring their innovations to market.
To date, SCEIN member companies have attracted over $213 million in private follow-on funding and $55 million in public follow-on funding. This combined $268.5 million represents a tripling of the capital that these companies came into the program with, and a 50-fold return on investment on the $4.95 million in total program expenditures.
“Perhaps even more important than the SCEIN program’s very tangible impact in numbers is our member companies’ demonstrated ability to accelerate market transformation in transportation electrification, building decarbonization, 100% renewable energy, grid resilience, safety, and equity – all of the key elements of California’s climate change mitigation focus,” said SCEIN Executive Director Marty Turock.
Cleantech San Diego launched the SCEIN program in 2016 after winning a grant from the California Energy Commission. Over the program’s first five years of operation, SCEIN member companies have commercialized innovative technologies that are accelerating market transformation in transportation electrification, grid and building decarbonization, energy efficiency, and resiliency. In June 2021, the California Energy Commission approved follow-on funding for SCEIN to continue supporting energy entrepreneurs for another five years.
“Over its first five years, SCEIN has quickly become Cleantech San Diego’s flagship program, and we are proud of the impact it is making on economic development for San Diego, Imperial Valley, and Inland Empire,” said Cleantech San Diego President and CEO Jason Anderson. “It is exciting and rewarding to see SCEIN companies providing new innovative solutions that are enabling Cleantech San Diego members to expand their business offerings and providing cost-effective clean energy technologies that can help all Californians reduce their energy costs and environmental impact.”
2021 SCEIN Successes:
In addition to reaching this cumulative funding milestone, 2021 was a major landmark year in and of itself for SCEIN and its member companies, who are advancing breakthrough clean energy technologies for the benefit of California ratepayers:
- Program: The California Energy Commission approved additional funding that will enable the SCEIN program to operate for another five years.
- Members: Eight new companies were accepted, bringing total SCEIN membership to 37 active companies. Three companies graduated: Aquacycl, Kitu Systems, and Nuvve.
- Capital: 29 companies raised $171 million in follow-on capital, a 175% increase in funding over 2020.
- Jobs: SCEIN companies increased employment by 45% in 2021, bringing total current SCEIN company employment up to 525 full-time employees.
- Diversity: 27 of the current 37 member companies (73%) had diverse representation on their C-Suite leadership teams.
- Patents: SCEIN companies had 62 new patents approved in 2021 for a total of 388 new patents.
- Recognition: Aquacycl CEO Orianna Bretschger won the Cartier Women’s Initiative Science & Technology Pioneer Laureate; XENDEE won the Edison Electric Gold Award for Critical Human Infrastructure; Smartville won the DOE American-Made Li-ion Battery Recycling Prize; ReJoule won the 2021 Global Automotive Mobility Innovation Challenge; and Nuvve was selected to join the Russell Microcap Index.
- Strategic Milestones: Nuvve closed a SPAC and is now listed on the Nasdaq Exchange; UCAP Power completed the acquisition of assets of Maxwell Technologies/Korea; General Motors reached a strategic investment and commercial collaboration deal for battery-grade lithium from Controlled Thermal Resources.
SCEIN applications are accepted on a rolling basis. Anyone interested in applying as an entrepreneur, becoming a mentor, joining the Technical Advisory Committee, or hosting a pilot demonstration project, can learn more at cleantechsandiego.org/scein.
Shannon Bresnahan, Cleantech San Diego, 858-568-7777, firstname.lastname@example.org