The Illinois Environmental Protection Agency’s Office of Energy has awarded $750,000 to the Illinois Clean Energy Innovation Fund, which is administered by Clean Energy Trust (CET). The Illinois EPA Office of Energy and CET established joint oversight of the Fund in 2017. This current investment is made possible through the State Energy Program grant awarded by the U.S. Department of Energy to Illinois EPA.
Clean Energy Trust makes direct investments in high-potential, early-stage cleantech companies to support innovation, entrepreneurship, job creation, and economic development while also delivering positive environmental benefits. To date, the Illinois Clean Energy Innovation Fund has invested a total of $2.9 million in 11 Illinois-based companies, which have gone on to raise tens of millions of dollars in follow-on investments and currently employ over 200 individuals. The Illinois Clean Energy Innovation Fund is structured as an evergreen revolving investment fund. The $750,000 grant will help to sustain the fund into the future and provide critical catalytic capital to promising cleantech ventures in Illinois.
“The early outcomes of the Illinois Clean Energy Innovation Fund show promise and creativity in the Illinois clean energy economy,” said Illinois EPA Director John Kim. “Illinois EPA’s partnership with Clean Energy Trust brings new opportunities for startup businesses grounded in Illinois.”
Two rapidly growing Illinois-based cleantech companies, Intellihot and Agentis, have received investment from the Illinois Clean Energy Innovation Fund in previous funding rounds. Both companies demonstrate how entrepreneurship and innovation are powerful forces that can be leveraged to address environmental challenges, create jobs, and generate attractive investment returns. In addition to the investments, CET also provides mentorship, coaching, access to a national network, and hands-on support to help entrepreneurs scale and succeed.
Based in Galesburg, Intellihot designs and manufactures the first “smart” tankless water heaters suitable for commercial buildings. Their innovative, modular design saves space, cuts costs, and reduces health risks and energy use. Intellihot’s factory operations and engineering will remain in Galesburg, but as they grow, they plan to open additional offices in northern Illinois.
Based in Chicago, Agentis leverages billions of data points from over 2.5 million businesses in North America to change the way businesses work with their utilities. Agentis digital engagement software drives measurable energy efficiency results, allowing customers access to energy data and providing them actionable ways to reduce their usage. They believe this data will unlock new ways to reduce carbon emissions, accelerate the adoption of new technologies like solar and battery storage, and permanently change the relationship between businesses and the utilities that serve them.
CET accepts applications for possible investment on a rolling basis. Learn more about eligibility and apply at https://www.cleanenergytrust.org/apply/. For more information about the Illinois Clean Energy Innovation Fund, please visit https://www.cleanenergytrust.org/programs/illinois-clean-energy-innovation-fund/.
For information on the Illinois EPA Office of Energy, please see https://www2.illinois.gov/epa/topics/energy/Pages/default.aspx
***Report Courtesy of the State of Illinois***
