Wells Fargo Grant Boosts New Financing Partnership Between Elemental Excelerator and NYCEEC to Catalyze Climate Technology Innovation
The collaboration will fund climate technology companies scaling solutions focused on community impact
NORTHAMPTON, MA / ACCESSWIRE / March 6, 2024 / Wells Fargo, together with Elemental Excelerator, a leading nonprofit climate technology investor, and the New York City Energy Efficiency Corporation (NYCEEC), a leading nonprofit green bank, have joined forces to launch a new debt financing program, called the Capital Access for Climate Innovators. The Capital Access Program was created to pilot innovative lending and co-investing vehicles to catalyze climate technology projects with significant community benefits.
This collaboration aims to address funding gaps faced by climate technology companies, and particularly those led by traditionally excluded founders. Elemental and NYCEEC are partnering to identify and provide capital to Elemental portfolio companies who face finance gaps on their path toward commercialization and where debt capital can catalyze scale. To support this effort, Wells Fargo has provided a $400,000 grant, which will allow Elemental and NYCEEC to identify and share best practices and build financing tools and resources for climate technology companies, community lenders, credit enhancement providers and other project investors.
"There's an acute need for new kinds of financing and collaborations to support technology companies that are working to reduce GHG emissions," said Curtis Probst, CEO of NYCEEC. "This partnership will help us create greener, cleaner and more affordable communities. We are excited to partner with Elemental to bring NYCEEC's green lending to Elemental's portfolio of climate tech innovators."
"At Elemental, we are profoundly aware of a $150 billion financing gap for climate technology projects scaling from early stage to widespread commercial adoption. With this partnership designed to reduce friction in accessing capital, we take an important step to bridge this gap and accelerate the deployment of climate projects with strong community benefits, like reduced utility bills, cleaner air, and more accessible transportation," said Dawn Lippert, Founder and CEO of Elemental Excelerator.
Over the past decade, Elemental has supported over 150+ innovative climate technology companies through technical support and equity investments, while NYCEEC has provided debt financing to assist building owners, contractors, and developers in funding clean energy projects throughout NYC and the surrounding region. Through coordinated efforts, this partnership aims to supercharge the growth of climate technology companies and rapidly scale the number of projects they are able to deploy in communities throughout the country.
"We are proud to work together with Elemental Excelerator and NYCEEC to help strengthen the pipeline that can deploy capital for climate resilience," said Robyn Luhning, Chief Sustainability Officer at Wells Fargo. "Across the communities we serve, we seek to accelerate solutions that support access to clean, affordable energy technologies and economic opportunity."
The announcement comes in the lead up to the Greenhouse Gas Reduction Fund and other important Inflation Reduction Act programs that will activate investors, from state and local green banks to community development finance institutions, to make climate solutions more affordable and accessible to low-income and other underserved communities across the country. Through this initiative, Elemental and NYCEEC will establish resources and frameworks that can be used across the climate tech investing ecosystem to support expanded funding opportunities that will be made available through the GGRF.
About Elemental Excelerator
Elemental is a nonprofit investor in climate technologies with deep community impact. We bring more than a decade of experience across the climate sector, with an active and maturing portfolio of 150+ companies. Elemental fills two gaps fundamental to addressing climate change: funding projects for climate technologies in communities, and embedding equity and access into climate solutions. We invest in transformative technologies to create a systems change for a more resilient, equitable future. To learn more about Elemental's team and our work in scaling climate technology with community impact, visit www.elementalexcelerator.com.
About the New York City Energy Efficiency Corporation (NYCEEC)
NYCEEC is a nonprofit green bank sourcing funds from the public, private, and philanthropic sectors to support community clean energy projects through debt financing. Launched in 2010 by the New York City Mayor's Office, NYCEEC has since expanded its geographical reach throughout the Northeast and Mid-Atlantic regions. NYCEEC's mission is to deliver financing solutions and advance markets for energy efficiency and clean energy in communities. To date, NYCEEC has mobilized over $480 million to fund projects that are expected to eliminate over 1 million tons of CO2e, with nearly 85% of those projects serving low-to-moderate income communities. To learn more about NYCEEC's team and its Board of Directors, visit their website.
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SOURCE: Wells Fargo
View the original press release on accesswire.com
