Elemental Impact, a leading nonprofit climate technology investor formerly known as Elemental Excelerator, announced that it is opening applications for projects to receive investments via a $100 million funding program from the US Environmental Protection Agency’s (EPA) Greenhouse Gas Reduction Fund (GGRF). This new funding round, which was made possible through a subaward from the Coalition for Green Capital (CGC), will support entrepreneurs and climate technologies that are ready for scale and poised to deliver greenhouse gas emissions reductions and local community benefits.
With an extensive nationwide portfolio of projects, Elemental will draw on its history of direct investing into venture-backed climate companies and place-based deployments across energy, transportation, water, agriculture, and industry, and make equity and debt investments to scale climate solutions and deliver local community impact.
The organization – which is now in its 15th year – also announced a rename to Elemental Impact, a name that reflects its expansion to an investing platform with a family of funds working in concert to mobilize capital from philanthropy, government, and private investors. The Elemental Impact platform is anchored by a non-profit supported by $210 million in philanthropy and public funding to date and will expand its non-profit investing and tailored community engagement support with this initial $100 million in GGRF funding. And the platform also includes the $94 million venture fund Earthshot Ventures, which was launched from the Elemental nonprofit in 2021. Elemental Impact will continue to expand to meet the evolving needs of climate entrepreneurs with additional fund strategies and vehicles in the future.
Elemental will continue to play a supportive role in the deployment of GGRF across multiple participants by building a national pipeline of projects. Along with being a subawardee to CGC, Elemental is collaborating as a transaction partner to Climate United and a deployment partner to Power Forward Communities, and will remain a convener of and collaborator with investors from across the climate ecosystem.
Elemental Impact plans to utilize its extensive network of co-investors, which already number more than 1,000 firms, to amplify the $100 million in line with U.S. EPA’s goal for GGRF to mobilize financing and private capital to stimulate additional deployment of GHG- and air pollution-reducing projects.
KEY QUOTES:
“We have invested in more than 150 companies working to scale important innovations, and the challenge is clear. The sector needs not only innovation in technology, but also in finance, community partnership, and project implementation. Today, we are expanding our platform to meet this need – because where we invest our time and our capital over the next five years will impact the next hundred.”
-Dawn Lippert, founder and CEO of Elemental Impact
“Through the Greenhouse Gas Reduction Fund we will make historic investments in the fight against climate change and give leaders like Elemental the resources needed to bring clean energy investments to all communities, including those historically underserved by finance. By building scalable, inclusive projects, Elemental is doing the critical work to build green infrastructure with a community-focused approach.”
-Eli Hopson, Chief Administrative Officer of CGC
“Philanthropy is at its best when we’re helping our partners overcome obstacles and address systemic gaps. We’re proud that our support of Elemental helped make critical projects happen in frontline communities and look forward to the additional impact they will make with this new investment.”
-Maria Kozloski, Senior Vice President of Innovative Finance at The Rockefeller Foundation
“This is exactly what entrepreneurs and the climate innovation field needs – investment dollars and expert support to mobilize private capital and enable scale. And this is exactly what Elemental has been consistently delivering since its founding. In this next chapter, Elemental is poised to make an even greater impact for communities.”
-Naveen Sikka, board member of Elemental and CEO of Terviva, one of Elemental’s earliest investments
