Foundation donates massive $2 million Grant to LACI to support cleantech startups.

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The Los Angeles Cleantech Incubator (LACI) has received a $2 million grant from the Schmidt Family Foundation, founded by former Google CEO Eric Schmidt and his wife, Wendy. The grant will support LACI’s Cleantech Debt Fund, increasing its finance pool to over $7.5 million.

For further information, read more details here

The fund provides working capital to early-stage cleantech startups, enabling them to deploy and scale innovative solutions. The funding will support startups working on technologies related to electric vehicle charging, metallurgy, and grid resiliency

“Thanks to the generous support of the Schmidt Family Foundation, LACI can better help cleantech founders access working capital, overcoming a key barrier to scaling their game-changing climate solutions,” said LACI president Matt Petersen. “We are committed to continuing and growing our fund to provide loans with founder-friendly terms to LACI companies and startups recommended by our 15 incubator partners across the nation.”

LACI has helped 506 companies raise over $1 billion in funding and create more than 2,600 jobs in the Los Angeles region, with a projected long-term economic impact of over $730 million. The grant will allow LACI to provide larger businesses of between $500,000 and $1 million, supporting the growth of the cleantech sector

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