Ecopetrol Joins Greentown Labs as a Terawatt Partner

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Mar 19, 2024, 09:00 ET

Ecopetrol's Extensive Energy-industry Expertise to Help Climatetech Startups Commercialize and Scale Innovations

SOMERVILLE, Mass. and HOUSTON, March 19, 2024 /PRNewswire/ -- Greentown Labs, the largest climatetech incubator in North America, today announced leading integrated energy group Ecopetrol as its newest Terawatt Partner—the highest level of engagement with the incubator.

With a majority ownership stake held by the Colombian government, Ecopetrol is the country's largest company and also conducts operations in several other locales throughout South and North America. Ecopetrol's TESG (Technology, Environmental, Social, and Governance) framework is one of the four key pillars of its corporate strategy and involves leading several initiatives for diversification and decarbonization through renewables, electrification, natural climate solutions, hydrogen, and more.

The International Energy Agency states that "Colombia has emerged as a leader in clean-energy-transition policy making and is an inspiring example of a fossil-fuel-producing country committed to climate action, based on a long-term decarbonization pathway and a policy of energy and economic diversification and a just transition." As Colombia's state-owned energy company, Ecopetrol will play a vital role in supporting the country's progressive climate strategy and helping achieve its ambitious decarbonization and energy-transition targets.

"Accelerating the energy transition and fostering climate action is only possible through innovation, entrepreneurship, and meaningful partnerships," said Ecopetrol's Chief Innovation Officer Agostinho João Ramalho Almeida. "At Grupo Ecopetrol, we believe in joint efforts, orchestration, and access to technology to push barriers and increase value for our business and sustainability agenda. Partnering with Greentown Labs and working alongside industry leaders is an amazing opportunity to tackle common goals and challenges."

Through its partnership with Greentown, Ecopetrol will forge connections with the incubator's community of climatetech startups, gain access to curated and customized events, and participate on Greentown's Industry Leadership Council, which provides strategic guidance to the incubator. Laura Tobón Díaz, Ecopetrol's Head of Innovation Ecosystems & Strategic Partnerships, will serve on the Industry Leadership Council.

"Greentown is excited to partner with Ecopetrol, an energy company taking meaningful action on climate in collaboration with the Colombian government," said Greentown CEO and President Kevin Knobloch. "We look forward to seeing our startups' climate technologies advance Ecopetrol's decarbonization efforts, as well as Ecopetrol sharing its energy expertise, connections, and resources with our entrepreneurs."

About Greentown Labs
Greentown Labs is a 501(c)(3) nonprofit catalyzing climate solutions through entrepreneurship, partnership, and collaboration. As the largest climatetech startup incubator in North America, Greentown brings together startups, corporates, investors, policymakers, and others with a focus on scaling climate technologies. Driven by the mission of providing startups the community, connections, and resources they need to thrive, Greentown offers lab space, shared office space, machine shops, electronics labs, tool shops, software and business resources, and a large network of corporate customers, investors, and more. With incubators in Somerville, Mass. and Houston, Texas, Greentown is home to more than 200 startups and has supported more than 500 since the incubator's founding in 2011. These startups have collectively created more than 11,000 jobs and raised more than $5.7 billion in funding. For more information, visit www.greentownlabs.com or follow Greentown on LinkedIn.

About Ecopetrol
Ecopetrol is a leading energy group in Latin America. It has three strong lines of business: Hydrocarbons, Low Emission Solutions, and Energy Transmission. Ecopetrol has an integrated business across all links of the hydrocarbon value chain (exploration, production, transportation, refining and marketing) and linear infrastructure, both in energy transmission and road concessions, and expects to continue diversifying toward businesses that allow it to further reduce its carbon footprint and advance toward its goal of being a net-zero carbon company by 2050 (Scopes 1 and 2). Ecopetrol is the largest company in Colombia and one of the most relevant integrated energy companies in Latin America, with a presence primarily in Colombia and activities in the U.S. (U.S. Gulf of Mexico and Permian Basin), Brazil, Mexico, Peru, Chile and Bolivia.

Ecopetrol Group's long-term strategy, also referred to as "Energy that Transforms," looks forward to 2040, making it the first company of the oil and gas industry in Latin America to disclose a roadmap for the next 20 years. The strategy fully addresses current environmental, social, and governance challenges, while maintaining its focus on generating sustainable value for all its stakeholders.

Greentown Media Contact
Julia Travaglini
Senior Vice President of Marketing & Communications
[email protected]

Ecopetrol Media Contact
Andrés Jácome
Organizational Communications Department
[email protected]

SOURCE Greentown Labs