EPA Creates Historic National Green Bank; Elemental Excelerator Partners With Winning Coalitions to Deliver Climate Solutions

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Apr 04, 2024, 08:59 ET

The Nonprofit Investor Will Join Winning Greenhouse Gas Reduction Fund Awardees to Invest in Climate Solutions That Create Jobs, Improve Public Health and Advance Economic Opportunities for Communities Across the Country

HONOLULU and SAN FRANCISCO, April 4, 2024 /PRNewswire/ -- Elemental Excelerator, a nonprofit investor focused on scaling climate technology for deep community impact, is honored to be a part of this momentous investment in American innovation and communities by the Environmental Protection Agency (EPA). Elemental plans to collaborate with all three national winners, serving as a national investment partner and sub-awardee of the Coalition for Green Capital (CGC), a transaction partner of Climate United and a supporting partner to Power Forward Communities. In addition to announcing the winners of the $14 billion National Clean Investment Fund, the EPA announced Justice Climate Fund, also an Elemental partner, as one of the winners of the $6 billion Clean Communities Investment Accelerator. Now that the EPA has announced these awards, Elemental will complete the contracting process with deployment of funds expected in the summer. This EPA program is a significant policy achievement that will help the U.S. reach its goals to cut greenhouse gas emissions in half by 2030 and reach net-zero emissions by 2050.

The Greenhouse Gas Reduction Fund (GGRF) is a first-of-its-kind, national-scale financing program administered by the EPA under the Inflation Reduction Act to mobilize investment into climate technologies that benefit low-income, rural, tribal and other communities. With this announcement, the first $20 billion of the $27 billion dollar GGRF will be awarded across the first two programs, the National Clean Investment Fund and the Clean Communities Investment Accelerator.

"The EPA's historic announcement brings us a significant step closer to a healthier, cleaner and more affordable future by catalyzing investments that put people first. We are honored to partner with coalition members to mobilize private capital and deliver on this vision," said Dawn Lippert, Founder & CEO of Elemental Excelerator.

Under this market-driven program, Elemental is prepared to invest in climate projects with deep community impact, and to serve as a front door for innovators across the U.S. to access GGRF capital. "The work we have done over the last 14 years investing in climate technologies has prepared us for today. We have invested in more than 160 companies that deliver community-centered solutions, and these companies have hundreds of projects ready for deployment nationwide. These projects are just the beginning," Lippert continued.

Steph Speirs, the CEO and Co-Founder of Solstice shared, "At Solstice, our mission is to expand access to clean energy by providing community-shared solar power to American households. We joined the Elemental portfolio in 2018 with a shared mission to provide energy bill savings to low-to-moderate income communities. With project funding from programs like GGRF, we will be able to deepen our impact by accelerating projects that bring communities direct financial benefits from local clean energy. We applaud the EPA for this historic milestone, and for bringing us even closer to a clean energy future that works for everyone."

Matt LeDucq, the CEO of Forum Mobility, an Elemental portfolio company said, "Forum Mobility looks forward to putting GGRF funds to work on projects that benefit the communities and the fleets making the transition to zero emission. Through our work with Elemental Excelerator, these funds will rapidly accelerate infrastructure, affordability and the cleaning of the air in our communities. Across the U.S., more than 39 million people are exposed to hazardous diesel pollution near ports, disproportionately low-income residents. We plan to deliver qualified projects that electrify transportation in these areas, including zero-emission drayage truck deployment and charging depot construction."

This self-sustaining fund created by the EPA, designed to recycle investments, will result in continuous and concerted financial support across geographies, populations and households. Elemental's GGRF strategy also draws on its track record of mobilizing public and private investing partners to unlock investments in impactful projects. Since its inception, Elemental has steered more than $180 million of government and philanthropic funding to portfolio companies that deploy climate projects in communities and support traditionally-excluded business owners and workers. Elemental has awarded more than $80 million in funding to catalyze $10 billion in co-investment and follow-on funding from public and private funders.

CGC Executive Director and Chief Operating Officer Eli Hopson said, "Together with Elemental with its extensive track record and expansive pipeline of projects that support communities, our big green tent of local, state and other nonprofit investors and partners will drive a massive infusion of public-private investing across America. We have all been planning for this moment and are ready to take action on projects that empower communities to embrace a greener future."

Across its hundreds of investments to date, Elemental has collaborated with over 1000 investors, over 350 project partners, and dozens of public funders, including CDFIs and local housing authorities like Finance New Orleans, and green banks. "As a green bank primarily focused on low- to moderate-income communities, we have been deeply engaged with Elemental this past year on co-lending opportunities for Elemental's extraordinary pipeline of impactful climate technologies. We are delighted to continue to collaborate with Elemental under the EPA's historic program," said Curtis Probst, CEO of New York City Energy Efficiency Corporation, a leading nonprofit green bank, which is also expected to be a subrecipient under GGRF.

Elemental sees significant opportunity to scale these types of collaborations through the GGRF program, providing unprecedented catalytic capital and project development support to entrepreneurs and builders across America.

About Elemental Excelerator

Elemental is a nonprofit investor in climate technologies with deep community impact. Elemental has a 14-year track record of investing in companies scaling essential climate solutions that make neighborhoods and homes cleaner, healthier, safer, and more affordable. Elemental, which has successfully stewarded $180 million in government and philanthropic resources, de-risks technologies for additional investment and centers social equity and community impact in project deployment.

Contact: [email protected]

SOURCE Elemental Excelerator