VertueLab Awarded Portion of $23 Million in Federal Funding
One of 44 organizations selected by the U.S. Economic Development Administration, VertueLab will use new grant toward the launch of its Climate Impact Fund to accelerate new climate solutions to market
PORTLAND, Ore. – July 24, 2019 – The U.S. Economic Development Administration (EDA) has announced that VertueLab, the Portland-based climate technology solutions accelerator, is one of 44 organizations nationwide receiving grants totaling $23 million to create and expand high-growth entrepreneurship and increase access to capital for communities across the country.
VertueLab will use the new funding to launch and grow its VertueLab Climate Impact Fund, which invests in Pacific Northwest startups that are developing new clean technology solutions that address the climate emergency.
"As the climate crisis continues to accelerate and affect life all over the planet, more and more people are looking for ways to engage and have an impact," said David Kenney, President and Executive Director of VertueLab, which was awarded $300,000.
"This new funding will enable us to connect more individuals and foundations – via our Climate Impact Fund – with the innovators and entrepreneurs developing new climate solutions technologies so these solutions can be more rapidly scaled up and deployed,” Kenney said. “We're very thankful to be part of this award, as it recognizes both our track record of success and our innovative approach to moving forward."
The grants are made annually under the EDA’s Regional Innovation Strategies (RIS) program competition. The 2019 awardees, selected from a pool of 183 applicants, include nonprofits, institutions of higher education and entrepreneurship-focused organizations.
VertueLab, with support from the State of Oregon, has previously invested more than $7 million in 60 Oregon-based clean technology startups that have leveraged an additional $130 million and created more than 400 new jobs. The new Climate Impact Fund is allowing VertueLab to support startups throughout the Pacific Northwest.
On September 13, VertueLab will host the annual VertueLab Impact Summit, which brings together a growing community of impact investors, innovators and other organizations – including Project Drawdown – working to solve the climate crisis. Many of the technologies being developed by VertueLab-supported startups will be showcased at the event.
About VertueLab https://vertuelab.org
Since 2007, VertueLab has supported and made direct program-related investments in innovative cleantech startups, connecting promising companies with state and federal resources, while preparing these companies for follow-on investment through a series of focused programs. VertueLab is a partner to impact investors, helping ensure their investment dollars are aligned with their values and are having a measureable impact on the planet. VertueLab is an independent nonprofit supported in part by a grant from Business Oregon. Learn more at VertueLab.org.