CMU Scott Institute Reports $218M+ in Cleantech Startup Follow-on Funding
By Sophie Kochanek and Aiswariya Raja
Media Inquiries Since its founding in 2012, the Scott Institute has inspired over $218 million in total funds raised by 31 CMU-spinoff energy and cleantech companies. Read more in the Scott Institute's IMPACT 2020 Annual Report.
As a hub for energy innovation across campus, the Wilton E. Scott Institute for Energy Innovation is committed to supporting regional cleantech startups by providing them with opportunities to compete for funding and promote business development, as well as offering them a wealth of educational resources. The Institute works in close partnership with CMU's Center for Technology Transfer and Enterprise Creation (CTTEC), Swartz Center for Entrepreneurship, Project Olympus, and industry and government partners to create an entrepreneurial ecosystem for up-and-coming CMU energy innovators.
Among these companies, several stand out for their remarkable accomplishments. Most notably, Hyliion, founded in 2015 by Thomas Healy, to reduce emissions and fuel consumption by electrifying the trucking industry. The company announced they went public after merging with Tortoise Acquisition Corp. in June of this year, making Healy America's youngest self-made billionaire. Learn more about how Hyliion and two other CMU startups are revolutionizing green technology.
Additionally, Pearl Street Technologies was selected as one of ten winners for the DOE's Grid Optimization Challenge and will receive a share of $3.4 million in NSF and SBIR funding. Last year, CMU spinoff company Teratonix was announced as a regional winner of the Cleantech Open Northeast competition and received $10,000 in funding and a chance to compete for the national grand prize. Finally, founded by Scott Institute Faculty Affiliate B Erik Ydstie, Integrated Silicon Technologies was chosen as a finalist in Round 2 of the American-Made Solar Prize and received $100,000 in funding and $75,000 in support vouchers.
For three years, the Institute ran a regional competition in collaboration with the DOE's Office of Energy Efficiency and Renewable Energy (EERE), which established a pipeline for new cleantech companies. As a Power Connector for the DOE American-Made Solar Prize, the Scott Institute works with solar energy innovators and helps them navigate the competition. These partnerships have been instrumental in enabling the Scott Institute to identify and support companies in the rapid advancement and commercialization of clean energy technologies.
The Scott Institute also convenes industry energy experts and thought leaders through its Energy, Resilience, and COVID-19 Webinar Series and Distinguished Lecture Series to engage and inform audiences from diverse fields on a wide variety of energy topics. Events such as the Startup Advisory Showcase and Investor Forum during CMU Energy Week create a unique platform for cleantech companies to gain national exposure and access to funding opportunities.
Through university resources and industry partnerships, the Scott Institute continues to support groundbreaking energy research and technologies. Thus, impacting the regional and national energy ecosystem to create a healthier, more sustainable future.
For more details to get involved, contact Anna J. Siefken.