Climate tech investor, Elemental Excelerator, recently announced plans to invest up to $43 million into climate tech startups focused on social impact, and is also currently accepting applications for Cohort 12.
Elemental is introducing $30 million in catalytic project funding for three to six projects that have an expansive community impact, according to the announcement. It is also increasing funding for Cohort 12 — which is currently accepting applications — by $5 million, for a total of $13 million.
The funding increase is in response to market conditions and to fill funding gaps "on the heels of a chilly [venture capital] winter and the collapse of Silicon Valley Bank," according to a recent announcement from the nonprofit.
Applications for Cohort 12 opened March 13. Interested companies are required to be a startup addressing climate change and related issues; be a for-profit and stand-alone venture; and have at least two full-time employees, among other requirements. The priority application deadline is April 14 and applications will be accepted via Elemental's website through May 31, according to the nonprofit.
Elemental has invested in more than 150 companies across six interconnected systems: energy, mobility, water, food and agriculture, nature-based solutions, and industry, according to the company's website.
“We need both speed and scale,” Elemental Excelerator Founder and CEO Dawn Lippert said in a statement. “In light of recent events, it is more critical than ever to scale up technologies like clean drinking water, wildfire reforestation and pollution reduction from trucks near ports. Elemental is building a robust pipeline of projects that will soon be ready for later-stage private investors and unprecedented federal funding opportunities.”
