Increasing investments in clean energy solutions is an essential step toward avoiding the worst impacts of climate change. Studies show a US $1 trillion clean energy investment gap impeding worldwide progress toward a low-carbon economy. Understanding that transportation accounts for 27 percent of the greenhouse gas emissions in the United States, BNY Mellon is partnering with Village Capital to further the ideas of eight early-stage startups exploring solutions in this space.
These entrepreneurs have already developed innovative technologies that reduce greenhouse gas emissions in aviation, boost the use of public transportation and ride sharing, and encourage adoption of lower- or zero-emissions vehicles. To take their ideas to the next level, cohort companies took part in a series of intensive, four-day workshops across the United States to refine their offerings. Participants received guidance on value articulation, exit strategies, investor negotiations and board relations. The top two peer-selected ventures, Vartega, which recycles materials to create high-quality, low-cost carbon fiber and GoKid, a ride-sharing solution for schools, teams and families, will share at least $150,000 in capital investments.
Investing in Clean Energy Innovation
As a partner of the workshop in Boston, BNY Mellon is investing in bringing these promising, energy-efficient ideas to the broader market. Seven BNY Mellon volunteers shared their expertise as mock advisory board members, helping entrepreneurs discover how to overcome the major strategic challenges they face in growing their businesses.
“This partnership allows us to lend our financial support and expertise to a group of impressive, socially minded innovators who seek to advance the transition to a low-carbon economy,” said Heidi DuBois, Global Head of Philanthropy and Corporate Social Responsibility. “We’re inspired by their ideas and look forward to seeing how they change our world for the better.”
After four months of effort, the US-based startups in the 2018 Energy Program cohort are better prepared to expand the impact of their innovations and reduce greenhouse gas emissions related to transportation.
Media Contact:
Amanda Changuris
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amanda.changuris@bnymellon.com