Clean, safe and reliable natural gas company Southern California Gas Company (SoCalGas) has established $1 million innovation fund in partnership with Los Angeles Cleantech Incubator (LACI), to speed the development of clean technologies to meet current global energy needs and become a sustainable energy source.
According to the partnership, the fund will be injected into startups that use new technologies to produce gas from biomass and solar energy. SoCalGas $1 million innovation fund will be invested in this selected clean tech startups in a move expected to disrupt clean technologies in the country.
Energy use to rise at least 73% by 2035
According to a report by World Nuclear Association, “The world’s energy needs in the next 20 years will be high, especially cleanly-generated electricity. Today, electricity demand is increasing twice as fast as overall energy use and is likely to rise at least 73% to 2035. Renewable energy sources other than hydro have high generating costs but are helpful at the margin in providing clean power.”
SoCalGas and LACI will thereofre use the innovation fund to identify and help commercialize market potential clean tech firms dealing in fuel cells, renewable natural gas and distributed natural gas products such as liquid transportation fuels and other chemicals to help up our energy supply.
Identity & commercialize potential clean technology solutions
According to Jeff Reed, Director of Business Strategy and Development for SoCalGas, “We are excited about the project with LACI because it enables us to speed the advancement of key technology areas that we think can have a significant impact on the environmental issues facing California and the planet” and added, “This collaboration provides us with a very cost effective and streamlined solution to identifying, developing and deploying strategic technologies.”
LACI will single out top clean tech startups, incubate them and help them deploy into SoCalGas’ service territory and other key markets. LACI will also help them address inefficiencies other solutions face by engaging local utilities, governments and industry to transform the product innovation model. The startups will also engage customers to identify their needs and study the market for launch and expansion
“The model is a win-win-win for all parties. End users get the solution they want without having to wade through piles of unsolicited proposals. Investors get prearranged customer engagement and market traction and entrepreneurs get clear visibility on market economics, drivers and sales processes,” said Ian Gardner, chief strategy and investment officer for LACI. “The Incubator’s function makes the process more efficient and directly supports the mutual goal of creating new cleantech jobs in Los Angeles and making Southern California a hub for sustainable technologies.”