next era
Investors from Houston and Boston fuel Greentown with $4M commitment
Greentown Labs, a climatetech incubator with locations in the Houston and Boston areas, has announced it has received funding from a mix of investors.
The $4 million in funding came from both of the Houston and Massachusetts locations. Houston investors included Bobby Tudor, CEO of Artemis Energy Partners and chairman of the Houston Energy Transition Initiative; David Baldwin, co-founder of OpenMinds and TEX-E and partner at SCF Partners; and Rice University. Other investors included MassDevelopment and the City of Somerville.
“The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential,” Tudor says in a news release. “We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others.”
According to Greentown, the funding will support its financial position and contribute to preparing the incubator for its next chapter of supporting its its leadership team prepare for Greentown’s next chapter supporting and growing its 575 startups.
“Greentown’s mission aligns closely with the Houston Energy Transition Initiative’s goal of accelerating global solutions to address the dual challenge of meeting growing energy demand globally while also significantly reducing CO2 emissions,” adds Steve Kean, president and CEO of the Greater Houston Partnership.
With the announcement of the funding, Greentown named its board members, including Tudor, who will serve as Greentown Labs Board Chair. The other Houston-based board members are:
- David Baldwin, co-founder of OpenMinds and TEX-E; partner atSCF Partners
- Bob Harvey, former president and CEO of GHP; board member of TEX-E
- Jane Stricker, senior vice president of energy transition and executive director of HETI
“With this new funding, Greentown is poised to expand its impact across its existing ecosystems and support even more climatetech startups,” adds Kevin Dutt, interim CEO of Greentown Labs. “We believe in the essential role entrepreneurship will play in the energy transition and we’re grateful for the support of our partners who share in that belief and our collective commitment to commercializing these technologies as quickly and efficiently as possible.”
According to Greentown, the incubator plans to announce its new CEO in the coming months.
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