Clean Energy Trust
 | It has been suggested that this article be merged into Evergreen Climate Innovations. (Discuss) Proposed since April 2025. |
Stored: Clean Energy Trust
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Clean Energy Trust (CET) is a Chicago-based nonprofit dedicated to fostering clean energy innovation by investing in and supporting high-potential cleantech startups across the Midwest, connecting entrepreneurs with capital and expertise to scale their businesses. Founded in 2010 and rebranded as Evergreen Climate Innovations in 2021, CET has historically focused on bridging the gap in early-stage funding, helping startups raise over $1 billion in follow-on investments and creating hundreds of jobs.
Mission
CET’s mission is to catalyze the development of clean energy technologies by providing seed capital through its 501vc® Investment Fund, mentoring, and a structured fundraising program to help Midwest startups overcome capital-raising challenges and achieve commercial success. It seeks to create a healthier environment and a more prosperous economy by leveraging the region’s research institutions and fostering a collaborative ecosystem of investors, corporations, and entrepreneurs.
Parent organization
CET operates independently as a standalone nonprofit with no parent organization, though it has received funding and support from entities like the U.S. Department of Energy and the U.S. Economic Development Administration for specific programs.
Legislation
CET was not created by specific legislation but was established in 2010 by civic and business leaders, with initial support from a U.S. Department of Energy grant for its Clean Energy Challenge.
Partners
CET’s key partners include:
- U.S. Department of Energy for grant funding
- U.S. Economic Development Administration for program support
- Midwest universities and research labs (e.g., Argonne National Laboratory)
- Corporate investors and utilities[1]
Number of employees
CET historically employed around 10 staff members during its active years, though exact numbers fluctuated with project demands and its transition to Evergreen Climate Innovations.
Organization structure
CET was structured around:
- Investment Team manages the 501vc® Seed Fund.
- Program Team oversees events like the Clean Energy Challenge.
- Partnerships Group facilitates industry and investor connections.
Leader
CET was led by a Chief Executive Officer, with Amy Francetic serving as the founding CEO from 2010 to 2018, followed by Erik Birkerts until the 2021 rebrand.[2]
Divisions
The efforts included:
- Seed Funding for early-stage cleantech ventures.
- Accelerator Programs like the Clean Energy Challenge.
- Structured Fundraising to attract institutional investors.
List of programs
CET’s key programs included:
- Clean Energy Challenge (annual competition)[3]
- 501vc® Seed Fund investments
- Structured Fundraising Program
Last total enacted budget
CET invested approximately $1 million annually in startups circa 2020, with total funding from grants and donations varying yearly; specific budgets post-rebrand are under Evergreen Climate Innovations.
Staff
CET’s staff of about 10 included investment managers, program coordinators, and partnership liaisons, leveraging a lean team to maximize impact before transitioning to Evergreen.
Funding
CET’s funding came from DOE grants (e.g., $100,000 initial Challenge grant in 2011), EDA support, corporate donations, and investor contributions, totaling over $3 million in direct startup investments by 2020, amplifying to $71 million in follow-on funding.
Services provided
CET provided seed funding, mentorship, networking opportunities, and structured fundraising assistance, enabling Midwest cleantech startups to scale and commercialize technologies for sustainability and economic growth.
Regulations overseen
CET did not oversee regulations but operated within the nonprofit framework, aligning with federal energy and economic development policies.
Headquarters address
20 N Upper Wacker Dr Suite 1201, Chicago, IL 60606, USA
History
Founded in 2010 by Chicago civic leaders like Nick Pritzker and Michael Polsky, CET launched with the Clean Energy Challenge, growing into a leading Midwest cleantech accelerator. It invested in 95+ startups, was ranked the #1 regional accelerator by DOE in 2012, and rebranded to Evergreen Climate Innovations in 2021 to broaden its climate tech focus.
External links
References
- ↑ "Clean Energy Trust". U.S. Economic Development Administration. https://www.eda.gov/grantee/clean-energy-trust.
- ↑ "About Us". Evergreen Climate Innovations. https://evergreeninno.org/about-us/.
- ↑ "CET Challenge Report". OSTI. November 28, 2018. https://www.osti.gov/biblio/1489286.