Updated: May 8, 2020
National cleantech investing network offers updates on angel investing, venture fund and a new philanthropic impact fund to mitigate climate change
SEATTLE, WA (February 11, 2020) – E8, an angel investor community committed to investing in cleantech in support of both profit and ecological sustainability, announced today that its members made investments worth $4 million across 26 companies in 2019. The strong results come as E8 makes plans for enhanced capacity and strategy in 2020 that will offer new pathways for individuals, foundations, and corporations to invest in cleantech innovations, especially those designed to mitigate and prevent climate change.
Since 2006, E8 has offered accredited individuals a way to invest in emerging enterprises which share the group’s mission to accelerate the transition to a prosperous and sustainable world. Through investment presentations, collective due diligence and learning opportunities, the E8 community unites interest, passion and expertise from the Northwest and nationally.
In 2020 E8 will be expanding its platform for facilitating both private and philanthropic investments, and for more families – whether accredited or not – to participate investors will be able to access a wider range of options that suit their availability, expertise, learning goals and even preferred asset class for a given cleantech investment.
“This is a vital moment for cleantech and climate change, with tremendous opportunity, need and interest in investment and action,” said Eric Berman, Co-Chair of the E8 Board of Directors. “We are upgrading our business model and dramatically expanding our community to make cleantech investing more accessible, fulfilling and successful.”
The highlights of E8’s announcement include:
2019 investments of $4M in 26 companies: The E8 community collectively invested in twenty-six companies through direct investment from E8 members, the pooled and managed E8 Fund and through syndication. The largest investments supported include Energy Storage Systems (ESS), Green Canopy Homes, OnSwitch, Apana, Ecellix, PowerLight and StormSensor. Other companies include Clean Fiber, OneEnergy Renewables, Indow, Focal Technologies, e-Zn, Beta Hatch, Nori, SparkFund, Membrion, PickMySolar, Autonomous Tractor Corporation, Fledge, PittMoss, Signol, Joule Case, Amply, Vartega, ConnectDER and Group 14.
Cumulative E8 community investments reach $39.3M: E8, previously named Element 8 and Northwest Energy Angels, now estimates its total collective investment to-date since 2006 at $39.3M in 98 companies from North America and beyond. All investment numbers are self-reported by E8 members. Total private investment in these companies exceeds $775M.
E8 Fund continues its progress, with a second fund under consideration: The venture capital affiliated E8 Fund is fully invested and holds positions in nine portfolio companies, spanning cleantech sectors that include renewable energy procurement, advanced metering, alternative protein for animal feed, water treatment and monitoring, and industrial energy management. Seven of the nine portfolio companies have raised subsequent funding rounds, with six at substantially higher valuations. A second venture fund is under consideration.
E8’s new philanthropic impact fund will be a compelling option for donor-investors motivated by climate action: Recognizing the urgency and opportunity to improve environmental health and combat climate change in the transformation to a clean energy economy, E8 is adding to its menu a new fund which leverages philanthropic capital to invest in early stage companies. This new approach to funding cleantech in the Northwest will help drive ambitious decarbonization goals such as those set forth by the Washington Clean Energy Transformation Act of 2019. Launching in the first half of 2020, the fund will complement other early technology investment opportunities from allied leaders such as VertueLab.
Membership and the expansion of E8’s community and capacity: E8 is honored to support seventy-two member families and companies in its community, with improved member satisfaction and growth in 2019 and more planned for 2020. The E8 community would not be possible without the support of its sponsors committed to growth and impact through cleantech entrepreneurship: University of Washington’s Clean Energy Institute, Washington State University, VertueLab, Pacific Northwest National Labs, Kitsap Bank, Puget Sound Energy, Craft3, JP Morgan, K&L Gates, Consulate General of Canada, the CleanTech Alliance and North Coast Digital. Additional, vital support for innovation at E8 is provided by the Stolte Family Foundation.
Mike Rea, E8 Angels
E8 is an international, Seattle-based community whose mission is to accelerate the transition to a prosperous and cleaner world by investing in and fostering emerging cleantech enterprises. Our flexible, investor-centric platform supports different types of investors and asset classes, including direct angel for-profit investing, pooled investing in expertly managed VC funds such as the E8 Fund, individual cleantech investments via donor advised funds, and a philanthropic fund for driving climate mitigation through scaling priority early stage companies for decarbonization. E8’s community and offerings are driven by a belief in the power of innovative enterprises and technologies to scale both positive returns and impact. (www.E8angels.com)