Exelon launches $20 million climate change investment initiative
Exelon Corp.'s nonprofit foundation is launching a $10 million fund to invest in startups in six cities including Baltimore that are working on new technologies to reduce greenhouse gas emissions and mitigate climate change.
The Exelon Foundation will contribute $10 million over the next 10 years to fund the Climate Change Investment Initiative. Exelon, the company, will match the grant with up to a $10 million in-kind investment of pro-bono services including mentoring entrepreneurs on ways to access other sources of capital, structure business plans, allocate financial resources and meet regulatory requirements.
Chicago-based Exelon (NYSE: EXC), the parent of Constellation Energy and Baltimore Gas & Electric Co., announced the initiative Wednesday at a clean-energy forum hosted by The Climate Group in New York in conjunction with the U.N.'s climate action summit.
Source: Baltimore Bizness Journal