Activate's Rising Stars: Fellow Companies' Follow-On Funding Soars to $2B Milestone with Boost from DOE Awards
This week saw an announcement from the U.S. Department of Energy (DOE)'s Office of Clean Energy Demonstrations (OCED) that the administration was awarding $6B to transform America's industrial sector, strengthen domestic manufacturing, and slash planet-warming emissions. Activate companies selected for these awards include Antora Energy (David Bierman, Cohort 2017, Justin Briggs and Andrew Ponec, Cohort 2018), Brimstone Energy (Cody Finke, Cohort 2019), Sublime Systems (Leah Ellis, Cohort 2020), and Electrified Thermal Solutions (Joey Kabel and Dan Stack, Cohort 2021). It’s a big win for early-stage science entrepreneurship, and as a result of these new awards, Activate marks a significant milestone by announcing that the 147 companies founded by its fellows were on their way to securing over $2B in follow-on funding collectively. This achievement showcases the Activate Fellowship's substantial impact on clean energy and technology innovation and underscores the importance of supporting science-based entrepreneurs in their journey from concept to commercial success.
“Passing the $2B follow-on funding mark is one way to evaluate the value of Activate’s program, but more importantly, it validates our unique approach to empowering science entrepreneurs.”
“This monumental achievement underscores the pivotal role of the Activate Fellowship in transforming cutting-edge research into successful, scalable ventures,” said Activate’s Executive Managing Director Aimee Rose. “Passing the $2B follow-on funding mark is one way to evaluate the value of Activate’s program, but more importantly, it validates our unique approach to empowering science entrepreneurs. The OCED grants both endorse and enable the impact of our fellows' ventures at scale, highlighting the need to continue seeding next-generation solutions through early-stage entrepreneurial support.
Brimstone Energy, is set to receive up to $189M to build a commercial-scale demonstration plant aimed at producing cement with minimal carbon footprint. Meanwhile, Sublime Systems is eligible for up to $86.9M to establish a manufacturing facility for their low-carbon cement, and Electrified Thermal Solutions is a sub-recipient on a $35.2M project with ISP Chemicals to replace natural gas boilers with electric heat and thermal batteries.
“This latest milestone is a resounding endorsement of the caliber of earliest-stage ventures we’re seeding through Activate and the remarkable scientists behind them.”
These companies exemplify the transformative potential of the Activate Fellowship. Their success reflects the broader achievements of the Activate community, which has significantly contributed to their industries by scaling solutions to meet critical environmental challenges. With over 188 fellows and alumni founding 147 companies, creating over 2,000 U.S. jobs, and securing over $2B in follow-on funding, Activate has demonstrated a remarkable ability to leverage support for its early-stage fellows and their companies.
"This latest milestone is a resounding endorsement of the caliber of earliest-stage ventures we're seeding through Activate and the remarkable scientists behind them. Navigating the hard-tech entrepreneurial journey is a formidable challenge, strewn with hurdles that demand robust support systems. We are immensely grateful for partners like the DOE and OCED, who play an indispensable role in bridging the scale capital gap, ensuring our science entrepreneurs have the requisite backing at every critical juncture of their journey," said Chief Growth Officer Karin Lion.
As Activate celebrates this milestone, it reaffirms its commitment to fostering an ecosystem where innovative solutions can thrive, further proving the value of supporting science entrepreneurs at the earliest stages. With communities across the U.S., including Berkeley, Boston, New York, Houston, and Anywhere, Activate continues to build a network of support for scientists to bring their groundbreaking research to market, driving forward the solutions needed to tackle global challenges.
For those interested in the intersection of science, innovation, and entrepreneurship, the story of Activate and its fellows is a testament to the power of collaboration, support, and visionary thinking in transforming the future of our planet.