Energy, the environment and the economy – these three e's spell huge challenges for future generations of Californians, challenges that will require fresh ideas and the ingenuity to implement them. That is why the world's largest clean technology business competition and California's largest energy company are partnering to meet these challenges.
The Cleantech Open is a nonprofit organization whose mission is to find, fund and foster the best clean technology ideas and startup companies. Last year, more than $1.25 million in prizes were awarded to startup companies and entrepreneurs with groundbreaking clean technology ideas. Chevron is bringing its own resources and insight to help the Cleantech Open expand and develop its programs.
“Our partnership with Chevron will help us grow the competition. Because we are a volunteer organization, we can do a lot with a relatively small amount of money, so every dollar of investment is leveraged many times over.”
— Rex Northen, Cleantech Open executive director
Since 2006, 191 promising entrepreneurial teams have benefited from Cleantech Open's one-of-a-kind, hands-on workforce development, nurturing and funding programs. Cleantech Open alumni have raised more than $150 million in private capital.
"We invest in startups primarily as a way of developing potential technology providers for Chevron, but we are also able to offer these companies real-world advice and technical feedback to help them develop," said Trond Unneland, Chevron's Venture Capital vice president and managing executive. "The Cleantech Open represents an opportunity for Chevron to gain insight into cutting-edge clean technologies, offer entrants our expertise in areas like pitching and business plan development, and maybe even become a global customer of some of these new companies down the road."