gener8tor Launches New Direct Air Capture (DAC) Accelerator Based in Chicago
New Accelerator Program to Foster Innovation and Support Early-Stage Startups in Advancing Carbon Dioxide Removal Technologies
CHICAGO, IL - gener8tor, a prominent startup accelerator and venture fund, unveiled its latest initiative aimed at accelerating sustainability and climate-tech innovation. The gener8tor Direct Air Capture (DAC) Accelerator is set to empower early-stage startups that are pioneering groundbreaking carbon dioxide removal technologies in Illinois and the Midwest. This new accelerator program is made possible through The U.S. Department of Energy Office of Fossil Energy and Carbon Management and the Direct Air Capture (DAC) Pre-Commercial Energy Program for Innovation Clusters (EPIC) Prize (see more on the prize announcement here). The DAC EPIC Prize provides $3.7 million in cash prizes to incubator teams that submit creative and impactful plans to support entrepreneurs and innovators in the DAC space. gener8tor was selected as a semifinalist for this prize and will provide a comprehensive 12-week program during which selected startups will receive invaluable coaching, mentorship and networking opportunities to drive their business forward.
The gener8tor DAC Accelerator is designed to provide startups with the tools and relationships in the DAC ecosystem they need to thrive in this challenging landscape. "Our commitment to innovation in sustainability is unwavering. By launching this new DAC accelerator, we're creating a platform that will nurture and elevate the most promising startups working on carbon dioxide removal technologies. Through mentorship, resources, and access to capital, we're fostering a community of change-makers dedicated to combating our climate crisis," said Ryan Jeffery, Senior Managing Director of Sustainability at gener8tor.
During the 12-week accelerator, which is set to commence in April 2024, gener8tor will select five startups, each receiving a potential $100,000 investment as part of the program. The chosen startups will gain access to tailored support, seasoned mentors, industry experts, corporate partners and potential investors. The accelerator program, based in Chicago, will embrace a hybrid format, with both virtual and in-person components, ensuring widespread accessibility.
The Clean Air Task Force (CATF), a respected climate and energy expert organization, will act as an advisor and supporter of this program on a pro bono basis. CATF brings 25 years experience as a leading global NGO with significant advocacy, analytical and technical expertise with regards to carbon management technologies. CATF will advise on the scaling of new technologies and projects, the markets in which they operate, and the important system contexts in which these technologies will exist.
Startups across the United States that are at the forefront of carbon dioxide removal technologies are encouraged to apply, but those that can take advantage of Illinois and the broader Midwest ecosystem to implement their technology will be given greater weight. The application period for the gener8tor DAC Accelerator is open until Feb. 3, 2024. Founders interested in participating can submit their applications and find more information here.
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About gener8tor
gener8tor is a global venture firm and accelerator network that supports startups, workers, employers, artists and musicians across race, place and gender. gener8tor partners with companies, governments, universities and nonprofits to operate accelerator programs and conferences in more than 41 communities across 22 states and two countries. Fast Company named gener8tor one of the Best Workplaces for Innovators in 2021 and 2022. The International Trade Council recognized gener8tor as the Global Venture Capital Firm of the Year in 2022.
About the Clean Air Task Force
Clean Air Task Force (CATF) is a global nonprofit organization working to safeguard against the worst impacts of climate change by catalyzing the rapid development and deployment of low-carbon energy and other climate-protecting technologies. With 25 years of internationally recognized expertise on climate policy and a fierce commitment to exploring all potential solutions, CATF is a pragmatic, non-ideological advocacy group with the bold ideas needed to address climate change. CATF has offices in Boston, Washington D.C., and Brussels, with staff working virtually around the world. Visit catf.us and follow @cleanaircatf.
