US Department of Energy and Foundation Capital Partner to Commercialize Groundbreaking New Clean Technologies
Foundation Capital Selected as Inaugural Partner of DOE's Entrepreneur in Residence Program
Menlo Park, Calif. and San Francisco, Calif., February 27, 2008 Foundation Capital, a venture capital firm committed to early stage company building, today announced that it has been selected by the US Department of Energy (DOE) to participate in its Entrepreneur in Residence (EIR) Program, which aims to develop groundbreaking new clean energy technologies.
The DOE launched the EIR program in October 2007 to bring venture capital-sponsored entrepreneurs into three of DOE's National Laboratories to develop plans to commercialize new clean energy technologies. Foundation Capital was chosen as an inaugural EIR Program Partner due to the firm's proven track record of fostering entrepreneurs to build successful, sustainable businesses based on advanced clean technologies. Foundation Capital will work closely with DOE's Oak Ridge National Laboratory to help sponsored entrepreneurs bring the most promising of the Lab's energy technologies to the private sector.
DOE Assistant Secretary for Energy Efficiency and Renewable Energy, Alexander Karsner, announced the selection of Foundation Capital as an inaugural EIR Partner today at the Cleantech Venture Forum in San Francisco, Calif.
"The Entrepreneur in Residence pilot program provides venture capital-sponsored entrepreneurs with access into three Energy Department's world-class national labs to accelerate adoption of advanced renewable energy and energy efficient technologies to fundamentally transform how we power this nation," Assistant Secretary Karsner said. "In an effort to further the President's comprehensive strategy to diversify our nation's energy sources, and reduce emissions, the Department is leveraging private-sector expertise in new ways to capitalize on cutting-edge technologies that are ripe for commercialization."
As part of the EIR Program, Foundation Capital and the DOE will co-sponsor an entrepreneur who will work closely with both the Oak Ridge National Laboratory and Foundation Capital. The resident entrepreneur will serve as the bridge between the organizations, sharing Lab innovations with the Foundation partners and offering expertise and resources from Foundation Capital to the Lab. Foundation Capital's sponsorship of the DOE's EIR Program will initially last one year, with the possibility of renewal at the end of that period.
"Oak Ridge National Laboratory is one of the world's premier centers for research and development of energy technologies; we're honored to have the opportunity to work hand-in-hand with the DOE to bring these scientific projects to market," said Bill Elmore, General Partner at Foundation Capital.
About the DOE's EIR Program
The EIR program seeks to identify and develop business cases to commercialize promising laboratory technology and give proven start-up entrepreneurs the opportunity to work directly with technical management and staff at a National Laboratory. Selected entrepreneurs would conduct technology assessments, evaluate market opportunities, formulate preliminary business cases, and propose business structures for start-up enterprises, as well as recommend policy and business practice modifications to the National Laboratories to refine their approaches to moving technology into the commercial sector. The National Renewable Energy Lab, Sandia National Laboratory, and Oak Ridge National Laboratory will be the first DOE laboratories to host entrepreneurs in residence. As a first step in the program, DOE will support the work of three entrepreneurs at National Laboratories. DOE will provide up to $300,000 funding to support this initiative.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $1.7 billion. For more information, visit www.foundationcapital.com.