Feb 28 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 Adam Grosser, General Partner at Foundation Capital.