U.S. DOE awards $1M to Parallel18 to support clean energy tech startups
Project Switch enters Phase 2 to foster Puerto Rico’s sustainable future.
Parallel18 has been selected, along with four competing accelerators and incubators, to receive federal funding from the U.S. Department of Energy’s Office of Technology Transitions, an organization under the Puerto Rico Science, Technology and Research Trust’s umbrella, announced.
“Achieving this funding once again will help us sustain our mission of supporting entrepreneurs focused on clean energy solutions. For Puerto Rico, it is as relevant as ever to build new business that can shape a more sustainable and innovative future,” said Science Trust CEO Lucy Crespo said.
“Project Switch empowers entrepreneurs with key resources that can facilitate the commercialization of their ideas. As Phase 2 winners, we will continue to impact Puerto Rico’s ecosystem through entrepreneurial education and support,” she added.
Project Switch is an initiative focused on clean energy in Puerto Rico and the Caribbean for professors and college students who are developing products or technologies towards its commercialization within the industry.
Over the past year, parallel18 has participated in the Energy Program for Innovation Clusters (EPIC) Round 3, a multi-phase funding opportunity that encourages energy innovation ecosystems, increases local clean energy business productivity, and improves the commercial success of energy tech startups.
During Phase 1, Project Switch supported nine clean energy projects with a 12-week incubation curriculum. Each educational session was led by mentors of parallel18’s network and the participants showcased their projects at the end of the program.
“Phase 2 will certainly help us build a more robust program based on our previous pilot. Supporting clean energy startups will allow us to directly impact Puerto Rico’s economic growth, creating new entrepreneurship opportunities and, most importantly, improving our quality of life,” said Héctor Jirau, executive director of parallel18.
“The island is full of ideas that are tackling current climate change challenges and we want to be a starting point for those emerging startups,” said Jirau.
With this funding, Project Switch will support its next cohort of innovative clean energy projects. As part of parallel18’s initiatives, this incubator offers key resources to help local ventures successfully launch into the market by providing business training, access to local startups networks, strategic mentorship and a collaborative ecosystem.
