Yesterday, the European oil and gas major producer Shell announced the latest cohort selected to participate in its Shell GameChanger Accelerator (GCxN), focused on supporting companies developing tech for the transition away from fossil fuels.
The three companies will have access to technical resources through Shell that can serve to aid in their commercialization.
“GCxN’s fourth cohort will help prove that electrochemistry technologies can replace carbon-intensive legacy processes. As renewable energy costs continue to drop, cross-industry initiatives and partnerships will prove that it's possible to cost-effectively scale these technology applications and achieve real-world impact,” said Haibin Xu, Shell’s GCxN program manager.
Shell's acceleartor provides startups selected for the program with up to $250,000 in non-dilutive financing. Participants are nominated by network partners coming from incubators, accelerators, and universities and then are subjected to a screening process by Shell and NREL.
Graduates of the program have raised $52 million in the three prevoius batches and have added 51 new jobs to the green economy, according to a statement.
Each of the new companies in the cohort are focused on creating ways to reduce carbon emissions in sectors that are carbon intensive and hard to transition to more sustainable practices, according to a statement.
So without further ado, here's the latest batch of startups backed by Shell:
Air Company -- This Brooklyn-based business is turning carbon dioxide into alcohols, spirits, fragrances, sanitizers and products for consumer industries. It eventually wants to get into the synthetic fuel business.
Ionomr Innovations -- Green hydrogen production, hydrogen fuel cells and carbon capture technologies require ion-exchange membranes and polymers, and this Vancouver-based company wants to make those components cheaper and more environmentally friendly.
Versogen Hailing from President Joe Biden's home state of Delaware, the company formerly known as W7 energy is producing high performance hydroxide exchange membranes to drive down the cost of fuel cells.
“Almost every aspect of our modern lives depends on certain materials and fuels, but with great consequence. For example, the American manufacturing industry is on-track to become the nation’s largest source of greenhouse gas emissions within the next ten years,” said Katie Richardson, GCxN program manager at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), in a statement. “The selected GCxN startups are restructuring essential building blocks to reduce the carbon impact of essential goods and services.”
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