Newlab anchors two Department of Energy awards in Louisiana to accelerate the scale-up of innovative climate-tech startups
NEW ORLEANS, Aug. 14, 2024 /PRNewswire/ — Newlab has partnered with Greater New Orleans, Inc., along with strategic regional and industry stakeholders including Shell, Battelle, Carbonvert, and Louisiana State University, to launch two Department of Energy-funded programs focused on commercializing carbon management and clean hydrogen technologies. By creating a strong coalition of government, industry, and startups players, these programs will also lay the groundwork for Newlab to expand into the Gulf South Region.
The Newlab applied innovation programs in Louisiana are being launched through two U.S. Department of Energy (DOE) funding opportunities that Newlab was awarded to help carbon management and clean hydrogen startups accelerate and de-risk their commercialization efforts.
“We’re not going to solve climate change with one breakthrough technology. It’s going to take hundreds of founders with amazing ideas to create the sea change we need,” said CEO of Newlab, Cam Lawrence. “Greater New Orleans Inc. shares that vision, and I can’t think of a better place than the state of Louisiana for our work supporting startups developing industrial decarbonization and carbon management technologies.”
Called the Energy Program for Innovation Clusters (EPIC), participating startups will receive valuable assistance by developing first-of-a-kind pilot project concepts with regional partners in south Louisiana. Through this work, founders will have facilitated access to technical and commercial insights, regional government and industry partners, and relevant subject matter experts to enable more efficient in-field pilot development and scale-up in Louisiana.
“By aligning and activating infrastructure, industry programs, and venture capital investment, Newlab Louisiana stands to bolster the state’s competitiveness in creating and attracting startups across strategic energy growth sectors,” said Michael Hecht, President & CEO of Greater New Orleans, Inc. (GNO, Inc.) “We and our public-private partners across the H2theFuture initiative are firm believers that Louisiana is best-positioned to extend its energy leadership while supporting the commercialization of climate technologies such as those participating in the EPIC program.”
To seize this moment, GNO Inc.has strategically partnered with Newlab to support their development of a deep-tech venture platform in Louisiana focused on driving strategic investment and startup ecosystem development across integrated energy value chains in the state.
The initiative kicked off with a two-day event that brought the participating companies to Louisiana, where they interacted with the U.S. Economic Development Administration, Louisiana Economic Development, National Science Foundation, Worley, Louisiana State University, Climeworks, The Idea Village, WSP, and other regional stakeholders. The event included panel discussions on how climate tech innovation can drive Louisiana’s energy transition and building community benefit plans in Louisiana, as well as an innovation showcase and a pitch competition.
Startup Selection
Chosen in partnership with the program’s industry partners, the startups represent a range of technologies across the carbon management and clean hydrogen value chains. The nine (9) startups selected for the program are:
Airhive: Direct air capture through fluidisationArculus Solutions: Natural gas transmission retrofitting for hydrogenBanyu Carbon: Seawater carbon removalEncore CO2: Carbon utilizationMantel Capture: Carbon capture using molten borate technologyMolten Industries: Carbon-negative hydrogen and graphiteParallel Carbon: Direct air carbon capture and clean hydrogenRepAir Carbon: Gigaton-scale carbon removalVaulted: Biomass carbon removal and storage
Why Louisiana
Louisiana has a generational opportunity to harness its energy legacy and existing industrial base, infrastructure, and workforce to be the national epi-center of future energy technologies. To date, Louisiana has been awarded $10.2 billion in federal funding for energy transition initiatives in renewable energy, carbon capture, synthetic fuels, and clean hydrogen.
One of the first grant recipients was the GNO, Inc.-led H2theFuture project, composed of 26 partners from across south Louisiana in a shared mission to build a clean hydrogen energy cluster through the execution of projects across five interrelated workstreams.
Louisiana also leads the Gulf Coast in energy transition project announcements, with over $47 billion of commercial project investments announced as of 2023. This past year, the National Science Foundation awarded the Future Use of Energy in Louisiana (FUEL) collaborative $160 million, the largest and most competitive grant ever awarded in the agency’s history.
With the launch of these strategic programs, Newlab is building on the regional momentum to advance the energy transition and create a unique ecosystem of next generation climate technologies in Louisiana that will decarbonize industry.
Participate in the Program
Alongside the program partners, Newlab is working closely with each technology company to design projects that will de-risk their next technical and commercial milestones, through deployment opportunities in Louisiana. If you are part of the Louisiana or broader Gulf South ecosystem and are interested in engaging with the program startups by informing and/or co-developing their first-of-a-kind pilot projects, please contact us here.
About NewLab
Newlab creates the conditions for world-changing ideas to become real-world solutions. Through its community of startups, applied innovation programming, physical infrastructure, and direct investment, Newlab helps commercialize and scale the critical technologies needed to decarbonize the economy. Today, Newlab includes more than 1000 entrepreneurs, partnerships with forward-thinking corporate and civic entities, and a network of active investors—all working together to scale deep tech. To date, Newlab has supported its 300+ member companies in raising over $2B in capital from 260 venture capital firms, with over $1.8B of successful exits and a collective valuation of over $8.5B. Visit www.newlab.com to learn more.
About Greater New Orleans Inc.
Greater New Orleans, Inc. is the regional economic development nonprofit organization serving the 10-parish region of Southeast Louisiana that includes Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa, and Washington parishes. GNO, Inc. works together with the business community; local, state, and federal governments; and other regional stakeholders to coordinate, consolidate, and catalyze action on key issues and opportunities that maximize job and wealth creation and retention, are relevant to the region as a whole, and create systematic impact.
Contact:
Kate Laursen
2036105879
381827@email4pr.com
View original content:https://www.prnewswire.com/news-releases/newlab-and-greater-new-orleans-inc-launch-programs-in-louisiana-to-support-decarbonization-start-ups-302222306.html
SOURCE Greater New Orleans, Inc.
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