In September of 2021, Maryland Clean Energy Center (MCEC) was awarded a $750,000 three-year grant from the U. S. Economic Development Administration (EDA) as part of the Build to Scale Venture Challenge (B2S). As part of MCEC, The Maryland Energy Innovation Accelerator (MEIA) was designed to combine the expertise of Maryland inventors, researchers, founders, and entrepreneurs with strategic partners, local business executives, and service providers to further advance their technology and create new, investible clean energy businesses. With support from EDA, MEIA was able to expand programming and support climate technology startups across the State of Maryland.
The EDA grant has enhanced MEIA’s offerings and increased MEIA’s ability to grow its participation rate. Since inception in the Fall of 2019, MEIA has supported 69 climate tech startup participants. MEIA Alumni have gone on to raise over $50 million in financing since participating in one of MEIA’s programs. That includes $26 million in private funding and over $31 million in non-dilutive grant funding. These teams have gone on to create over 100 full and part time jobs, have filed 84 new patents and developed 11 new products since participating in the program. We are so proud to have assisted a variety of startups at different phases of their journeys.
The EDA Build to Scale program had a direct positive impact on MEIAs ability to demonstrate levels of demand for entrepreneurial support, and its ability to provide these support services in an economically efficient manner. Notably in the last reporting quarter, MEIA continued to grow traction, launching 11 new teams. MEIA also welcomed back Ben Margolis as the new Director. Margolis played a pivotal role in co-founding MEIA, and we couldn’t be more excited to have him rejoin the team. With the help of Margolis, 52 new EEIRs applied during the reporting period and 33 EEIRs were successfully matched to assist team leaders.
As part of this next chapter, MEIA announced the launch of its new Climate Technology Founders Fund, focusing on supporting Minority, Women, and Veteran-Owned Businesses (MWVOB) advancing clean energy and decarbonization solutions. This new fund aims to further diversify the climate tech landscape and ensure that underrepresented entrepreneurs have access to the capital and resources needed to scale their innovations.
MEIA has made tremendous progress over the last three grant years, significantly expanding our programs and partnerships, driving innovation, and supporting emerging entrepreneurs. As we close out the third year of B2S, MEIA remains committed to advancing Maryland’s Clean Energy and Climate Goals and is excited to reflect on the progress and embark on its next phase.