Energy Foundry, a $22.5 million venture fund established under the Illinois Energy Infrastructure Modernization Act (EIMA), has announced its formation. The fund says it expects to begin making investments in Illinois-based energy-tech start-ups within the next 30 days.
As part of the EIMA, Illinois electric utilities ComEd and Ameren provided $22.5 million in initial funding for the creation of the Energy Foundry. Anne Pramaggiore, president and CEO of ComEd, commends state regulators for furthering grid-modernization efforts.
"The creation of this grid-tech investment fund is yet another example of Illinois policymakers thinking in non-traditional ways to create smart and innovative policy solutions to propel our state forward," says Pramaggiore. "We share Energy Foundry’s vision for Illinois to become a hub of grid-tech activity. The smart grid law was an important step in that direction, and this fund is a good illustration of what sound public policy can accomplish."
