Los Angeles Cleantech Incubator Announces Launch

LA Cleantech IncubatorThe Los Angeles Cleantech Incubator (LACI) was officially opened earlier this week during a ceremony that included Mayor Villaraigosa.  LACI's mission is to accelerate the development of clean technology businesses and to create sustainable, well-paying jobs in the Los Angeles region. It was created through a collaboration of the Los Angeles Cleantech Alliance which includes the Mayor's Office, the Los Angeles Department of Water and Power, Community Redevelopment Agency for Los Angeles and local education and research institutions: NASA Jet Propulsion Laboratory, UCLA, USC, CalTech, and Arts Center College of Design.

"The Los Angeles Cleantech Incubator is an important investment in the future of our great city," said Mayor Villaraigosa. "LACI will have an important role in developing new profitable businesses and creating jobs right here in LA. With this project, we take a big leap forward, toward a stronger and more sustainable economy that will help distinguish LA as a center of innovation and prosperity."

"Research shows that the best way to create jobs is to build new companies, and that is exactly our mission here at LACI. Our goal is to find and nurture up and coming clean technology companies and provide them with the tools and mentorship they need to succeed, including access to our growing network of government, business and education leaders. After just a month of being open, we already have two terrific portfolio companies and look forward to welcoming many more," said Fred Walti, executive director.

LACI currently has two portfolio companies: 350Green (developing electric vehicle charging networks) and Gridtest Stystems (producing test equipment for electric vehicle charging stations and infrastructure).  Gridtest was recently selected as one of the winners in the California region of the 2011 Cleantech Open competition (Gridtest won the Transportation category).

Additional information on LACI, including the application process for join the incubator, is available on the LACI website.

– cross-posted from Green VC