$1M Fund Established for Innovations in Fuel Cells, Renewable Natural Gas
Southern California Gas Company (SoCalGas) established a $1 million innovation fund with the Los Angeles Cleantech Incubator (LACI) to speed the development of clean technologies in three key areas: fuel cells, renewable natural gas and distributed natural gas products such as liquid transportation fuels and other chemicals.
The partners say natural gas is more than just a bridge fuel to meet current global energy needs; it has the potential to become a sustainable energy source through new technologies that can produce gas from biomass and solar energy.
LACI is a private nonprofit founded by the City of Los Angeles to accelerate the commercialization of clean technologies in the region. SoCalGas, a natural gas distribution utility, provides service to 20.9 million consumers throughout central and Southern California.
Bolstering the research and development efforts of SoCalGas, LACI will investigate leading technologies and the teams bringing those solutions to market. They will recruit those best suited for incubation and development and help them deploy into SoCalGas’ service territory and other key markets. SoCalGas has reserved $1 million of innovation fund capital for the companies selected, and has the option to invest subject to customary legal and financial due diligence and agreeable terms.
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