Applications are now open for Charlotte’s Joules Accelerator, a free program that connects clean tech startups with corporate partners and equity-free grant opportunities.
The nonprofit accelerator focuses on climate and grid technologies that will support the global transition to clean energy. Investment has been on the rise since the pandemic, and it’s a vibrant market, with billions of dollars in federal funding now available through the Inflation Reduction Act of 2022. Despite venture capital and growth stock deals slowing last year amid high interest rates and macroeconomic uncertainty, climate tech investments have maintained a steady growth rate of 23% annually since 2020, according to data from Sightline Climate. The United States continues to lead clean tech deals; BloombergNEF counted 300 rounds last year, more than double that of runner-up China.
The 90-day Joules Accelerator will leverage this traction and target pre-seed to Series A stage startups that are developing products or services relevant to its partners. Prominent industry players such as Duke Energy, Honeywell and GE Vernova are directly supporting the program.
Joules targets companies that have raised between $150,000 and $10 million through venture capital, angel investments, or non-dilutive funding from grants and other partnerships. Ryan Rutledge, the organization’s vice president of strategy and innovation, said the selection committee is looking for startups willing to work with a partner on commercialization efforts, which could include pilot projects, letters of intent, joint development agreements or other means between the two parties to bring the technology to market.
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While the Joules Accelerator is physically based in Charlotte, 95% of programming is remote to accommodate international participants. The selection committee prioritizes local and regional Carolina startups, which make up about 16% of the total cohort. Diverse startups are also prioritized, with nearly half of the founders in recent cohorts representing underserved populations in STEM fields.
The deadline for applications for the 14th batch is July 26th, and Joules will announce the selectees in mid-August.
Joules Accelerator startup map. (Source: Joules)
It’s a competitive process: Each cycle, Joules typically receives 100-200 applications, from which it narrows down the top 25 to share with the selection committee, a volunteer group of C-level executives and director/manager level project leaders. Finally, 6-7 startups are selected.
Jules relies on feedback from partners, who play a role in making decisions about pilot projects with startups. Over the past 13 cohorts, dozens of technologies have debuted. “About 70 percent of the startups that participate in our program get pilot projects and other commercialization support from our partner network of corporations, utilities, municipalities, universities, and national labs,” Rutledge says.
The accelerator has graduated more than 90 startups across 13 cohorts since 2016. Those companies have since raised $1.5 billion in follow-on funding and increased their valuation by $2.3 billion, according to Rutledge.
Joules Startups secures funding and pilot project
Startups that complete the three-month program can apply for a Jules Camp Pilot Grant, which can receive up to $20,000 in grant funding depending on the size of the project. Rutledge said the selection process takes into account community fit, equity, collaboration with companies, and opportunities for student interns to help with business development, marketing, and strategy. Jules currently hosts four interns from the University of North Carolina at Chapel Hill, Bucknell University, and the University of California, Berkeley.
The latest awards, funded by the Duke Energy Foundation, went to Austin-based Yotta Energy ($20,000), which installed a solar-powered, energy-storage system at the Charlotte-Mecklenburg Police Department building, and Seattle-based Ribbit Network ($15,000), which donated 35 carbon dioxide sensors to North East Carolina Preparatory School in Tarboro.
Joules Accelerator alumni Ribbit Network sells an open-source sensor that detects carbon dioxide in the air via a small laser. (Photo courtesy of Ribbit Network)
When asked about a recent success story of a JOURS alumna, Rutledge pointed to Carla Pinson, founder and CEO of solid-state transformer startup Expand Power. “When Carla joined us, the technology was in its infancy,” he recalled. “We connected her with multiple stakeholders and thought leaders to help her think through product design, manufacturing, finance, and other key aspects of developing hardware solutions in the Carolinas and beyond.”
In May, Jules tapped Pinson to attend a White House presentation event hosted by the Department of Energy’s Office of Technology Transition, where he won third place and a $10,000 prize and was recognized by the office. Jules sent multiple letters of support and introduced him to partner accelerators.