Amplifier Ventures Seeds Renewable Energy Start Up
McLean, VA (PRWEB) May 23, 2011
Amplifier Ventures, an early-stage venture capital fund, today announced the seed financing of US e-Chromicto commercialize an innovative electrochromic thin film technology that automatically controls light and thermal transmission through windows. The technology, which was created at the Department of Energy’s National Renewable Energy Laboratory (NREL), has the potential to dramatically decrease energy consumption in commercial and residential structures.
US e-Chromic is led by Loren Burnett, a proven serial entrepreneur, who is also a Venture Advisor of Amplifier Ventures. The transfer of the technology from NREL is the first under the US Department of Energy’s new “America’s Next Top Energy Innovator” challenge.
The seeding of US e-Chromic represents Amplifier Ventures’ first investment in a company based on technology transferred from a federal lab. Amplifier, an established source of seed capital for emerging software businesses led by experienced entrepreneurs, expanded its investment focus to include technology transfer-based companies in 2010. It is currently preparing for TechStorm, an innovative technology matching event seeking to match entrepreneurs with promising technologies developed by universities and government labs. Amplifier has committed to provide seed capital and assistance to companies created at this event.
“We believe that the ‘next wave’ of seed venture capital is the matching of experienced entrepreneurs with innovative technologies,” said Jonathan Aberman, Managing Director of Amplifier. “The Amplifier Business Accelerator Program has been very successful – we have helped to establish eight promising start ups over the last two years. We think that what makes our investment approach successful – finding experienced entrepreneurs and helping them build their businesses through an entrepreneur-friendly approach – is very applicable to technology transfer and commercialization. US e-Chromic, a company that combines innovative technology and an experienced founding team, is a great example of this.”
“It is rare that an entrepreneur gets an opportunity to start a business that could really change the world,” added Loren Burnett, the CEO of US e-Chromic. “The technology that we are commercializing can dramatically decrease United States energy consumption, without causing disruption or life-style sacrifice. Imagine a thin film that can be retrofitted to the 19.5B sq./ft. of installed windows in the US, turning them into smart windows. This thin film reflects sunlight on demand, making windows more energy efficient while reducing cooling costs for consumers. That is what we are intending to deploy. I have worked with Amplifier for a long time, and believe that their approach is the right one for our company, and for companies like it. I am thrilled that they wanted to back me in this new venture.”