Washington climate tech challenge funds six startups as AI draws investor cash
The VertueLab-led Opalene Climate Challenge made $100,000 recoverable-grant awards; five winners spun out of UW or WSU.
A one-time Washington state initiative called the Opalene Climate Challenge, led by the nonprofit VertueLab, has announced six investments chosen from nearly 40 applicants, GeekWire reported on Saturday.
Organizers had planned to secure matching state dollars but relied solely on philanthropic donors after realizing it would take too long to raise the capital. Awards were made as recoverable grants from donor-advised funds, with proceeds from successful investments returning to donors' funds or designated nonprofits.
"The imperative was to get the money out to these climate tech startups who are doing extraordinary work but are confronting that pinch in capital," said co-director Allison Arnold. "Money is what has been missing in our corner of the country."
Five of the six winners are commercializing technologies developed at the University of Washington or Washington State University. Winners were featured Thursday at the Seattle Climate Innovation Hub; they include Airbuild, which uses microalgae to turn wastewater treatment plants into fertilizer factories.
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