Participated · Seed · Jun 2025

New Iridium builds a low-cost, low-carbon bio-ethanol oxidation platform to produce bio-based acetic acid and ethyl acetate as drop-in replacements for fossil-derived chemicals. The company leverages existing first-generation bioethanol infrastructure and domestically sourced feedstock. Its process is designed for scalable, low-carbon operation while maintaining performance and supply reliability. New Iridium plans to accelerate development of its flagship platform and advance construction of an industrial pilot facility with a capacity of 50 metric tons per year (approximately 140 kilograms per day) to validate process scalability. Both target products recently received USDA BioPreferred certification for 100% bio-based content. The company has received prior support from the National Science Foundation and the U.S. Department of Energy, including an SBIR grant from BETO and ENERGYWERX vouchers. New Iridium develops a photocatalysis platform that uses light rather than heat to produce low‑carbon chemicals and convert CO2 into value‑added products. The company says its technology can sharply reduce carbon emissions through process efficiencies and electrification while lowering production costs versus incumbent processes. It was awarded a $1 million National Science Foundation (NSF) SBIR Phase II grant to accelerate development of the platform. New Iridium is an Innosphere Ventures REACH Client Company based in Fort Collins, CO. The company has formed a strategic partnership with Braskem to advance its CO2 conversion technology and support industry carbon‑neutrality goals. New Iridium has also received recognition as an EPIC pitch finalist at the DOE Small Business Forum & Expo, a Nature Spinoff Prize “One to Watch,” and a Hello Tomorrow Environment track winner.

Participated · Seed · Aug 2024

Cache Energy develops a thermal storage system that stores energy in chemical bonds inside lime-derived pellets (starting from calcium hydroxide that converts to calcium oxide when heated) and releases heat when rehydrated. The pellets are designed to be stored in piles or silos, moved by conveyor belts or rail, and held under simple containment, with the company saying they can retain charge almost indefinitely. The system currently produces heat up to 550°C and Cache is developing a version capable of ~900°C to reach more industrial markets. Cache reports overall system efficiency around 95%, an hourly production rate equivalent to about 500 kilowatt-hours, and pellet costs of roughly $0.20–$0.40 per kilowatt-hour at current production. The company was founded in 2021 by Arpit Dwivedi and currently has one pilot reactor deployed with a customer. Future plans include shipping more reactors to customers and raising a Series A to scale deployments while keeping equipment and material costs low by using off-the-shelf parts.

Participated · Equity · Aug 2024

Grid Status is a Chicago-based modern data and analytics platform for the electric grid. It provides an open platform to understand what’s happening on the electrical grid by collecting, standardizing, and analyzing hundreds of energy datasets. The platform enables users to create dashboards, leverage analytics tools through Grid Status Pro, and gain data access via APIs and integration with enterprise data warehouses like Snowflake. Led by CEO Max Kanter, Grid Status aims to empower the next generation of energy innovators to build solutions without maintaining their own complex data pipelines. The company raised $8M in funding to scale its team and product to meet the data demands of the rapidly changing energy industry. Investors in the round included Energize Capital, Nat Friedman and Daniel Gross (NFDG Ventures), Rayburn Electric Cooperative, Evergreen Climate Innovations, and other individual investors.

Participated · Series A · Apr 2024

Renewance is a Chicago-based battery lifecycle services platform serving the ESS and EV sectors. The company provides commissioning, operation and maintenance, decommissioning, logistics, warehousing, software solutions, technical field services, project management, and second-life applications. Its integrated suite helps clients manage assets throughout their operating life and enables safe, compliant recycling or repurposing of spent batteries. Renewance works with OEMs, dealers, fleet providers, and consumers and has secured top-tier clients in the battery industry. Following a completed Series A investment, the company plans to expand its geographic footprint and broaden service offerings to capture long-term growth in the North American battery market.

Participated · Grant · Oct 2023

Aeternal Upcycling develops a hydrogenolysis-based chemical recycling process that converts shredded or pelletized post-consumer plastics into waxes, lubricant base molecules and jet-fuel components. The process operates at lower temperatures than pyrolysis, yields higher selectivity and can achieve about 80%+ conversion to product on clean feedstock. A life-cycle analysis reported roughly 0.25 kg CO2 produced per 1 kg of its oil versus about 1 kg CO2 for Group 3 mineral oils and 2.2 kg CO2 for Group 4 synthetics. Argonne National Laboratory ran an economic analysis projecting about $600 per ton manufacturing cost and end-product values of $1,500–$4,000 per ton. The company was founded by Ryan Hackler and Robert Kennedy out of work at Argonne and is based in Chicago; they are in early discussions to license Argonne-owned IP. Aeternal plans to build a pilot plant funded by a recent DOE grant, expand beyond its current two-person team in 2024, and open pre-seed fundraising in January. Aeternal Upcycling develops a patented hydrogenolysis technology that converts single-use plastic waste into chemicals and higher-value goods such as waxes, surfactants, lubricants, and ingredients for packaging, cosmetics, and home goods. The company positions its process as a way to divert plastic from landfills and incineration while reducing carbon emissions and fossil-fuel dependence to improve the circular carbon economy. Founded in 2022 and operating with ties to Argonne National Laboratory, Aeternal's leadership includes CEO Ryan Hackler, who invented the technology while a fellow in Argonne’s Chain Reaction Innovations program and brings over 20 years of materials-science research experience. Aeternal has worked in close partnership with Argonne and the U.S. Department of Energy and has received funding from ARPA-E. The company plans to scale its process to produce key ingredients for multiple industries and cites the potential to save tens of millions of tons of plastic from landfills and incineration annually. Recent support includes a $25,000 equity and inclusion grant and 12 months of mentorship from Nicor Gas and Evergreen Climate Innovations to support continued development and business growth.