Brite Reports $113.1M Invested with Startups in 2020
WARREN, Ohio – Startups affiliated with Brite Energy Innovators last year secured investments totaling $113.1 million, earned $17.4 million in revenue and created 382 jobs, the energy technology incubator reported.
In its 2020 annual report released this week, Brite also predicted increased demand for the entrepreneurial services it provides because of the Voltage Valley initiative and the national focus on energy security. In 2020 alone, Brite experienced a four-fold increase in demand for its entrepreneur services over the course of the year, according to the annual report.
“Brite’s work is validated every time we help a founder take the first step, or when a startup reaches a new, exciting milestone,” said President and CEO Rick Stockburger. “That’s something we take a lot of pride in as individuals, as an organization, and as a community for founders.”
The report highlights client successes, including community pilots and research awards. It also covers how the portfolio companies solved problems created by the COVID-19 pandemic, such as bridging the digital divide with remote-learning hardware and the deployment of modular self-powered hospital units to rural communities.
The metrics outlined in the report provide validation for the work being done at Brite and highlight the organization’s progress, said Sara Daugherty, Brite’s director of partnerships.
Read Brite Energy Innovators’ full 2020 annual report HERE
“As an organization, our core mission and purpose are to serve our clients. By validating their solutions and helping them get-to-market, we are working to prepare them for success. With success, they create jobs and attract investment into our community and state,” she said.
In addition, the report recognizes new initiatives started by Brite in the past year, including the launch of Britelights, the incubator’s monthly newsletter; presenting the Ohio Next Energy Summit; lighting up David Grohl Alley with more than 25,000 LEDs; hosting an inaugural Venture for America fellow; and being recognized by the Department of Energy for its work in accelerating energy storage startups.
Since launching services in 2012, Brite has served more than 480 clients, and its work through JumpStart Inc. has facilitated 1,153 jobs for Ohioans and more than $200 million in public and private investment.
“We believe that we’ll continue to see new energy technologies providing solutions to today’s challenges of efficient manufacturing, resilient power and zero-emission travel coming through our doors for years to come,” Stockburger said in the report.
Published by The Business Journal, Youngstown, Ohio.