FOR IMMEDIATE RELEASE
Press Contact:
Kim Blomquist
872.222.5279
kim@mhubchicago.com
Constellation and Invenergy Announce Seed Investments in mHUB Portfolio Company for Clean Energy Transformation
mHUB Accelerator industry partners, Constellation and Invenergy, have announced investments within the 2024 Climate and EnergyTech cohort of the mHUB accelerator program.
(CHICAGO March 20, 2024) In October 2023, mHUB welcomed 10 startups into its 2024 Climate and EnergyTech Accelerator program and Product Impact Fund portfolio. In addition to receiving direct investment from the fund, the 10 teams have been completing a six-month hands-on program supported by industry partners Constellation and Invenergy. Partners evaluated startups for selection into the program and have provided ongoing insight into the critical industry alignment needed to position early-stage technologies towards a path of commercialization.
Now, the program’s partners have both selected Sensatek Propulsion Technology for initial investment. Sensatek Propulsion Technology develops and manufactures wireless sensors to improve predictive maintenance in several industries including Energy, Aviation, and Aerospace.
Constellation and Invenergy will be investing $100,000 each into the startup and announced their investments following a midway program event that showcased product-market fit and initial prototypes exclusively for program partners. This marks a longer-term relationship and deeper connection between Sensatak and each partner as they explore this promising technology meaningful to their innovation initiatives.
“Backed by strong leadership and vision, Sensatek is supporting the fight against climate change by deploying its technology and predictive maintenance capabilities to strengthen reliability for generation fleets across the U.S.,” said Colleen Wright, Vice President, Corporate Strategy, Constellation. “Accelerating the transition to a carbon-free energy future and achieving our nation’s environmental goals require relentless innovation across climate technology. To that end, we take pride in supporting the growth of early-stage startups, like Sensatek, through mHUB’s Climate and EnergyTech accelerator.”
“Invenergy is thrilled to strengthen our relationship with Sensatek, an innovative company that exemplifies the caliber of startups in mHUB's Climate and EnergyTech accelerator program,” says Maggie Pakula, Executive Vice President of Strategy at Invenergy. “Sensatek is committed to providing new technological solutions that increase reliability and reduce maintenance costs at wind energy centers across the world. Their entrepreneurial vision is uniquely recognizable to Invenergy, and we are excited to see the immediate impact these pioneers will have on the growing clean energy market.”
All ten startups were recognized for their impressive technologies and solutions, which they will pitch to venture capital in April at the end of the accelerator program.
mHUB congratulates Sensatek on this recognition and looks forward to sharing similar announcements for all teams as they build momentum upon exiting the program with 18 months of follow-on support from the organization.
About mHUB
mHUB is a leading independent hardtech and manufacturing innovation center that exists to convene the entrepreneurial ecosystem around physical product innovation to ensure that the manufacturing industry continues to accelerate, grow, and thrive. The mHUB community includes over 500 active and alumni startups and small businesses supported by a deep talent pool of product designers and developers, entrepreneurs, engineers and manufacturers, corporate leaders, industry experts, mentors, and investors. mHUB provides a hyper-resourced environment to entrepreneurs with the goal of commercializing new hardtech innovation that will lead to new businesses, intellectual property, investment, revenue, and job creation. Since launching in 2017, the mHUB community has generated more than $1.57B in revenue, launched more than 1,600 products, hired more than 5,500 employees, and raised over $1.89B in capital. To date, mHUB has invested in 46 startups across sustainable manufacturing, climate and energytech, and medtech.
Learn more at www.mhubchicago.com.
About Invenergy
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland, and Scotland. Invenergy and its affiliated companies have successfully developed more than 30,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, transmission infrastructure and natural gas power generation and advanced energy storage projects. Learn about Invenergy at Invenergy.com.
About Constellation
A Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.
