HOUSTON, Dec. 18, 2024 /PRNewswire/ -- Rice University is partnering with key stakeholders to bolster Houston's role as a leader in innovation and entrepreneurship, with a focus on addressing the dual challenge of an energy-abundant and low-carbon future. The university is joining a new partnership to support climate tech solutions through Greentown Labs, North America's largest climate tech incubator with locations in Houston's Ion District and Somerville, Massachusetts, near Boston.

Rice, a joint partnership between David Baldwin and Bobby Tudor, MassDevelopment, Massachusetts' development finance agency and land bank, and the city of Somerville are making a $4 million investment to bolster the nonprofit incubator and allow it to support even more climate and energy transition entrepreneurs.

"Greentown Labs has played an important role in jumpstarting the energy transition in Houston, and we want to contribute to making it bigger and better," said Tudor, a Rice alumnus and trustee emeritus, and founder and CEO of Artemis Energy Partners. "As we continue to grow the Ion District and Rice increases its commitment to innovation, this partnership between Houston and Massachusetts will boost our shared commitment to accelerating the energy transition. We are collectively making a greater investment because we see the importance and promise of this ecosystem."

At Rice, generating sustainable futures is a key driver of the university's recently launched strategic plan, Momentous: Personalized Scale for Global Impact. The plan outlines a roadmap for Rice to be the most innovative institution accelerating long-lasting advances and discoveries aimed at developing sustainable solutions that address challenges to energy, climate and the environment.

"The collaboration between industry, investment and academic institutions is central to the solutions we urgently need for innovation in the energy transition," Rice President Reginald DesRoches said. "It's part of Rice's leadership in entrepreneurship and climate tech. We invite our higher education and research peers in Texas and Massachusetts to join us in this mission."

In addition to a search for a new CEO for Greentown Labs, a new board of directors has been appointed to provide strategic guidance and expertise, amplifying Greentown's mission to accelerate climate tech innovation and commercialization by empowering entrepreneurs and enabling collaboration. Tudor will serve as chairman of the new board.

Greentown Labs Board of Directors:

• Bill Aulet, Ethernet Inventors Professor of the Practice of Entrepreneurship (MIT Sloan) and managing director of the Martin Trust Center for MIT Entrepreneurship
• David Baldwin, founder and board chair of TEX-E
• Georgina Campbell Flatter, co-founder and executive director of TomorrowNow 
• Jason Hanna, co-founder of Greentown Labs; head of product, AI Solutions Group at Analog Devices
• Bob Harvey, former president and CEO of Greater Houston Partnership, board member of TEX-E
• John Hitt, general counsel at Massachusetts Clean Energy Center
• Juan Carlos Morales, founder and managing director of Surfside Capital Advisors; board member of MassDevelopment
• Pam Reeve, former CEO of Lightbridge; active public, private and nonprofit board member
• Jane Stricker, senior vice president, energy transition and executive director of the Houston Energy Transition Initiative at the Greater Houston Partnership
• Bobby Tudor, Greentown Labs board chair, founder and board chair of the Houston Energy Transition Initiative at the Greater Houston Partnership

"In 2021, Greentown Labs expanded to Houston, setting the stage for a thriving energy transition innovation ecosystem," said Steve Kean, president and CEO of the Greater Houston Partnership. "Since then, Houston has continued to attract climate tech companies from around the world, with over 260 startups now calling the region home. Greentown's mission aligns closely with the Houston Energy Transition Initiative's goal of accelerating global solutions to meet the dual challenge of meeting growing energy demand globally while also significantly reducing CO2 emissions. The addition of Tudor and HETI Executive Director Jane Stricker to Greentown's board of directors will enhance collaboration across the energy and climate ecosystem and advance the work of both organizations."

"With this new funding, Greentown is poised to expand its impact across its existing ecosystems and support even more climate tech startups," said Greentown Labs Interim CEO Kevin Dutt. "We believe in the essential role entrepreneurship will play in the energy transition and we're grateful for the support of our partners who share in that belief and our collective commitment to commercializing these technologies as quickly and efficiently as possible."

About Rice University

Located on a 300-acre forested campus in Houston, Texas, Rice University is consistently ranked among the nation's top 20 universities by U.S. News & World Report. Rice has highly respected schools of architecture, business, continuing studies, engineering and computing, humanities, music, natural sciences and social sciences and is home to the Baker Institute for Public Policy. Internationally, the university maintains the Rice Global Paris Center, a hub for innovative collaboration, research and inspired teaching located in the heart of Paris. With 4,776 undergraduates and 4,104 graduate students, Rice's undergraduate student-to-faculty ratio is just under 6-to-1. Its residential college system builds close-knit communities and lifelong friendships, just one reason why Rice is ranked No. 1 for lots of race/class interaction and No. 7 for best-run colleges by the Princeton Review.

SOURCE Rice University