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Clean Energy Innovation Fund
The Illinois Clean Energy Innovation Fund (ICEIF) makes direct investments in high-potential, early-stage, Illinois-based cleantech companies to support innovative entrepreneurship and to create jobs in the cleantech sector. Created in 2016 with financial support from U.S. DOE, the Fund is administered by the Evergreen Climate Innovations (formerly Clean Energy Trust) in collaboration with the Office of Energy, and utilizes returns on investments to create a funding model that persists into the future.
For example, the Fund invested in the Galesburg-based company Intellihot, which has revolutionized the hot water industry with tankless water heaters manufactured by local employees. An investment from the Fund helped Intellihot's market growth from a high-potential, early-stage, cleantech company.
The ICEIF has invested $2.9 million in 11 Illinois-based companies, which have raised over $80 million in follow-on investments and currently employ over 200 people.