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Evergreen Climate Innovations
Evergreen Climate Innovations advances climate tech in the Greater Midwest. It supports startups bringing impactful climate technologies to market through seed...
Evergreen Climate Innovations
Evergreen Climate Innovations advances climate tech in the Greater Midwest. It supports startups bringing impactful climate technologies to market through seed investments and hands-on support to entrepreneurs. Structured as a nonprofit, it pioneered a 501vc Investment Fund to align philanthropic and corporate contributions for environmental, economic, and social impact. It works actively with portfolio companies on strategic guidance, mentorship, milestones, and connections to funding, customers, and investors.
General information
Firm type
Private Equity
Year founded
2010
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Michelle Carr
Chief Executive Officer
Ian Adams
Managing Director
Marc Altman
Senior Vice President, Strategy & Growth
Shashank Churukanti
Investment Principal
Elena Loke
Program Manager
Estelle Richards
Director, Operations
Dylan O'Reilly
Program Director
Simone Perrin
Strategic Partnerships Associate
Rachel Sebald
Director, Marketing and Communications
Paul Seidler
Managing Director
Maggie Pakula
Board Member
Sector focus
Frequently asked questions
How does Evergreen Climate Innovations fund its investments, and what is the 501vc® model?
Evergreen raises capital through philanthropic grants and corporate contributions rather than from limited partners who expect market-rate returns. The 501vc® structure is a proprietary approach that lets the nonprofit take equity positions in startups, and when those investments realize gains, the returns recycle into the fund for new climate tech investments. This creates an evergreen pool of capital not dependent on traditional fundraising cycles.
What is Evergreen's investment stage and geographic focus?
Evergreen targets pre-seed and seed-stage startups across the Greater Midwest region of the United States. The portfolio draws heavily from Illinois, with additional companies in nearby states such as Pennsylvania, and concentrates on firms developing physical hardware and digital technologies for energy transition, water, and advanced mobility.
Is Evergreen a venture capital firm or a nonprofit grant-maker?
Legally, Evergreen Climate Innovations is a nonprofit organization with 501(c)(3) status. Operationally, it acts more like an early-stage venture investor through its 501vc® Investment Fund, taking equity stakes in for-profit startups rather than issuing one-time grants. The firm navigates program-related investment rules to stay compliant with its nonprofit charter while pursuing venture-style returns.
What is the firm's relationship to Clean Energy Trust?
Clean Energy Trust was the original name of the organization. The rebrand to Evergreen Climate Innovations occurred to reflect an expanded mandate beyond clean energy into broader climate resilience and decarbonization technologies, while maintaining the same nonprofit structure and Midwest-centric investment strategy.
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