Equinor Ventures Joins Greentown Labs as Newest Terawatt Partner

SOMERVILLE, Mass. and HOUSTON, Aug. 16, 2022 /PRNewswire/ -- Greentown Labs, the largest climatetech startup incubator in North America, announced today that Equinor Ventures has joined as its newest Terawatt Partner—the highest level of partnership with the incubator and its community of climatetech startups.

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The Norway-based international energy company is committed to renewable and low-carbon energy solutions as it strives to become net-zero by 2050.

"Equinor Ventures is excited to join the climatetech community at Greentown Labs, in Boston and Houston. Greentown is a magnet for clean energy entrepreneurs, investors, and thought leaders. Our partnership with Greentown will help us identify investment opportunities that can accelerate Equinor's transition to a net zero energy company," says Timothy Krysiek, Managing Director of Equinor Ventures Americas.

Equinor's corporate venture capital arm, Equinor Ventures, is dedicated to investing in ambitious early-stage and growth companies, making it uniquely positioned to engage with Greentown's community of startups and help scale climatetech solutions.

Equinor Ventures has invested over several years in North American energy startups, including investments in battery technology, green hydrogen, renewables innovation, and fusion energy and the partnership with Greentown Labs will accelerate these activities. Already, Equinor Ventures has sponsored a "nature-based solution" pitch day held onsite at Greentown's Boston location and this will be followed up with pitch days on offshore wind technologies in Boston and carbon solutions in Houston later this year. Equinor Ventures recently led a $6M Series A investment in Revterra Corporation, a Greentown member developing a grid-stabilizing kinetic battery.

Through the partnership, Equinor Ventures will gain access to an array of curated and customized events and engagements within Greentown's broad network of industry leaders, innovators, and entrepreneurs. Additionally, Equinor will obtain a seat on Greentown's Industry Leadership Council, which provides strategic guidance to the incubator throughout the year. Timothy Krysiek, Managing Director of Equinor Ventures Americas, will serve on the Industry Leadership Council for 2022 and 2023.

"Decarbonizing our global economy will take steadfast leadership and an unwavering commitment from the world's leading companies. We see those qualities in Equinor and we are honored to partner with them," says Ryan Dings, Greentown Labs' Chief Operating Officer and General Counsel. "Equinor's leadership in the energy transition has been clear from the start and the Equinor Ventures team's willingness to invest their time and capital in our community is an affirmation that, as hard as it may be, we are well on the path to decarbonization."

With Greentown's partnership and Equinor's overarching goal to "turn natural resources into energy for people and progress for society," the corporate is well-situated to maintain its role as an international energy leader in a low-carbon future.

About Greentown Labs

Greentown Labs is a community of climate action pioneers working to design a more sustainable world. As the largest climatetech startup incubator in North America, Greentown Labs brings together startups, corporates, investors, policymakers, and many others with a focus on scaling climate solutions. Driven by the mission of providing startups the resources, knowledge, connections, and equipment they need to thrive, Greentown Labs offers lab space, shared office space, a machine shop, an electronics lab, software and business resources, and a large network of corporate customers, investors, and more. With its headquarters in Somerville, Mass. and a recently opened incubator in Houston, TX, Greentown Labs is home to more than 200 startups and has supported more than 450 startups since the incubator's founding in 2011. These startups have collectively created more than 8,400 jobs and have raised more than $2.2 billion in funding. For more information, please visit www.greentownlabs.com or Twitter, Facebook, and LinkedIn.

About Equinor Ventures

Equinor Ventures is Equinor's corporate venture capital arm dedicated to investing in ambitious early-phase and growth companies. We believe innovation, creativity and agility of startups can drive change towards a low-carbon future and are committed to support management teams who have the drive to build successful world-class companies.

SOURCE Greentown Labs