Donor Fund Will Create More Mobile, Distributed Power Systems in Under-Resourced Communities Across the Nation as Ida-Like Power Disasters Become More Common
BOSTON, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Footprint Project, the DER Task Force and Spring Lane Capital have joined forces to launch the 'Footprint Resilience Fund,' a new donor fund to help arm Footprint Project with the resources they need to address the increasing number of power related disasters across the U.S. due to climate change. The distributed clean energy community is coming together to launch an industry-wide effort to secure institutional funding for the Footprint Project. The funding will help protect the power supply in underserved communities that are most vulnerable to year-round climate disasters.
The Fund seeks to build on strong momentum from individual donors totaling over $60,000 organized by the DER Task Force and is now bringing together institutional and corporate donors to target an initial fundraise of $250,000. The funding will equip Footprint with the resources to provide emergency power supply across the country; add key roles to the team and grow their base of trained volunteers; expand the number of affordable backup systems to help victims of disaster as soon as possible; design and deploy standardized microgrids, portable units and charging stations; and partner with leading organizations in the communities most vulnerable to climate-related disasters.
"This is a great opportunity for donors and leading companies and investors in the clean energy sector to create systems change in our most vulnerable communities and at the same time show their constituents that they are stepping up to meet this critical need," said Rob Day, Partner and Co-Founder of Spring Lane Capital. "Climate change is now a year-round crisis, and storms like Hurricane Ida and the kind of damage they inflict are going to become more frequent. It's been amazing to watch Will and his team of volunteers and partner organizations deliver the light of hope in these recent times of darkness. As an industry we have a responsibility to bring financial support and hardware donations to the table, to build up Footprint Project's capacity to coordinate the delivery of clean backup power supplies where and when they are most starkly needed when disaster strikes."
"Footprint Project continues to do incredibly important work in climate disaster response, but we need to scale their resources so they can bump up their relief efforts as the threats from climate change continue to wreak havoc," said Duncan Campbell, Co-Founder of the DER Task Force and VP, Project Analysis at Scale Microgrid Solutions. "The additional funding we provide will help Footprint expand their disaster recovery response to other parts of the country and help prepare communities as weather related crises continue to rise. Those of us who want to fund this work need to be proactive, not just reactive."
"We are deeply grateful that the distributed clean energy industry has come together to help raise the additional capital our organization needs to further alleviate extreme weather crises disproportionally affecting underserved communities," said Will Heegaard, Operations Director at Footprint Project. "Institutional dollars will help us as a community and as a country to more widely adopt cleaner, sustainable power solutions for disaster response and recovery, so that we are well-equipped and well-coordinated to support survivors in need as soon as possible."
Bellawatt, a digital product studio focused on the energy industry, will be providing digital support services to the Footprint Resilience Fund.
For inquiries about the Footprint Resilience Fund you may contact Rob Day at Spring Lane Capital at firstname.lastname@example.org.
About Spring Lane Capital:
Spring Lane Capital is a private equity firm based in Boston, MA and Montreal, QC focused on providing catalytic project capital - project finance and growth capital in tandem - for smaller-scale "distributed" solutions in the energy, food, water and waste industries. The firm's structured financial model seeks to tap into some of the fastest growing segments of these markets, that more traditional forms of project capital cannot access due to their scale and the limitations of existing investment models. For more information, please visit springlanecapital.com.
About Footprint Project:
Footprint Project is a not-for-profit (501c3) organization whose mission is to provide cleaner energy for communities in crisis. They accomplish this by deploying mobile solar systems to support disaster relief and recovery operations, in close partnership with NGO, corporate, and government partners. For more information visit www.footprintproject.org.
About The DER Task Force:
The DER Task Force ("DER Task Force" or "DERTF") is a grassroots community dedicated to unlocking the immense promise of distributed energy resources in the electric power system. Unlike most industry groups, DERTF is not sponsored or influenced by companies in this sector - all participation is from individual volunteers who are highly informed and enthusiastic about distributed energy resources. Since the founding of DERTF in 2020, membership has grown rapidly, with approximately 1,500 individuals active in the DER industry, including project developers, engineers, analysts, community organizers, utility employees, policy experts, academics, and investors from some of the most forward-thinking grid edge organizations in the country.
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