By Stephen Nakrosis 
 

Exelon Corp. (EXC) and the Exelon Foundation on Wednesday said they were launching a $20 million Climate Change Investment Initiative to assist startup companies working to develop technologies that reduce greenhouse gas emissions.

The Exelon Foundation is an independent, nonprofit group that receives its funding solely from Exelon Corp.

The Foundation will contribute $10 million over the next 10 years to fund the initiative. Exelon Corp. will match that amount with an in-kind investment of pro-bono services, including mentoring, assisting with business plans and helping meet regulatory requirements.

Eligible startups must be doing work that will be of benefit to Atlantic City, Chicago, Baltimore, Philadelphia, Washington, D.C., or Wilmington, Dela., all of which are major Exelon markets.

Some of the innovations the Foundation is looking for will help mitigate greenhouse gas emissions, help cities and businesses adapt to climate change and help urban infrastructure deal with flooding, stormwater and rising temperatures.

The Foundation said "minority and women-owned businesses will receive particular consideration."

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

September 25, 2019 19:07 ET (23:07 GMT)

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